Archives for December 19, 2018

Hamilton home prices have skyrocketed 70% in the past 5 years: report

Mortgage stress test causing decline in housing affordability, says CREA economist CBC News ยท Posted: Dec 18, 2018 11:10 AM ET | Last Updated: December 18 Real estate prices in Hamilton and Burlington have seen the fourth-highest increase in Canada over the past five years. (Jonathan Hayward/Canadian Press) Home prices in the Hamilton area have skyrocketed 70 per cent over the past five years, according to a new report from the Canadian Real Estate Association (CREA). The price increase in the Hamilton-Burlington market โ€” where homes have an average price tag of $581,900 โ€” is the fourth highest in Canada, the report says, but the jump was even greater in Niagara Region. Since 2013 years prices have leapt a staggering 79 per cent there, although the average cost of a home there at $393,500 โ€” is almost $200,000 less than Hamilton. CREA economist says the latest numbers indicate that government attempts to slow … [Read more...]