Hamilton is the ninth-largest regional economy in Canada, it is best known as a transportation hub for the goods movement industry. Over the past several years, the city has accumulated billions of dollars into the economy creating easy access to employment and new development including the LRT line, encouraging future growth.
In Toronto, condo and home prices have become unaffordable due to high demand and now the mortgage rules, this is causing a spill-over effect, where adjacent cities are seeing population growth. Due to the price increase, less potential first-time home buyers are buying homes, rather they are living with their parents longer or renting. As Toronto continues to have a lack of supply, Hamilton remains a great alternative to the housing crises. Hamilton provides more affordable homes, and is starting to attract a younger demographic. The average price for residential freehold for 2017 was $524,959 having a 16.8% increase from 2016 and for Condominiums was $364,363 having a 20% increase from the previous year.
Home to McMaster University, one of Canada’s leading research institutions for health sciences and engineering. Amazing opportunity for investing in rental properties, as McMaster has over 26K undergraduate students and over 4K Graduate students.
- From 2010 to 2016, there has been a decrease in unemployment rates, from 9.2% in 2010 to 6.1% in 2016, Having some of the lowest unemployment rates in Ontario.
- Hamilton has achieved the status of being one of the most diversified economies in Canada
City is focusing on Economic development in their 25-year plan. With economic growth, there is population and residential growth.
- The cities goal is to increase the number of living-wage job opportunities, and through attracting and retaining businesses and to be recognized as the Best Workforce in Ontario
- With youth employment networks, Hamilton has become a major city for youth and a major driving force for Hamilton’s “renaissance”, increased number of renters.
- Hamilton has easy access to the 400 Series of highways, as well as international border crossings.