Trend is reflective of the situation in majority of the national market, report says
In the results of a new study released last week, Royal LePage reported that Ontario’s Hamilton market experienced a strong growth in home prices in Q2 2018, posting a 6.1% year-over-year increase (up to $541,778).
The Royal LePage House Price Survey and Market Survey Forecast also reported that in the same time frame, the median price of a condominium increased by 0.8% to $321,014. In contrast, 2-storey homes saw a sharp 5.9% spike (up to $571,330), and the bungalow median price increased by an even more pronounced 7.6% (up to $496,005).
Despite the noticeable growth, however, Royal LePage State Realty broker of record Joe Ferrante stated that Hamilton remains an affordable option for house-hunters, especially when compared to the Greater Toronto Area.
“While sales activity for two-storey homes is slower than usual, we are still seeing multiple-offer scenarios on properties that are well priced,” Ferrante said.
“The situation in Hamilton mirrors that across the country – the change in mortgage rules is requiring first-time buyers to rely more heavily on their families for financial assistance.”
Nationally, price appreciation slowed as a whole in the second quarter, notably in the GTA which has seen year-over-year declines in multiple locales.
“However, our region provides a lot of options for new home buyers in the condominium segment, as prices remain affordable and developments continue to be built. We’re increasingly seeing millennials move into these units in the downtown area, enabling this demographic to enjoy urban living,” Ferrante stated.