Are you thinking about where to invest in Hamilton as the market recovers? Here’s why you should invest your money in Hamilton Ontario.
Hamilton has close to 767,000 residents and is a blossoming city with a unique landscape. In 1815, George Hamilton designed the small town, which was originally located between the waterfront to the north and the Niagara Escarpment to the south (Brittanica.com).
In 2019, Hamilton ranked number 24 on Maclean’s list of the best communities in Ontario to live in and in the past few years, its downtown core has attracted significant interest from developers and investors. According to Moneysense, Corktown is the best place to invest because of its “old-world nuance and easy-access to the GO commuter train” and according to the city’s website, Hamilton.ca “investments have included Amazon, IBM, Nokia, Maple Leaf, Fraunhofer, and Stryker.” With the city on the rise, Hamilton is a strategic location for investing or buying residential property.
With the city currently adjusting to the changes brought about by the global pandemic, Hamilton is moving into stage 3 of reopening. As of July 23, there were 113,000 reported cases of the COVID-19 virus in the city with 98,509 people recovered. Healthy residents can now go back to some form of normalcy with bars, gyms, theatres, playgrounds and indoor restaurants reopening. We are excited to see some of the city’s most popular restaurants open for business. Tripadvisor.com, one of the best known travel sites, has identified the top ten restaurants in Hamilton as:
- Cafe Troy Donn Zver Pottery
- India Village Restaurant
- Caro Restaurant & Bar
- Mattson & Co
- Banana Leaf Asian Cuisine
- Edgewater Manor Restaurant
- Berkeley North Restaurant
- The Ship
- Cascata Bistro
Aside from having some of the best food in the province, one of the best things about living in Hamilton is its affordability, and today, with the average prices in Toronto over $800,000, you can find homes listed for sale in Hamilton right now for under $300,000.
If we look at the average price of a home in Hamilton, according to a 2019 report by the Realtors Association of Hamilton-Burlington, prices are closer to $544,980 and since things have slowed down due to the current pandemic, it has yet to be seen if this crisis will affect the steady growth that Hamilton has seen over the past few years. We however, believe that Hamilton will continue to grow at a rapid pace and that it shows significant promise for investors and those looking to build generational wealth.
For investors looking at Hamilton as a potential long-term investment option we recommend one of two options. One, buy an affordable home that is already renovated and up to modern day living standards and lease it to local renters. We would be happy to send you the average rental prices in the area, sample mortgage calculations and your estimated return on investment to help you make an informed decision.
Aside from becoming a landlord, which may require too much maintenance for some investors, it’s also a great time to buy an affordable detached bungalow and turn it into a beautiful, modern two-storey detached home. We have relationships with the best contractors in Hamilton who can give you an assessment of how much you will need to build the home of your dreams.
Are you ready to invest in Hamilton? We would love to read your thoughts in the comments below.
Look out for more of our blogs about investing in Hamilton real estate.
At the Mackay Realty Network, we specialize in building generational wealth and would be happy to help you take the next step. Meet our founders: