Hamilton is a port city in the Canadian province of Ontario. Conceived by George Hamilton when he purchased the Durand farm shortly after the War of 1812, Hamilton has become the centre of a densely populated and industrialized region at the west end of Lake Ontario known as the Golden Horseshoe. On January 1, 2001, the new City of Hamilton was formed through the amalgamation of the former city and the other constituent lower-tier municipalities of the Regional Municipality of Hamilton-Wentworth with the upper-tier regional government. Residents of the old city are known as Hamiltonians. Since 1981, the metropolitan area has been listed as the ninth largest in Canada and the third largest in Ontario.
Hamilton is home to the Royal Botanical Gardens, the Canadian Warplane Heritage Museum, the Bruce Trail, McMaster University and Mohawk College. McMaster University is ranked 4th in Canada and 94th in the world by Times Higher Education Rankings 2015-16 and has a well-known medical school. The Canadian Football Hall of Fame can be found downtown right beside Hamilton City Hall and across town to the east, the Canadian Football League's Hamilton Tiger-Cats began playing at the new Tim Hortons Field in 2014, which was built as part of the 2015 Pan American Games.
Why should I invest in Hamilton?
As part of the "Golden Horseshoe" region at the westend of Lake Ontario, Hamilton is an area thriving and growing. With a population of 778,400 according to the CMA (census metropolitan area), this area is considered to be the 9th largest in Canada and the third largest in Ontario itself. With over 60% of Canadian steel produced in Hamilton, manufacturing a a strong tradition here with many jobs available for residents. Also a major port on Lake Ontario, Hamilton is a center of resource transportation along the St. Lawrence River. Also the home of numerous post secondary institutions, Hamilton offers many opportunities for many different tenant profiles.
Market Stats (January 2018)
- Average Sale Price: $480,523 (increase of 6.0% over January 2017)
- Average Days on Market (DOM): 45
- Average Household Weekly earnings: $2684.37
- Average rent for 2 bedrooms: $1,103
- Vacancy rate: 2.2% for one bedroom, 1.7% for two bedrooms
- Supply for new units 1.3% while demand rose over 3%... more rentals needed!