Hamilton-Burlington homeowners see significant growth in equity over five years
Published September 13, 2023 at 1:14 pm
Those who bought detached homes, townhouses and condos in 2018 in the Hamilton-Burlington region have seen the equity in their properties grow significantly.
The region ranked high among 15 major markets in Canada in a new study conducted by online real estate platform Zoocasa.
Zoocasa calculated the estimated equity built on a home bought at the composite benchmark price, a detached home, a townhouse and a condo in each city.
Hamilton-Burlington had the second-highest equity built over five years at $314,400. The July 2018 compositive benchmark price was $559,200, expanding to $873,600 in July 2023.
Among the 25 markets, the Greater Toronto Area had the largest amount of equity built at $401,700. Its July 2018 benchmark price was $759,500, skyrocketing to $1,161,200 five years later.
Meanwhile, Edmonton ($19,800), Regina ($26,200), Saskatoon ($65,300), Winnipeg ($70,700) and Quebec City ($90,400) had the smallest equity over that period.
For the detached benchmark homes, the priciest property type, Hamilton-Burlington had the fifth greatest equity among 15 markets at $346,400. It cost $598,900 to buy a home in July 2018, rising to $945,300 in July 2023. The Greater Toronto Area built up the greatest equity at $487,700, followed by Greater Vancouver at $408,200, Victoria at $373,500 and Kitchener-Waterloo at $366,700.
The top five cities that saw the least growth in equity were Edmonton ($28,100), Regina ($32,500), Winnipeg ($80,300), Saskatoon ($85,500) and Saint John ($117,000).
For townhouses, Hamilton-Burlington had the third highest equity built over five years at $274,800. Townhomes in July 2018 cost $445,300, rising to $720,100 in July 2023.
Kitchener-Waterloo topped the cities and regions with the greatest equity at $309,900. The price of a townhouse in 2018 was $338,800, growing to $648,700 in 2023. Regina was ranked the lowest, losing $600 in value of the home. In July, a townhome was $237,400, falling to $236,800 in July of this year.
For condos, Hamilton-Burlington had the third-highest equity at $210,100. The benchmark condo price in July 2018 was $274,800, ballooning to $484,900 in July 2023. The Greater Toronto Area topped the list with $239,600 equity. Edmonton was at the bottom of the list, losing $27,300 in the value of a condo. A condo was $207,900 in July 2018, falling to $180,600 this July.
Click here to read the full report.insauga's Editorial Standards and Policies advertising