Are you considering investing in pre-construction condos in Hamilton, Ontario? It’s important to first of all understand how life in Hamilton is and the background information relating to Hamilton city. Commonly known as the “Steel Capital”, the “Hammer” or even the “Tiger Town”, Hamilton is the third largest city in Ontario and ninth in Canada. Hamilton is a popular industrial powerhouse thanks to its vibrant manufacturing industry. The city was nicknamed the “Steel Capital of Canada” as it was one of the top steel producers in North America.
Hamilton is one of Canada’s core port cities thanks to its strategic location near Lake Ontario. As a mid-sized city, Hamilton has an estimated population of 527,000. However, in 2001, a number of small surrounding cities were amalgamated to form the new city of Hamilton creating a new metropolitan area that together has a population of over 747,000 according to the latest census. Hamilton residents and visitors enjoy the Wild Water Works at Confederation Park during the summer season. The city also has an impressive art gallery that showcases the rich historical collection and culture of this great lakeside city. Although the population in Hamilton is not as diversified as other cities like Toronto, the number of people moving to Hamilton is steadily increasing year after year. Hamilton is strategically located and it’s in close proximity to Toronto and even USA.
Hamilton city is also a hub for university education. It is home to some of the top universities in Canada such as McMaster University which enrolls over 30,000 students (both local and international) every year. The high number of the youthful population including university students moving to Hamilton city as well as downtown Toronto are positive factors to motivate investors looking for pre-construction condo projects in this area.
Since Hamilton city has many industries and tertiary education institutions, many young people and immigrants who move to this city every year will continue to increase demand for decent accommodation facilities. The average rent price for condos in Hamilton city is slightly lower compared to other nearby neighborhoods and this makes it one of the most sought-after residential real estate markets by the young population.
Investing in Hamilton real estate market, especially in pre-construction condos, is a great opportunity to cash in on residential income and increase your property value.
For the last few years, the number of pre-construction condo development and condos for sale has been on the rise.
As prices for condos and pre-construction condos continue to increase in other neighborhoods in the Greater Toronto Area (GTA), investors should take the earliest opportunity to invest in pre-construction condos in Hamilton as prices are still affordable.
The urban growth in Hamilton city has also been tremendous and residents can now enjoy a wide range of modern amenities such as shopping malls, restaurants, entertainment joints, theme parks, and education institutions.
The average price for pre-construction condos in Hamilton city was $321,900 in 2019. For the last few years, new listings have recorded a fair price of $536 per square foot. Real estate experts are forecasting a continuous increase in pre-construction condo prices at a rate of 2.9% every year.
Rental prices in Hamilton city are now at an average price of $1,100 while the demand for condos continues to increase as vacancy rates decrease every year to below 3% in 2022. For the last 10 years, the average resale price for all types of homes in Hamilton city has increased by 5.2% to reach $593,549.If you are considering investing in a new pre-construction condo in Hamilton, this is the best time to buy.
One of the factors that have contributed to the rapid growth of Hamilton’s population and real estate growth is the ease of access. The city enjoys a modern and robust transport system that makes it easy to commute to any part of the city and surrounding neighborhoods either when driving or using public transport.
If you want to commute in the city, Hamilton Street Railway has a reliable fleet of public buses that you can use. The Hamilton Go Centre is located in the city Centre and easily links to the Union Station. Plans to create BLAST Network are in advanced stages and it’s set to provide city residents and visitors with a robust subway transit to make it easy to travel to different parts of Hamilton city. One can easily access Greater Toronto Area or Southern Ontario from any part of Hamilton city through Queen Elizabeth Way and Highway 403. Gardiner Expressway makes it easy for Hamilton residents to access the famous and magnificent Toronto’s waterfront, Don Valley Parkway, and downtown Toronto. Air transport is also available in Hamilton city through the John C Munro International Airport.
For working professionals and students looking for gainful employment opportunities, Hamilton is a great city to consider as it plays a big role in Canada’s manufacturing sector. It provides job opportunities for a wide range of careers thanks to its extensive economic diversity. Major employers in Hamilton are McMaster Automotive Research Center, Advantech, and Empire Steel.The biggest industrial sector in Hamilton is advanced manufacturing and it contributes at least 4% of the city’s total economy. Some of the top advanced manufacturing companies in Hamilton include; Liburdi Turbine Services, Inc Walters Inc., and Stackpole International, NUCOR.
In the health sector, Hamilton comes second in terms of cities with the biggest hospital network in Canada.
When looking for employment opportunities in the health sector, you will come across big names in human sciences such as Stryker, Triumvira, Synapse Life Science Consortium, and Adapsyn among others. The creative sector is also a big employer in Hamilton city and you will easily find tons of career opportunities in film, arts, digital media, fashion and design, and music. In the service industry, Hamilton has improved over time as the population grows. Right now, you will find many restaurants and hotels serving diversified delicious cuisines to cater to the needs of different cultures. For entertainment, visit go downtown where there are many new and old bars where you can some nightlife and affordable drinks.When you invest in pre-construction condos in Hamilton, you are assured of returns on investment as the city’s economy continues to thrive as a result of the high number of skilled workforce and students of tertiary institutions.
If you are planning to invest in pre-construction condos in Hamilton or just relocating to this great city located on the shores of Lake Ontario, there are several neighborhoods that you can consider. Each Hamilton neighborhood has great amenities and offers residents a unique lifestyle experience.
The following are the most popular Hamilton neighborhoods;
1) Corktown- Being one of the ancient neighborhoods in Hamilton city, Corktown presents a truly historical feel. Residents can commute easily as it’s where the Hamilton Go Station is located. Apart from the historic older homes, new high-rise condos and pre-construction condo projects are coming up and it’s a great neighborhood to live in and to invest in.
2) Westdale- Located just next to McMaster University and other educational institutions, the Westdale neighborhood is the perfect neighborhood for teaching staff and students. There is a high demand for residential condominiums as there is a high number of students and other young professionals looking for modern accommodation facilities near learning institutions.
3) Ottawa Street- Located close to main street shops, restaurants, and other essential amenities makes Ottawa street one of the top neighborhoods to purchase real estate properties in Hamilton. Most houses here are three-storey buildings. Ottawa Street is ideal for residents who want to feel an urban environment.
4) Hamilton Mountain- Largely a residential neighborhood and one can easily find affordable rentals in Hamilton Mountain compared to downtown. It’s divided into other smaller neighborhoods. Hamilton Mountain spreads from the South part of Hamilton city and it’s one of the neighborhoods where you can find some of the most lavish and expensive real estate properties in Hamilton.
5) Hamilton Northend- Another great neighborhood that is located downtown and stretches all the way to the Lake Ontario shores is Hamilton Northend. It provides residents with a mix of modern apartments, condos, single-family homes, and commercial properties. It’s well-connected to public transport through the West Harbour Go Station making transportation and accessibility easy.
6) East End- For residents who want to have a suburban lifestyle, East End is the best neighborhood to live in in Hamilton city. Most of the homes here are single-family homes although new condo developments are coming up. Other amenities such as shops, restaurants, and public transport are easy to access.