These are the most and least expensive neighbourhoods in Hamilton right now
Published January 5, 2024 at 12:54 pm
If you plan on purchasing a property in Hamilton this year, you should note that some neighbourhoods are more affordable than others.
While homes in the city can be quite expensive, money goes further in Hamilton Centre, Hamilton East, Hamilton Mountain, Hamilton West and Stoney Creek, according to data recently released by the Realtors’ Association of Hamilton-Burlington (RAHB).
Prices in the city are also lower than other GTHA municipalities. According to RAHB, the average price of a residential home (all home types combined) hit $760,376 in December 2023–up 1.2 per cent from December 2022 but lower than highs hit earlier in 2023.
While prices have stabilized, the report suggests sales are down more dramatically. Hamilton reported 6,131 sales in 2023, a decline of 12 per cent over 2022.
That said, the influx of supply on the market–which is good news for buyers looking for more variety–caused prices to trend down from the highs seen in the first half of 2023.
“The annual benchmark price decreased by nearly ten per cent, reaching $784,267. However, as of December, prices were still significantly higher than pre-pandemic levels,” the report said.
Here’s a look at what you can expect to pay in specific neighbourhoods:
You will pay less if you want to purchase a property in or around the downtown core in neighbourhoods such as Beasley, Corktown or Stinson. According to RAHB’s report, the average home price in the neighbourhood is $495,645–down 13.3 per cent from December 2022. There were 167 homes on the market in the area in December 2023.
According to Emily Jones Real Estate, this section of town boasts neighbourhoods such as Rosedale, Bartonville, Glenview, Homeside, Normanhurst, McQueston, and Parkview. RAHB data indicates the average price of a home in the neighbourhood hit $632,845 last month–up almost 11 per cent year-over-year. There were 122 homes on the market in December.
Emily Jones Real Estate says this well-known neighbourhood, located on top of the escarpment, runs east from the 403 to Mountain Brow. The Lincoln Alexander Parkway runs east-west through the mountain from Ancaster to Stoney Creek. RAHB says the average house price in the neighbourhood hit $707,996 in December–down 3 per cent year-over-year. There were 201 houses for sale in the area last month.
According to Emily Jones Real Estate, Hamilton West is made up of primarily two areas: Westdale and Ainslie Woods. RAHB data suggest the average home price hit $716,540 in December–up 33 per cent from December 2022. There were 99 homes on the market last month.
One of the most expensive areas in Hamilton, Flamborough, much of which is located on the Niagara Escarpment, is home to a number of natural attractions. According to RAHB, prospective buyers can expect an average house price of $1,443,160–up 25 per cent year-over-year. There were 100 listings in the area last month.
Dundas, a quaint area located at the bottom of the Niagara Escarpment on the western edge of Lake Ontario, is also more costly. RAHB says the average house price hit $1,121,667 in December–up almost 44 per cent year-over-year. Only 29 homes were on the market last month.
Ancaster, a historic town located on the escarpment, is also more expensive than the more central parts of Hamilton. RAHB says the average home price in the area hit $935,289 last month–down almost 16 per cent from December 2022. There were 121 homes on the market last month.
The village of Waterdown, which has been part of Hamilton since 2001, is an option for those who want to live outside the city core. RAHB says the average house price in the area hit $857,347 in December–down seven percent from December 2022. There were 60 homes available for purchase last month.
Stoney Creek, once its own municipality, is generally more affordable. Homes in the area cost an average of $767,974 in December–down two per cent year-over-year. There were 223 homes on the market in December 2023.
Glanbrook, located in the city’s southwest end, is also an option for buyers. The average price of homes in the area reached $838,806 in December–up 2.8 per cent year-over-year. There were just 18 homes on the market last month.
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