Located northwest of downtown Hamilton, the town of Dundas is nicknamed “Valley Town” due to its location at the bottom of the Niagara Escarpment.
That it is surrounded by the Bruce Trail with easy access to several waterfalls including Webster’s Falls and Tew’s Falls only adds to its growing appeal. It is a historical town with a population that has remained stable for decades, mainly because land, which is part of the Dundas Valley Conservation Area is protected. But change is coming.
Dundas’s population has experienced nearly 8 per cent growth over the last five years, and its average home prices are also trending upward. The average property price in Dundas is $403,360, marking a 4.11 per cent year over year increase.
Dundas’s property market has remained relatively stable over the years – a factor which may attract investors. Conrad Zurini, a broker with Record of RE/MAX Escarpment Realty believes that the time for investors to enter this sub-market is now.
“There is less than 3 per cent of land left to develop in Dundas,” Zurini reveals. “It’s a pretty mature city with one of the most thriving downtowns of all the neighbouring communities that make up Hamilton.”
Zurini notes that Dundas has inventory available for investors at all experience levels, ranging from mid-range residential properties to higher-end homes. For residents, there are direct links to downtown Hamilton via various public transit routes and major arteries.
Dundas is also located near McMaster University and houses many student tenants. Zurini advises investors to purchase single-family homes, if they are interested in tapping into the student-housing market. These properties have strong revenue potential.
“Because of its proximity to the university, I think [investors] should probably look at mid-range, single-detached homes that can be rented out to people who will only be there for a year or two,” says Zurini. “On average, you can rent these [properties] out for close to $3,000 per month.”
The high-rent expectations in this neighbourhood can easily generate up to $1,573 in monthly cash flow for landlords.
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