GTA buyers behind 70 per cent house price increase in Hamilton area in past five years
(Hamilton Spectator, Mark MacNeil, Dec 17 2018)
Real estate prices in the Hamilton area have jumped by 70 per cent over the past five years largely because of the westward exodus of Greater Toronto Area buyers competing for a limited supply of homes, according to the Canadian Real Estate Association.
A new CREA report says the price increase in the Hamilton-Burlington market — with the average home costing $581,900 — is the fourth highest in Canada.
And the spike was even greater in Niagara Region, with a whopping 79 per cent rise over the same period, although the average cost of a home there — $393,500 — is almost $200,000 less than in Hamilton.
“Niagara was a little late to the party, but certainly they have experienced similar price growth to other markets in the Golden Horseshoe region,” said Greg Klump, CREA’s chief economist.
The price jumps in Hamilton-Burlington and Niagara Region are especially interesting when considering the GTA saw an increase of only 58.5 per cent over the same period and the national average was 43 per cent.
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