The Real Estate Investment Network of Canada (REIN) has declared that the #1 city to invest in is Hamilton real estate investment.
The city remains the top location across the province for investment for the second consecutive year.
Among the perks for investors is the city’s short drive to the U.S. border crossings, its busy port and access to the Pearson International Airport, and easy access to the 400 series highways.
According to REIN’s report, Hamilton real estate investment also appeals to those working in other parts of the Greater Toronto Area who are drawn to the city because of lower housing prices.
It’s predicted that the city’s economic opportunities and investment potential will continue to grow for the next five years.
Key points about the hot Hamilton real estate investment market
- Affordability rates drives real estate markets, Hamilton is the most affordable city west of Toronto, and while the average price in Hamilton is reaching 400k, there are many good areas and neighborhoods that are lower in price and significantly more affordable($250-350 will buy a very nice single family or 2 family home).
- Vacancy rates in Hamilton are reaching lowest points in over a decade. This means rental demand is high and there will be increased upward pressure on rental rates, offsetting somewhat increased carrying costs.
The key thing for investors and homebuyers to remember is that purchasing in transition areas on the edges of top demand areas is where they can make stronger gains than average. A smart investor would be buying in areas that are in a specific neighbourhood that will transition upwards in value and is going to perform better than the average. These are close to transportation changes, new developments, buying in areas of future gentrification.
A good investment realtor will understand where these areas are and be watching them closely.
Single families are becoming strong investments due to increased demand from renters and new buyers from less affordable regains of the GTA, as new residents to Hamilton typically rent first this will provide increased renter demand and then future buyers for the next couple years.
Investors are well poised buying over the next year or 2, using a good realtor who understands the neighborhoods and why transitions happen will be your one of your best assets when making a real estate purchase in Hamilton.
Give me a call or contact the Savvy Real Estate team through our contact page for help with your investments and home purchase in Hamilton.
Until next time…
Jose Jafferji, your Real Estate Investment Advisor