Are native Hamiltonians being forced out of their own city?
For Hamiltonians, their new homes will be elsewhere.
At Robert Floris’ Mortgage Architects office in Hamilton, we like to try to stay ahead of the housing curve. Although mortgage rates in Canada were at record lows, we indicated that with Hamilton’s home prices increasing so much, Hamiltonians themselves found their city unaffordable. A recent study by CMHC indicated just that. According to Abdul Kargbo, a CMHC analyst.
“We are not seeing wages growing fast enough to catch up with the rate at which prices are growing in Hamilton.”
Many of our clients decided to buy in Brantford, where they received more value. Other hot spots awe believe will grow in the value is the Niagara region; specifically St. Catharines and Niagara Falls. With 2016 over and Hamilton real estate having a banner year, it is our belief that price increases will continue but not at the frantic pace we have seen.
With low current mortgage rates, Brantford appears to be the next boom for price increases!
If you would like to schedule an appointment with Robert with no obligation and no pressure, please contact him at 905-574-9200 Ext. 215 or email at firstname.lastname@example.org or stop by the office at 651 Fennell Avenue East on the East Hamilton Mountain.