Headlines

On the rise in Hamilton: housing prices & unemployment

A new report on Hamilton's economy shows that Hamilton's unemployment rate is up almost a full percent from this time last year. Simultaneously, the rise in house prices have outstripped Toronto's real estate growth, again by 1%.

Unemployment is up in Hamilton since a year ago. Meanwhile, the rise of housing prices outstrips Toronto

Local housing prices have risen at a faster rate than Toronto's, and at the same time, unemployment in the city has grown (Sean Kilpatrick/Canadian Press)

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%.

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.