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Want value? Buy Hamilton! Property value up 75.6 per cent over 10 years

Posted: February 28, 2013

Hamilton Property Values Have Jumped 75.6 Per Cent In 10 Years

YourHamiltonBiz.com – February 21, 2013

Joseph Englehardt

 

Property values in Hamilton have jumped 75.6 per cent in 10 years, one of Canada’s biggest real estate companies says.

 

A RE/MAX Canada report released Thursday showed that real estate values have increased across the country. Regina topped the list at 199 per cent. Saint John, N.B. was last with a 62 per cent increase.

 

Mid- to higher-end home sales are driving prices up in Hamilton, said Conrad Zurini .

 

“It’s really the middle to upper end product being sold, either new or resale, that’s bringing the average up,” said the broker of record for RE/MAX Escarpment Realty Inc., a real estate agency that covers Hamilton and the surrounding area.

 

A mid- to upper-end home in Hamilton sells for between $275,000 and $400,000, he said.

 

“It would get you a brand new, luxurious townhouse or smaller, more narrow lot in newer construction,” he said. “Or a nice-sized, detached, 2,500-foot home in resale.”

 

The best value can still be found in the east end of Hamilton, he said.

 

“You get a lot more value,” he said. “You can probably get more land and a bigger home.”

 

A lot of buyers are coming from the GTA, looking for better bang for their buck than they can get closer to Toronto, he said.

 

“They’re looking for better value than they get in a Mississauga or Toronto, and they’re finding it here in Hamilton,” he said.

 

“The divide between Hamilton and Toronto is several hundred thousand in savings for the same type of home in the same type of neighbourhood,” he said.