The Hamilton housing market is continuing to make headlines as statistics from the Canadian Real Estate Association show that a continuing hot housing market is having a strong effect on prices, jumping upwards by 16.6 per cent over the past year. This constitutes the largest increase in any real estate market in Canada for the same period.
By comparison, Vancouver and Toronto saw increases of 12.2 per cent and 10.3 per cent, respectively.
The Realtors Association of Hamilton-Burlington (RAHB) used slightly different methods, but arrived at a similarly high price increase of 13 per cent.
According to RAHB president Donna Bacher, this can be attributed to many factors beyond the simple supply and demand equation. Homeowners are flipping their run-down properties to sell at higher values, more buyers are coming in from Toronto, and older homeowners are staying in their homes longer putting a further damper on the supply.
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