Hamilton neighbourhoods rank as relatively affordable, realtor says
Published July 21, 2021 at 3:48 am
The north end of Hamilton might be the next up-and-coming neighbourhood for those who do not wish to ‘drive until you make it.’
A report from one of Canada’s largest realtors on the cost of housing in Canada says that Hamilton does offer some relatively affordable neighbourhoods, amid ever-rising home prices and a growing consumer anxiety. The latest RE/MAX 2021 Housing Affordability Report suggests one in every three Canadian homebuyers says they are willing to consider ‘workaround’ in order to afford their mortgage.
However, it also identifies relatively affordable neighbourhoods that offer homes priced below the city-wide average.
North-end Hamilton is one of five areas cited. The average price of a home in that neighbourhood is $400,000, which about half of the average sale price of $784,721 for a home sold in the city during the first six months of 2021.
Other neighbourhoods to earn a similar mention were New Westminster in Greater Vancouver; Penbrooke, Rundle and Dover in Calgary; Regent Park in Toronto, and Hawthorne, Carleton Place and Vanier in Ottawa.
The north end is tied for 27th in affordability among RE/MAX’s list of the 100 most affordable neighbourhoods in Ontario.
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Crown Point (average price: $425,000) is 36th on the list. Hamilton Centre ($450,000) is tied for 42nd, followed by the Keith neighbourhood ($459,526) in 49th place and Bartonville/Glenville ($562,000) in 61st.
Oxford Economics recently stated that Hamilton has the third-most expensive housing prices in North America relative to income. The Smart Prosperity Institute also found that the city will need to build more family-friendly housing in order to keep from losing population.
The same RE/MAX report, somewhat similarly, says that Hamilton is seventh-worst among 16 metro areas across the country in terms of the percentage of a person’s monthly income required to make their mortage payment. It requires 30 per cent of the average monthly income to maintain a mortage.
Vancouver (50 per cent) is the highest in Canada, followed by Toronto (47), Victoria (47), Mississauga (46) and Brampton (42.). Kitchener-Waterloo (31 per cent) is just ahead of Hamilton.
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