Hamilton housing prices get double-digit boost
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.