Tucked on the western edge of Lake Ontario, Hamilton has become a hot spot in recent years. Hamilton’s economy is primarily driven by its manufacturing sector, with healthcare and education also significantly contributing to the local economy.
Hamilton has attracted homebuyers seeking respite from the high prices characterizing Toronto real estate. This exodus has caused prices across Hamilton to rise. From 2021 to 2022, prices rose almost 23 per cent. Homes are selling for an average price of $949,099. With an average mortgage of $759,279.20 and a median after-tax income of $70,100, Hamiltonians are paying 76.22 per cent of their monthly income for their home.
These increases are staggering. Just ten years ago, the average detached home sold for a little below $300,000. Today, they sell for over a million dollars.
Despite the price rise, professionals and young families are still moving to Hamilton. So, what are the best neighbourhoods in Hamilton to buy a house?
Most Liveable Neighbourhoods in Hamilton
- Beasley: This trendy downtown neighbourhood is one of the oldest neighbourhoods in Hamilton. If you are a young person looking for a fast-paced city feel, this is one of the best options in Hamilton. Stroll James Street and check out the bars, restaurants, and independent businesses.
- Corktown: Full of history and charm, it is one of the most in-demand neighbourhoods in Hamilton. Located centrally, Corktown offers school, trails, transit, parks, shopping, and restaurants. Situated at the foot of the escarpment, it is growing in popularity for singles and professionals looking for city life at more affordable prices than in Toronto.
- Crown Point East: DIYers love this neighbourhood. It has long been home to the garment district and has a long history of creativity. Beyond the textiles, Ottawa Street is home to food trucks, a farmer’s market, and retail spaces. It’s a popular local for first-time buyers and young families who appreciate the arts.
- Normanhurst: This is a popular neighbourhood for families looking to buy a home, with homeowners making up almost 80% of the area. It’s no surprise, as It has exceptional livability scores with prices lower than the Hamilton average and plenty of access to amenities.
- Homeside: This growing neighbourhood is home to young families and retirees alike. Homeside is for you if you prefer a quieter community with charming older homes.
Other popular neighbourhoods include Parkview East, Westdale, Mountainview, Durand, and Gibson. Hamilton’s three most affordable neighbourhoods are Crown Point North, Durand North, and Central South. The region’s most luxurious neighbourhoods, Ancaster Heights, Sulphur Springs and Durand South with average prices over $1.1 million. Proximity to independently owned retailers, gyms, bars and restaurants are some of the top liveability factors for the most affordable and luxurious neighbourhoods in Hamilton.
Hamilton’s Future Liveability
Hamilton’s liveability is expected to continue to improve over the next three to five years. Increased development and a rise in restaurant culture throughout Hamilton make it more attractive for those seeking a neighbourhood with increased density while still experiencing affordable living (comparatively) and access to green space.
Hamilton is expected to see a 25-per-cent increase in unit sales for the suburban families and buyers looking to move up in the market. The “move-up” demographic accounts for the majority of buyers in the area. The average price for homes in Hamilton can vary dramatically depending on the neighbourhood.
So, what are the best neighbourhoods in Hamilton to buy a house? RE/MAX explores more than 300 of Canada’s most liveable hot spots in the new 2020 Liveability Report. Here are our top picks for Hamilton and the surrounding area.
10 Most Liveable Neighbourhoods in Hamilton
- Beasley
- Corktown
- Crown Point East
- Normanhurst
- Homeside
- Parkview East
- Downtown Burlington
- Mountainview
- Durand
- Gibson
The three most affordable neighbourhoods in Hamilton, Crown Point, Homeside and Vincent, range in price from $365,615 to $375,029. The region’s most luxurious neighbourhoods, Ancaster Heights, Sulphur Springs and Durand South range in price from $1,017,450 to $1,043,689. Proximity to independently owned retailers, gyms, bars and restaurants are some of the top liveability factors for the most affordable and most luxurious neighbourhoods in Hamilton.
Hamilton’s Future Liveability
Hamilton’s liveability is expected to continue improving in the next three to five years. Increased development and a rise in strong restaurant culture throughout Hamilton is making it more attractive for those seeking a neighbourhood with increased density while still experiencing affordable living and access to green space.
Hamilton at a Glance
Tucked on the western edge of Lake Ontario, Hamilton has become a hot spot in recent years, attracting homebuyers seeking respite from the high prices characterizing Toronto real estate. Hamilton’s economy is largely driven by its manufacturing sector, with healthcare and education also being large contributors to the local economy. Fun fact: there are more than 100 waterfalls in Hamilton!
Best Places to Live in Canada
.
Liveability is about quality of life at a local level. A neighbourhood’s dynamism, or lack thereof, involves a delicate convergence between independent small businesses, public institutions, arts and culture, green spaces and housing, to name a few. The COVID-19 tragedy will impact neighbourhood ecosystems differently across the country, just as the virus itself has. Yet, civic/local pride has been proliferating throughout this crisis in inspiring ways, giving Canadians hope that micro-economies, including real estate, have the resilience to be restored in the near and mid-term.
To learn more about liveability in Canada’s biggest housing markets, read the RE/MAX 2020 Liveability Report.
We know that Canadian’s truly celebrate the liveabililty factors of their neighbourhood – the qualities that give homeowners the true satisfaction of their home within the context of a neighbourhood. In fact a Leger survey conducted by RE/MAX revealed that 89% of Canadians recommend their neighbourhoods to others. Unlike your home, neighbourhoods cannot be changed, so it is important to assess what qualities are important to you before you purchase. Luckily, when it comes to Hamilton, there is a lot of celebrate in terms of liveability.
A survey of RE/MAX Brokers revealed that the best places to live in Hamilton are Meadowlands, Beasley and Sydenham, ranking as the top three neighbourhoods in Hamilton for access to green spaces and parks, walkability, retail and restaurants and the ease of getting around/public transit.
In the same Leger survey, six-in-10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit (36 per cent), work (30 per cent) and to preferred schools (18 per cent), as well as cultural and community centres (18 per cent) fall out of the top five neighbourhood wants and expectations. So how does Hamilton stack up?
If you are searching for the best place to live in Hamilton, Sydenham ranks as the top hidden gem neighbourhood for affordability and good supply of high rises and detached homes.
More to Explore
What to Know About Buying a House with Friends
April 19, 2024
Financial Planning Tips for First-Time Home Buyers
April 18, 2024
Canada Will Not Apply Capital Gains Tax to Primary Residences in New Budget
April 17, 2024
RE/MAX Named 2023 CMN Hospitals Canadian Partner of the Year
April 17, 2024
2024 Federal Budget: Key Takeaways for Housing
April 17, 2024
RE/MAX Cares: The Miracle Home and Miracle Commercial Property Program
April 17, 2024
Negotiating Tips for Sellers: Getting What You Want
April 17, 2024
Navigating Emotional Hurdles During Home Downsizing
April 16, 2024
A Look at the Spring Housing Market
April 15, 2024