[URBAN NOTE] “In Hamilton, Ont., an onslaught of millennials escaping the bidding wars and mortgages of Greater Toronto”
The National Post carries Sean Fitzgerald’s Postmedia News article examining how Hamilton is becoming a hub for millennial migrants, particularly from expensive Toronto.
According to a 2016 study by the Social Planning and Research Council of Hamilton, there are now more millennials than baby boomers living in Hamilton, with millennials making up 27.58% of the city’s population — which is above the provincial average of 26.84%.
It’s a shift that’s been happening in the past few years, with the city’s millennial population – people aged 20 to 34 – increasing 9.9% between 2011 and 2015, according to Statistics Canada. In comparison, Toronto has only seen an increase of 5.85%.
Erwin Szeto, a real estate investor based in Hamilton, says the trend has been on his radar for a few years now.
“About three years ago, our market started behaving more like Toronto’s, where offers were much more aggressive,” he says. “I talk to my property managers regularly, and more than half the tenant applications are coming from the GTA area. We’ve known it’s been coming for a while.”
Hamilton has a number of appealing qualities for Torontonians, he says, including a vibrant arts scene, a low unemployment rate, close proximity to T.O., the new West Harbour GO Train station and a fun and rejuvenated downtown area. Oh, and the parking’s cheaper, too.