Is Hamilton A Good Place To Invest In Real Estate?
Is Hamilton a good place to invest in real estate?
Yes, Hamilton is a fantastic city to invest in real estate. While Hamilton was once seen as merely a steel manufacturing town and suburb of Toronto, the city has been coming into its own and is starting to make a name for itself among Canada’s top cities. Hamilton is about to undergo a massive transformation and 2022 presents an incredible buying opportunity to buy property in Hamilton at a reasonable price before values explode. Here are some of the top reasons to invest in Hamilton real estate in 2022:
There is significant investment pouring into the city.
Over the 2020s, $4 billion is being invested in infrastructure to revitalize Hamilton’s downtown core. On the waterfront, a $140 million re-development project will transform the harbor into a gorgeous pedestrian-friendly community with a commercial village and public plaza. The construction of multiple landmark skyscrapers is in plan which will give the city a unique and breathtaking skyline.
Hamilton is a transportation hub.
Downtown Toronto is easily accessible from Hamilton via the GO Train and a mere 45-minute drive away via the Ontario 407 Express highway. Coming soon to Hamilton is a new 14km LRT line with 17 stops which will connect the entire city, made possible by a $3.4 billion dollar investment. Hamilton is also home to a popular international airport which services 5 different airlines that fly to destinations across North America, the Caribbean and Europe, making Hamilton a globally connected city.
Hamilton’s economy and population are booming.
Hamilton is no longer just a manufacturing city and is now home to a well-diversified economy that has been taken over by industries such as health care, entertainment, technology and education. The city is coming into its own as a tech hub, as CRBE ranked the city as top 5 in Canada for quality of tech labour and top 2 for mid-sized tech talent labour pool growth. Hamilton’s population is expected to increase by 240,000 along with an increase of 122,000 new jobs.
The city is a top destination for education.
Hamilton’s McMaster University is ranked among the top 5 universities in Canada and top 80 universities globally. The school has over 30,000 undergraduate students and close to 5000 post-graduate students. McMaster’s DeGroote Business School was ranked top 75 in the world by Times Higher Education rankings.
Hamilton is a nature lover’s paradise.
Hamilton is home to over 120 waterfalls and hundreds of nature trails. The city is home to Hamilton Mountain which sits atop the Niagara Escarpment and provides gorgeous views of the cityscape and Lake Ontario.
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A view of Hamilton of the future.
Billions of dollars are being invested into Hamilton’s downtown core over the course of the 2020’s. Hamilton’s waterfront will be transformed by an iconic skyline and will become a pedestrian-friendly destination zoned as a mixture of residential, commercial and institutional space. The above rendering shows what we can expect the city to look when the project is complete.
What is the best area in Hamilton to live?
Hamilton has some fantastic pockets. These are some of the areas we would suggest exploring if you’re looking to live in Hamilton:
Ancaster Heights
Ancaster Heights is abundant with lush forests, picturesque hiking trails and stunning waterfalls. It is situated 235 meters above sea level on the Hamilton Escarpment and offers some beautiful views.
Corktown
Corktown is a lively area in downtown Hamilton that offers diverse cuisine, great pubs and lots of entertainment options all within walking distance. It is one of the oldest areas in the city that has been gentrified, and the homes have a lot of character and charm.
Durand
Durand is another dynamic downtown Hamilton neighborhood with lots of fantastic dining, entertainment and shopping. This pocket is full of classic historic homes and is home to many beautiful heritage sites. Durand residents enjoy great connectivity given the proximity to the Hamilton GO Station near James Street.
Westdale
Westdale is a high-end area located on the west side of the city most commonly known for being the home of McMaster University. Residents enjoy fantastic shopping at Westdale Village, vibrant coffee shops and eclectic dining. The Westdale, an iconic independent theatre is another popular attraction enjoyed by visitors.
Stoney Creek
Stoney Creek sits in the south-east end of Hamilton on the beautiful shores of Lake Ontario. This neighborhood is great for anyone who enjoys waterfront living and prefers a quieter setting over the hustle and bustle of downtown.
Hamilton is home to over 120 beautiful waterfalls. Webster Falls is one of the most renowned.
What is the average property tax in Hamilton?
The residential property tax rate in Hamilton is 1.245249% in 2022. This means that a resident would pay $6,226 annually for a property with an assessed value of $500,000, per MPAC. The City of Hamilton offers a great property tax calculator that’s worth checking out if you’re considering buying a property in Hamilton.
Hamilton’s waterfront before the redevelopment
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