Prices have already been rising in the area, up 4.7% in Hamilton-Burlington in April compared to a year earlier, reaching an average price of $325,869.
Meanwhile, homeowners are no longer so eager to sell, with a 14% drop in both listings and sales during that time period, according to the Realtors Association of Hamilton-Burlington.
“Known formerly as a hard-working steel town, the city has quickly shed this image in the eyes of potential investors – as indicated by the record breaking building permit values Hamilton has experienced in recent years,” said REIN President Don Campbell.
“The wheels have been set in motion to create a major high-tech industrial park in conjunction with growth at McMaster University, sparking an entrepreneurial spirit in the city.”
Kitchener ranked second, followed by Cambridge and then Waterloo.
Campbell listed a major concern for Waterloo is a new rental bylaw coming into effect next April that forces owners of houses, duplexes and townhouses to buy licenses costing up to $550 and pay annual fees of as high as $300 to rent bedrooms.
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