Where to buy Hamilton real estate in 2018 - MoneySense

Where to buy real estate in Hamilton 2018

Ottawa Street is the consensus hot neighbourhood pick for real estate in Hamilton

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(Alastair Wallace/Shutterstock)

Hamilton’s real estate market has been on fire for years, but in the first half of 2017, the flames were getting out of control.

Many buyers come to Hamilton looking for relief from Toronto’s overheated market, but Hamilton-based RE/MAX realtor Dorothy Heaslip said they were experiencing the same frustrations. Bidding wars were driving prices up far over asking, leaving Heaslip and her clients disappointed and frustrated.

Then, in April, Ontario passed the Fair Housing Plan, placing a 15-per-cent tax on foreigners buying property in the Greater Golden Horseshoe. Within a couple of months, the market had drastically changed.

PHOTOS: Top 10 Hamilton neighbourhoods to buy in

“It was like somebody turned off Niagara Falls,” Heaslip said. “Everything dried up at the flick of a switch.”

Today, Heaslip said, Hamilton’s real estate market has returned to something resembling normalcy. She said properties are still attracting bidding wars and selling for more than their asking prices, but by a much smaller margin — think $15,000, not six figures.

Heaslip said she’s confident Hamilton will continue to be a great place to invest for homebuyers priced out of Toronto. More than half of the neighbourhoods in the city and surrounding area saw homes go for an average price of less than  $500,000 in 2017.

Our ranking suggests Hamilton’s best buys are in the city centre, an area that’s attracting young families as it gentrifies. Many of those homes are large, full of character and come with ample parking — attributes that will be attracting people from the Toronto area for a long time, barring a full-on price crash.

Top 25 neighbourhoods

ClickTap column headings to re-rank neighbourhoods. ClickTap on any neighbourhood name to learn more about it. Search by neighbourhood or area to filter results.

Rank Neighbourhood Area Average home price (2017) Value Momentum Realtor Grade Average price vs. area Avg. price vs. metro district Avg. price vs. outer region 1-year price change 3-year price change 5-year price change
1Ottawa StreetHamilton Centre$330,58986.6495.03★★★½N/A91.92%68.56%21.24%74.41%117.46%
2Crown Point EastHamilton Centre$330,58986.6495.03★★★½N/A91.92%68.56%21.24%74.41%117.46%
3Crown Point WestHamilton Centre$330,58986.6495.03★★★½N/A91.92%68.56%21.24%74.41%117.46%
4Gibson/Stipley (south of King St.)Hamilton Centre$330,58986.6495.03★★★½N/A91.92%68.56%21.24%74.41%117.46%
5CorktownHamilton Centre$348,14775.0098.46★★★½N/A96.80%72.20%28.09%72.41%134.61%
6HomesideHamilton East$305,61298.6385.45★★★N/A82.17%63.38%18.70%63.28%92.56%
7North End EastHamilton Centre$329,77888.0186.99★★★½N/A91.70%68.40%17.70%77.93%113.15%
8NormanhurstHamilton East$305,61298.6385.45★★★N/A82.17%63.38%18.70%63.28%92.56%
9StinsonHamilton Centre$348,14775.0098.46★★★½N/A96.80%72.20%28.09%72.41%134.61%
10GibsonHamilton Centre$330,58986.6495.03★★★N/A91.92%68.56%21.24%74.41%117.46%
11Parkview EastHamilton East$305,61298.6385.45★★★N/A82.17%63.38%18.70%63.28%92.56%
12McQuesten WestHamilton East$305,61298.6385.45★★★N/A82.17%63.38%18.70%63.28%92.56%
13StipleyHamilton Centre$330,58986.6495.03★★★N/A91.92%68.56%21.24%74.41%117.46%
14Parkview WestHamilton East$305,61298.6385.45★★★N/A82.17%63.38%18.70%63.28%92.56%
15BeasleyHamilton Centre$348,14775.0098.46★★★N/A96.80%72.20%28.09%72.41%134.61%
16Hamilton General HospitalHamilton Centre$329,77888.0186.99★★★N/A91.70%68.40%17.70%77.93%113.15%
17LandsdaleHamilton Centre$348,14775.0098.46★★★N/A96.80%72.20%28.09%72.41%134.61%
18Inch ParkHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
19Mountain ParkHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
20EastmountHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
21BurkholmeHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
22MacassaHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
23Hill ParkHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
24RaleighHamilton Mountain$390,87184.9366.44★★★½N/A83.31%81.07%16.25%53.75%79.49%
25CentremountHamilton Mountain$390,87184.9366.44★★★N/A83.31%81.07%16.25%53.75%79.49%
Value
Measures how affordable the neighbourhood is compared to the surrounding area and the region overall
Momentum
Measures how quickly prices are appreciating in this neighbourhood, with an emphasis on long term appreciation
Realtor Grade
How realtors we surveyed rate this neighbourhood

For more, please see our complete methodology

Hamilton’s top five neighbourhoods to buy

1. Ottawa Street

Moving up from fourth place last year, Ottawa Street’s charming shops, significant price appreciation and great value compared to its surrounding area earn this neighbourhood the top spot in Hamilton. “It’s such a great little pocket,” said Heaslip. “What a fantastic little gem.”

2. Crown Point East

Heaslip said most buyers moving to the Crown Point area are motivated by the great deals to be had. The average home in Crown Point East was 31 per cent cheaper than the city and surrounding area overall in 2017.

3. Crown Point West

This neighbourhood has been going through a revival, Heaslip said. Middle class property buyers are quickly changing the area. Hamilton’s expansive Gage Park sits at its southernmost border.

4. Gibson

Gibson features cute coffee shops, charming older houses and a short walk to stairs up the escarpment. It also has easy access to downtown.

5. Corktown

Anyone with the foresight to get into Corktown early has done very well, with prices growing a whopping 135 per cent over the past five years. This is the place to look for a rambling, stately old house with a decent-sized yard, Heaslip said.

Realtor pick: Ottawa Street

Realtors agree with us: Ottawa Street is the place to be in Hamilton. Once known as Hamilton’s “décor destination,” it’s now home to trendy restaurants and yoga studios.