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Low housing inventory causes Hamilton prices to rise, so far in 2016

A lack of housing inventory in Hamilton has resulted in rising prices for the first three months of 2016.

'Increased interest from first-time millennial buyers,' said Joe Ferrante of Royal LePage

Source: Royal LePage House Survey Made with: Piktochart

A drop in the number of homes for sale in Hamilton has led to a rise in prices in the city's hot housing market for the first three months of 2016.

According to the numbers in a Royal LePage House Survey, the aggregate cost of a home in Hamilton has seen a healthy increase in the first quarter of 2016. Prices have risen from $334,000 in 2015 to $400,593, over that time.  

When broken down by housing type, the median price of a bungalow increased 8.2 per cent to $351,520, while the median price of a two-storey went up to $431,266. On the other hand, condominium prices slipped 2.4 per cent to $243,399.

"Increasing home prices in Hamilton are primarily the result of a persistent lack of inventory," said Joe Ferrante, president and broker, Royal LePage State Realty. "We are also seeing increased interest from first-time millennial buyers, which is leading to overall demand and competition for listings in this region." 

Ferrante also added that the Conference Board of Canada has rated Hamilton as the most diverse city in the country. "The city continues its economic resurgence, supported by both a recovering manufacturing sector and education and medical hubs which are supporting the strength of the residential housing market." 

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