“IN-Migration” to Hamilton

by Steve Roblin
May 22nd, 2013

There is a migration happening. I see it everyday.
Toronto buyers are leaving the City in droves to invest in the Hamilton Area Real Estate Market.
This migration compels and excites me, for I have also been a part of this movement.
Let’s face it, affordable detached homes in Toronto and its suburbs are a rarity.  Despite low interest rates, escalating market prices in the core areas of the GTA are making home ownership an unreachable goal for many would-be buyers with money to spend (Average price for a detached home in the “416″ area code – $852,090 as of April 20131)
So potential home buyers are starting to look West.   Whether they are first time buyers, GTA commuters, or people who want to contribute to the industry and culture of this fine area; “Steady in-migration from the GTA will continue to support housing demand in Hamilton,” said Abdul Kargbo Senior Market Analyst, CMHC2.
And this is just the beginning.
When my wife and I left Toronto and settled into our first home in Dundas, it was an affordable opportunity for us to get into the housing market.  We left behind family and friends (though some have followed) because we believed that Dundas was a better spot for us to raise our family.
With a myriad of program innovations in the area of food production, research, arts and business Dundas is experiencing a revitalization and it is catching the attention of buyers looking to head West .  While we have spent the last few years immersing ourselves into the fabric of this great community, many of the friends and family we left behind have spent the same period searching for two bedroom bungalows in “as-is” condition on the outskirts of Toronto and are being asked to pay over $500,000!
Hamilton has made great strides in the past few years.  A community lead movement with a focus on arts, research and development has seen entire neighbourhoods transformed with people who not only want to live in Hamilton, but take pride and want to make Hamilton a better place.
According to the Realtors Association of Hamilton Burlington Seasonally the number of active listings was down 14% per cent lower than the same month last year and have been down for the previous 8 months.3  In spite of the low number of listings, home values continue there strong, steady rise.  More buyers for low property inventory is a striving force behind our continued increase in property values.
Whether they are clients with previous ties to Hamilton or clients that know little about our city and are just looking for a deal, new buyers are coming from the GTA everyday.  People are getting priced out of the “416″ and are looking to move west – and Hamilton and its surrounding areas is their destination!
Your home may be worth more than you think, call me for a no obligation opinion of value today!
1Market Watch April 2013, Toronto Real Estate Board
2 Real Estate – November 20, 2012 – Hamilton Housing Market to Remain Relatively Healthy in 2013 – Daily Commercial News
3 Realtors Association of Hamilton Burlington – April 2013 Statistics