City’s jobs, cheaper prices hike condo sales

Demand for newly built units increases as Hamilton’s desirability grows; Television City Phase One 80 per cent sold

A growing workforce and expansions in transit are two driving factors behind “notable traction” in new condominium sales in Hamilton over the first half of the year.

A Greater Golden Horseshoe market update from research firm Altus Group released this week shows 360 new units were sold in Hamilton between January and June 2018.

“I don’t think there’s any surprise how much interest Hamilton is getting from a residential standpoint,” said Ray Wong, vice-president of data operations at Altus Group.

Altus Group reported a “spike” in new condominium apartment sales in the first quarter of the year, which they said is largely attributed to the first phase of Television City, a proposed 30storey condo tower by developer Brad Lamb.

That phase has since reached 80 per cent sold, according to the report, which includes information collected by developers, Wong said.

The second phase has seen 50 per cent of units sold, the market update reads.

People are heading down the highway from Toronto because they’re able to get more “bang for their buck” but also because they’re finding an increasing employment base in Hamilton, Wong said.

The city is well-positioned for commuters because of access to GO Transit.

But it’s also attractive to those with flexible working arrangements and people wanting to work in town, according to the market update.

Hamilton’s planned LRT is also key to revitalizing the downtown and improving accessibility, the blog post notes.

Looking ahead, Altus Group predicts Hamilton will become “an increasingly attractive place to live,” given its walkability and drawing in from the graduating student population.