It’s no secret that Toronto’s real estate market can be lucrative, but it’s far from the only place worth your investment dollars. Further west, Hamilton’s real estate market is attracting its fair share of attention from investors, and it’s easy to see why. This former steel town is drawing renters from all walks of life—which is great news for those seeking qualified tenants.
If you’re ready to purchase an income property, here are five reasons to consider doing it in Hamilton…
1) Hamilton’s Real Estate Market: affordability
While money may be no object for some investors, that’s not the case for most. Fortunately, Hamilton is a great place to purchase an investment property at a reasonable price. Though home prices are going up in the city, they still pale in comparison to those you’ll find in most parts of Toronto. At the same time, local rents are also on the rise—which means your monthly income in Hamilton could be significant.
2) Changing demographics
Contrary to popular belief, Hamilton’s population is getting younger. The percentage of millennials in the city is now higher than the Ontario average. That’s driving growth and boosting the economy—helping to increase future demand for housing. While some members of this generation are buying homes, many are still opting to rent. If you cater to this demographic, you’ll find that there’s no shortage of great tenants out there.
3) The quality of life
By now, it’s common knowledge that Hamilton’s art, music, and food scenes are on par with what you’ll find in some of the most vibrant cities in the country. Those who have spent time here know it’s also a great place to get back to nature—at one of its breathtaking local parks, nature trails, or waterfalls. Then there’s the easy access to transit (from GO stations to reliable bus service). For these reasons and many others, the quality of life in Hamilton is truly impressive. It’s why the city’s appeal extends far beyond any one group.
4) The neighbourhoods
There are more than 100 neighbourhoods in Hamilton, and that’s not even counting areas like Ancaster and Dundas. From revitalized Corktown to trendy Crown Point East, the city is known for its incredible communities. They’re perfect for investors since they provide a large selection of properties and a diverse mix of potential renters. Targeting a particular segment can be a great strategy for attracting tenants, and being in a city like Hamilton allows you to choose the area that’s right for you.
5) The job market is strong
In recent years, Hamilton has been praised for its low unemployment rate. Even during the pandemic, the region has shed fewer jobs than many areas close by. Part of the reason for that is its diversified economy, which is attracting skilled workers and top talent from across the country. Hamilton was recently named a rising tech city, and Hamilton Health Sciences is one of the most research-intensive hospitals in Canada. In other words: there’s no shortage of qualified tenants flocking to the area, and they need places to live.
If you’re preparing to purchase an income property, the City of Hamilton is a great place to do it. A qualified real estate agent with local expertise can ensure you find just the right place—and help you pave the way to significant returns.
Ready to invest in the Hamilton market? Reach out to learn what’s happening in the city—and what it means for you.