Hamilton’s hot housing market continued in February. In fact, Hamilton and Toronto were the two cities that had the highest price increases in the country. The year to year increase from January last year to this year was 17.61%. In review of why Hamilton’s housing is on fire, Robert Floris’ Mortgage Architects office will look at several factors.
The easy answer is that the interest rates continue to be at record lows. However, the biggest factor is definitely real estate listings. There were 1139 less homes for sale in the Hamilton area last year; that was down 9.7%. It does not help us Hamiltonians when Toronto, Mississauga, Oakville and Burlington have already had major price increases prices are still relatively affordable. Unless we see more inventory of home, Hamilton house prices will continue to climb in this economic climate.