economics, Neighbourhood Reports

Hamilton Wealth Moves to Stoney Creek

Published November 27, 2016 by Marcus Assalone

In an analysis of 3 bedroom home sale prices in the city of Hamilton from October 2016 compared to those in October 2015, we see continuation of historic trends that raise the value of lower and mid range homes at the expense of historically privileged neighbourhoods. However, we can also clearly see new money entering Stoney Creek, creating a surge in prices there to become the leader in average sale price.

Growth Heat Map Hamilton Oct 2016 vs Oct 2016

Growth Heat Map Hamilton Oct 2016 vs Oct 2016

In fact, neighbourhoods who have seen their average sale price increase are lead by those in Stoney Creek, who saw an increase of over 31% in just one year. Hamilton West, Centre, East and Mountain all increased at about the same rate, that being just over 20%, just over 23%, just over 20%, and just over 19% respectively.

However, these areas are in stark contrast to neighbourhoods in Dundas and Ancaster. Average home prices in Ancaster managed to increase only just over 4.5% compared to sales the same month last year. Another blow to the area is that it had 75% less sales of 3 bedroom homes as well. One could have argued that the area is simply squeezing out average home buyers, but the same reduction in the number of sales can be said for 4 bedroom houses as well, indicating serious problems with value here.

new_constructionHowever, the worst performing area was Dundas. The average selling price of a 3 bedroom house here dropped 11% from the same period last year. It also had a 84% drop in the amount of sales of these houses and a 75% drop in the number of 4 bedroom houses.

The average price of a 3 bedroom home in Stoney Creek is now almost $520 000, driven by new development. Access to the QEW has made the area perfect for those who commute into the GTA. The average 3 bedroom home in Ancaster sold for just under $500 000, in Hamilton West it was just over $428 000, in Dundas it was $408 000, on the mountain it sold for almost $400 000, in Hamilton East the average house price is $332 000 and in Hamilton Centre it is over $271 000.

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