Financial LiteracyEllen Roseman: The true cost of COVID-19 payment deferrals
Suppose the bank grants a deferral on your next six mortgage payments. What effect does this have?
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It’s no secret that mortgage rates in Canada are at record lows, and Hamilton is no exception. In fact, Hamilton mortgage rates are generally slightly lower than in most other parts of the country due to intense competition among banks and brokers in the city. That’s why it’s so important to compare rates at LowestRates.ca — we let you see the best offers from over 30 brokers and banks, just like that.
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Hamilton housing.
The state of Hamilton housing is, in a word, ‘strong’. Prices have moved sharply higher since 2014, and so have overall sales, which are currently hovering around 15,500 to 16,200 units per year –– a Hamilton record. However, the Canada Mortgage and Housing Corporation (CMHC) says Hamilton housing is still relatively affordable due to low mortgage rates and the high average incomes of Hamilton homebuyers.
Real estate prices in Hamilton have appreciated more quickly than any other housing market in Canada — yet the average house in Hamilton costs about 45% less than the average house in Toronto. That’s probably why market watchers say Hamilton housing is still a bargain.
The average existing home price in Hamilton is now right around $515,000.
Average Home Prices in Hamilton.
| Date | Home Prices |
|---|---|
| 01/14 | $395,530 |
| 03/14 | $403,992 |
| 05/14 | $394,000 |
| 07/14 | $410,200 |
| 09/14 | $412,158 |
| 11/14 | $404,823 |
| 01/15 | $427,753 |
| 03/15 | $433,079 |
| 05/15 | $434,382 |
| 07/15 | $434,554 |
| 09/15 | $447,978 |
| 11/15 | $444,259 |
| 01/16 | $458,654 |
| 03/16 | $463,978 |
| 05/16 | $478,613 |
| 07/16 | $490,000 |
| 08/16 | $500,000 |
| 09/16 | $515,000 |
With lots of job openings and surging migration, Hamilton home builders are seeing high demand for their projects. Naturally, prices are steadily rising, so a new detached home in the city currently averages about $580,000.
New Home Prices in Hamilton, Single-Detached
| Year | Price |
|---|---|
| 2011 | $489,385 |
| 2012 | $514,193 |
| 2013 | $517,297 |
| 2014 | $547,592 |
| 2015 | $565,000 |
| 2016 | $580,000 |
About Hamilton.
A bustling and increasingly ‘happening’ city at the west end of Lake Ontario, Hamilton is home to more than half a million people. It wasn’t always that way: not so long ago, the city was seen as little more than a gritty industrial outpost. Now, 'Steel Town', as it is affectionately known, is a still-affordable and increasingly appealing urban alternative to Toronto. Hamilton's vibrant downtown core is the toast of Ontario and residents can enjoy a bevy of restaurants, bars and shops.
Of course, residents also regularly take advantage of the many other attractions the city has to offer, including the Art Gallery of Hamilton, home to over 9,500 works, and the African Lion Safari, an ‘Ontario Top 10’ attraction. Also of note is FirstOntario Centre, (still known to many as Copps Coliseum) with its 19,000 person seating capacity and well-deserved reputation for landing some of the best live events in all of Canada.
Jobs in the city remain plentiful and the unemployment rate is significantly below the national average.
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