A rising tide
Home values have soared along the waterfront in Hamilton and Burlington, and in Hamilton’s downtown
Hamilton’s core and waterfront are on the rise – and if you live there, so are your taxes.
The latest provincial data shows homes along the Beach Strip, in west Hamilton and in an L-shaped band hugging the downtown have gained more value compared to the city average since 2008.
Over four years, average residential values have increased 12.6 per cent in Hamilton, with the average home now worth $290,981, according to the Municipal Property Assessment Corporation. If your property value increase is higher than that, your tax bill will likely grow.On the upside, your climbing property value may be a testament to successful downtown and harbour redevelopment, said Hamilton real estate agent Conrad Zurini.He attributed fast-rising property values in some areas of the city to an “affordable waterfront” and “trickling success” in efforts to bring jobs and people back to the core.
“To me, it looks like we’ve turned the corner,” he said.Highlights of property value reassessments:
• A whopping 30 to 50 per cent average increase along the Burlington waterfront;
• Between 18 and 20 per cent for properties along the Hamilton Beach Strip;
• Around 23 per cent for semi-detached homes in the north end near the harbour;
• 17 per cent or higher in many west Hamilton neighbourhoods, including those surrounding the downtown along James Street and between the Mountain and Main Street West.
• An average of 34 per cent for city farmland.