Some areas of Hamilton housing market are still doing fine. If you’re looking for Hamilton housing under a half 1 million or condos under 400,000 you are in stiff competition.

Hamilton real estate board statistics indicate multiple offers for Hamilton housing. In fact, bungalows have increased by 5.4% in the last year and condo prices have gone up 6.8% to a median price of $376,075.

Let’s not kid ourselves, there are many valid reasons why this is happening.

In discussions with Dan Gies, branch manager of Royal LePage, he believed “it is homebuyers seeking entry-level homes with the possibility of extra income with potential basement apartments”. In fact, let’s review two recent sales:

1. A recent bungalow just sold on Macassa Drive and it had six offers.

2. A recent one story on East 37th had 27 offers!

The reasons behind these recent trends in Hamilton housing include Mr. Gies’ description but also:

• Affordability
• Demographics [older clientele want no stairs]
• Escalating rents
• The mortgage stress test is another big factor [consumers could afford less]

At Robert Floris’ Mortgage Architects we take pride in delivering facts to really help the average mortgage or think. Well, here is the bad news. According to a recent Royal LePage study, the median price of a two story home has dropped year over year by 3% to $580,380. The final analysis is the Hamilton housing market is still fairly strong but some areas are much stronger than others.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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