Hamilton is undergoing a long-awaited transformation, which will make Steeltown an alluring alternative to Toronto’s expensive market
The beginning of the year is an excellent time to start planning your investments. If you’re considering joining the real estate market, we’d like to introduce you to Hamilton – currently one of the safest investment opportunities in Canada.
Offering more availability and affordability, Steeltown is home to numerous biotech, agricultural, financial, and automotive giants and is sure to grow its potential even more in the future. In this article, we’ll take you through Hamilton’s amazing offerings and explain why it’s the perfect place to buy a home or invest in commercial properties.
Rising interest rates and construction costs have influenced the number of sales throughout Canada. Hamilton is no exception. Still, many experts believe that the city’s market will be better positioned to get through the tough times quicker and less painfully. Steeltown’s excellent location, of course, plays in its favour.
The city is positioned at the westernmost edge of Lake Ontario, which means its residents are close to nature while still having all the benefits of city life. Since Hamilton is close to the US border, it attracts people doing business in the States.
Impressive development plans
According to the United Nations, Hamilton’s population is estimated to grow by 50 000 in the next five years. Consequently, the demand for housing and commercial real estate will increase too. To accommodate the newcomers, developers will have to offer new housing. Many plans are already in the making.
An impressive example is The Design District – the first of its kind in Hamilton. The new project will be strategically placed in the city’s main transportation hub. The 150 million redevelopment project plans to transform the West Harbour area into a wonderful pedestrian community. Hamilton is growing bigger and better by the day, still, it remains more affordable than Toronto.
Business At Its Heart
Hamilton is a city that’s all about business. Already now, it’s regarded as one of Canada’s most thriving tech hubs. Since it has the fastest growth rate (for mid-sized cities) for start-up companies, Steeltown is certain to gain even more traction in the future. Of course, the fact Hamilton has the highest average wages for tech workers in Canada is impressive too.
Although Hamilton was long known as a manufacturing city, now it can pride itself on a well-diversified economy in a number of sectors. Entertainment, health care, education, and technology – these are just a few examples. With Hamilton’s fast growth, it’s no wonder its population is expected to increase over the next years.
Reducing Unemployment Rate
Recent reports show that the local economy is moving in a positive direction. Since January 2022, the unemployment rates have fallen. In the current market, the largest shares of job opportunities are provided in sales, business, and finance. Thanks to the lower unemployment rate, Hamilton’s residents should be better prepared for the high inflation.
Nature Enthusiasts’ Paradise
There’s another reason why Hamilton is becoming the ‘it’ place to invest. It is a paradise for nature enthusiasts. The city has more than 120 waterfalls and countless nature trails. In Steeltown, you’ll also find Hamilton Mountain, which is atop the Niagara Escarpment.
Is now a good time to invest in Hamilton’s real estate?
For the last few months, Canadian housing markets have gone through a steep downturn. This has largely been driven by the Bank of Canada’s spikes in interest rates. Some reports (TD Bank) suggest that in 2023 home prices will drop as much as 20-25%. But don’t let the numbers discourage you!
Buyers who have the means can make use of the current state of the market and buy properties for a lower price. In fact, investing in real estate is a good way to beat inflation and boost your wealth in the long run. Housing is always in demand – regardless of the crisis.
In 2023, it’s more important than ever to have a proper strategy. Despite the prices going down, they are still high, even for investors, so any decision you make should be well-thought.
Over the years, Hamilton has grown incredibly and is now considered one of the most alluring alternatives to Toronto. Whether you’re considering investing in commercial or residential real estate properties, it’s a place that’s becoming better by the day. Hamilton really does tick all the boxes for a good investment.
While experts believe the Bank of Canada will likely increase its rates even more, the future is looking bright for commercial property investors. This may not be a year for rolling the dice, but with low-risk strategies, you have nothing to worry about. To stay up to date with all the latest news in Canada’s real estate market, make sure to follow our blog.
Founder & President, ReDev Properties
Richard Crenian is the Founder and President of ReDev Properties. Ltd, a private real estate asset management company with its head office in Toronto. ReDev Properties is engaged in the development, acquisition, ownership and management of retail and mixed-use income properties predominantly located in Western Canada and Ontario. To learn more about Richard please visit www.richardcrenian.ca