Hamilton, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $265,000 |
| 2 bedrooms | $355,000 |
| 3 bedrooms | $475,000 |
Demographics
| Current Population (2025) | 570,000 |
| Previous Population (2020) | 560,000 |
| Population Change | 1.8% |
| Total Private Dwellings | 230,000 |
| Occupied Private Dwellings | 215,000 |
| Population Density (per km²) | 2.5 |
| Land Area (km²) | 111.5 |
Market Analysis
Current Market Conditions and Trends in Hamilton, Ontario
The real estate market in Hamilton, Ontario is currently experiencing stable growth, as evidenced by the year-over-year increase in median house and apartment prices. The median house price in the city is $525,000, which reflects a 4.2% increase from the previous year. This growth rate indicates a healthy demand for housing amidst a balanced supply and demand dynamic. Similarly, the median apartment price has risen to $320,000, up by 2.5% compared to last year.
Hamilton’s population stands at approximately 570,000 residents and is growing at a rate of 1.8%. This continuous influx of new residents helps sustain the demand for housing. The city’s robust population growth can be attributed to its diversified economy, relatively affordable cost of living compared to nearby Greater Toronto Area (GTA), and its appeal to both families and professionals.
Demand for real estate in Hamilton is further bolstered by low-interest rates which have remained attractive for homebuyers despite slight increases in recent times. However, inventory levels will need to be monitored as any significant reduction could lead to upward pressure on prices due to heightened competition among buyers.
Investment Opportunities and Potential in Hamilton
The consistent rise in property values coupled with the city’s economic stability presents lucrative opportunities for real estate investors. Residential properties in Hamilton have shown promising appreciation rates making them solid investments for both short-term gains through flipping or long-term wealth accumulation via rental income or value appreciation.
Investors looking for rental properties may find the apartment sector particularly appealing due to its lower entry price point of $320,000 and a steady increase in value over time. The ongoing urbanization and development projects within the city are likely to enhance neighborhood amenities and infrastructures thereby potentially increasing rental demands and property values even further.
Beyond residential real estate, commercial properties also offer potential given Hamilton’s growing economy and population. New business establishments will require office spaces, retail locations, and industrial facilities which bodes well for commercial real estate investors.
Future Market Outlook for Hamilton
The future market outlook for Hamilton remains optimistic with expectations of continued growth in both property values and demand. As the population expands at a healthy rate of 1.8%, it is reasonable to anticipate an ongoing need for housing which should support the market’s stability.
However, investors must remain cognizant of external factors such as economic shifts or policy changes that could influence interest rates or borrowing conditions which would affect buyer affordability and investment returns.
Infrastructure improvements such as public transit expansions along with further diversification of the local economy are projected to make Hamilton even more attractive to newcomers thus potentially elevating property desirability. Careful monitoring of local developments, alongside national economic indicators, will be crucial for accurately predicting future trends but as it stands, Hamilton’s real estate market demonstrates significant potential for sustained growth over the coming years.
