Hamil­ton hous­ing prices get dou­ble-digit boost

The Hamilton Spectator - - BUSINESS - HAMIL­TON SPEC­TA­TOR STAFF

Hamil­ton home prices boasted dou­ble-digit growth in the sec­ond quar­ter of 2017, with an ag­gre­gate of $483,719 rep­re­sent­ing a jump of 20.1 per cent over last year’s sec­ond quar­ter, ac­cord­ing to a Royal LePage House Price Sur­vey and Mar­ket Sur­vey Fore­cast.

Con­do­minium prices showed par­tic­u­lar up­ward strength, with con­dos con­tin­u­ing to lead all hous­ing types in value ap­pre­ci­a­tion. The condo ag­gre­gate price in­crease in the sec­ond quar­ter clocked in at 26.1 per cent, to a year-over-year of $364,305, ac­cord­ing to the sur­vey and fore­cast re­leased Thurs­day ( July 13).

Over the same pe­riod, the me­dian price of a bun­ga­low and two­s­torey home rose by 16.5 per cent and 21 per cent re­spec­tively to $432,048 and $508,450.

“Hamil­ton con­tin­ues to see a lot of in­ter­est from buy­ers within the Greater Toronto Area, who are seek­ing high-qual­ity homes at more af­ford­able price points,” said Joe Fer­rante, bro­ker, Royal LePage State Realty. “This is con­tribut­ing to the city’s ex­tremely high year-over-year home price in­creases.” But, Fer­rante added, after the sec­ond quar­ter there has been an up­swing in list­ings, which has brought some re­lief to buy­ers and helped calm down Hamil­ton’s “fren­zied mar­ket.”

He said he ex­pects more dou­bledigit ap­pre­ci­a­tion for 2017 but at a slower pace be­cause of more in­ven­tory.

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