Monday, November 9, 2009 9:41 AM
Looking for bargains? Head to Hamilton
Carolyn Ireland
If you live in Vancouver or Toronto, and you’re having trouble getting a toe into the real estate market, consider a move to Hamilton, Ont.
There, for the price of a Vancouver tear-down, one can find a historically-designated house built in the 1880s, full of character, renovated and restored to its original brilliance. In Hamilton, this house will be on a highly-desirable street such as Ravenscliffe, Aberdeen or Markland and it will range in price from $750,000 to, in top form, $1.7-million.
Many big cities in Canada have seen a surge in sales at the top end of the real estate market – but Hamilton, Ont. isn’t one of them.
Hamilton and nearby Burlington have been slower to recover from the full impact of the recession, says Re/Max Ontario-Atlantic Canada, which commissioned a study on the upper echelons of the market from Ontario to Newfoundland & Labrador.
Sales of high-end houses - those priced at $750,000 and above - in Hamilton-Burlington have dropped 32 per cent so far in 2009 compared with the same period in 2008.
ReMax says overall residential sales in Hamilton-Burlington are battling back, with a decline of just 2.6 per cent so far this year compared with the same period last year.
And some buyers are starting to become daring enough to take advantage of the opportunities in the sluggish luxury market there.
According to Re/Max, the area’s young professionals and entrepreneurs are the ones looking at the most exclusive houses.
Hamilton has suffered from the loss of manufacturing jobs during the recession, but doctors and researchers are attracted to the medical community from posts around the world.
The area’s most expensive home to find a new owner this year is a $3.2-million waterfront property in Burlington.
The richest listing in the area? That’s a 31-acre property with a 10,000-square-foot stone bungalow, on the block for $6.9-million.
Overall, Re/Max says luxury home sales in Ottawa and Kingston markets have remained on pace with last year, while St. John’s, Halifax, Toronto, Oakville, Mississauga and Oakville have all seen increased momentum at the high end.
cireland@globeandmail.com
