[URBAN NOTE] “Hamilton has hottest real estate prices in Canada”
The RE/MAX annual Housing Market Outlook Report says real estate in Hamilton-Burlington shot up by 19.8 per cent this year compared to last. That’s a few notches ahead of second place Fraser Valley, which rose by 19.5 per cent.
But unlike the B.C. community, which is expected to see a 5 per cent decline in prices next year, the report predicts another double-digit increase next year in the Hamilton area. Prices here are predicted to jump by 11 per cent, again putting Hamilton on top in Canada.
That means next year the average house in Hamilton-Burlington will spike to $594,427 from $535,520 this year.
The jump next year is consistent with predictions by the Canada Mortgage Housing Corp., which sees the hot market continuing over the next two to three years.
“As long as we keep seeing people move from the GTA to Hamilton, this will not slow,” said Abdul Kargbo, a senior market analyst with Canada Mortgage and Housing Corporation.