As housing prices and the general cost of living increase all over the province, Hamilton real estate has been becoming more attractive for consumers. This city has long been a haven for young families and professionals flocking from Toronto and Mississauga, where the dream of homeownership is less attainable than in “the Hammer.

However, as more people turn their attention to Hamilton and the surrounding areas, real estate here is also becoming more in-demand and expensive. You may now wonder if owning a house in Hamilton is still worth it. The answer depends on you, your resources, and your plans for the long term.

It’s All Relative

The cost of buying and maintaining a house these days is enough to make anyone flinch, and no one can blame you. However, it’s important to remember that the true value of Hamilton real estate is not what it costs today but what it will be a few years from now.

For example, anyone shopping for a house in the current market might be surprised that the average price was as low as $334,000 in 2015, an absolute steal by today’s standards. With a growing population and a housing supply that’s slow to keep up, we expect that values will rise even more over the coming years.

Ancaster is one of our favourite places within the Hamilton area! Learn more about this beautiful community in the posts below:

• Top 5 Family-Friendly Neighbourhoods In Ancaster
• Ancaster Vs. Dundas: Which Offers The Best Green Spaces?
• Why Should You Consider Moving Your Family To Ancaster?

Invest for the Long Term

If you follow the news, you might be hesitant to invest in anything, especially in something as significant as real estate. For all the talk of low inventory and high demand, prices don’t always rise and houses don’t always sell quickly.

In addition, nearly everyone knows someone who bought a home only for prices to fall shortly after. This is because of external factors such as interest rates, inflation, and other world events. In other words, what you see in the headlines can impact real estate values on a daily, weekly, or even monthly basis.

However, when you look at the trajectory over the years, prices have continued to rise steadily. No one can predict the future with 100% accuracy, but there is every reason to expect that prices will continue to climb in the long term. That’s why you may hear real estate experts say, “The best time to buy was 20 years ago. The second best time is now.“

Determine Your Personal Goals

Whether Hamilton real estate is worth it depends more on the individual themselves than the market. Since housing prices will almost certainly increase over time, the answer is “yes” – as long as you’ve thoroughly assessed your personal goals and expectations.

Before deciding to buy, you should ensure you have the financial resources to comfortably make the purchase and hold on long enough to see substantial equity growth. Figuring out your budget and how much you will need for a down payment is a great first step.

From there, you can determine how much you will need to pay on a monthly basis. Once you know the numbers, you can get a mortgage pre-approval so you know precisely where you stand. Our mortgage calculator can give you a good estimate of how much you will need.

Where to Find the Best Value

Buying real estate is a great way to build your equity and grow your purchasing power over time. That said, it’s essential to prepare thoroughly and keep your eyes open for an opportunity to buy when prices are as low as possible.

Though you can’t predict which way the market will go, you can search for properties that are undervalued, either due to minor cosmetic flaws or a location in an up-and-coming neighbourhood. Sometimes, getting the best value may mean starting with a house that’s a little smaller or older than you first envisioned. Remember that your first, second, or even third purchase does not have to be your last.

With every house you own, you have the chance to grow your purchasing power. As your net worth grows, you can upgrade your home and lifestyle as you see fit, either by renovating or relocating to something more spacious.

Opportunities in the current market may seem few and far between, but a local expert at The O’Reilly Group can help. Our extensive network and connections with other Hamilton real estate agents often give us early access to hard-to-find listings that are just what you’re looking for.

Our team members will walk you step by step through the home-buying process to ensure you have everything you need to negotiate the best terms and price. We can also provide vetted referrals if you need to connect with other professionals, such as mortgage brokers or real estate lawyers.

Sell or Hold?

Once you own a property in Hamilton, Ancaster, or the surrounding areas for any length of time, more options will open up to you. As real estate values appreciate, you might decide to sell your house and move on to something bigger, smaller, or in a different location.

If you love where you are, you can hold the property and use the equity for other things, such as investing elsewhere or home improvements. In addition, you could pull out some of your capital and purchase a second property, either to rent out or as a vacation home.

As Hamilton cements its reputation as a great place to live, we find more people are keeping their homes in the family for longer periods of time, sometimes for generations.

Should you consider Hamilton for your next home? The posts below might help you decide:

• A Home Buyer’s Guide To Hamilton Real Estate
• Top 5 Hamilton Neighbourhoods For Families
• Why Are Toronto Residents Heading To Hamilton And Burlington?

The Appeal of Hamilton Life

Buying a home and settling down goes far beyond the house itself. It’s all about the community and quality of life. In Hamilton, you can expect family-friendly neighbourhoods with excellent schools, along with multiple libraries, recreation centres, and other learning resources. With a location nestled between the Niagara Escarpment and Lake Ontario, Hamilton offers stunning scenery and a vast network of parks and trails to explore.

It is also home to one of the most exciting arts and entertainment districts in the province, from the historic stretch of cafes, bakeries, and unique shops on Locke Street and in Westdale to the art crawls and festivals in the downtown core. If you’re looking for an elevated lifestyle that is still relatively affordable, there are many reasons to consider Hamilton.

Are you ready to begin your home search in Hamilton, Ancaster, or Dundas? Our experienced team of real estate agents is happy to help. Reach out to hello@theoreillygroup.ca or call 905-512-5323 for more information.

We're On Your Side

Whether you’re selling or buying the O’Reilly Group is dedicated to elevating your real estate experience.

Book a Meeting