On the rise in Hamilton: housing prices & unemployment
Unemployment is up in Hamilton since a year ago. Meanwhile, the rise of housing prices outstrips Toronto
Over the past year, Hamilton has employed fewer people while the cost of its housing has increased faster than in Toronto.
A new report from Workforce Planning Hamilton says, as of last month, 5,800 fewer people were working in Hamilton than in June 2015. That's an increase from 5.3% to 6% unemployed. Unemployment in Ontario and Canada has gone up overall in the same time, but not by almost a full percent.
Meanwhile, housing prices here have between June 2015 and '16 have expanded 13.8%. That's a faster growth than Toronto's notoriously expensive homes, whose prices grew by 12.8%.
Comparing these numbers to Vancouver, which has become the poster child for the real estate bubble: that city's growth rate is 23.4%, or roughly a 2% rise in house prices every month.
These house price growth numbers all come from the National Composite House Price Index by Teranet--National Bank. The same index reports Hamilton housing prices rose by 2.4% in June alone, which is just ahead of the national index of 2.3%.