Do you have $1 Million to spend in Toronto? Great, buy a house in Hamilton. I’m serious, it’s a great investment! Gone are the days of purchasing a home for under $1 Million in Toronto.
Toronto Lifes take on Hamilton was a really interesting read. While downtown Hamilton can be a little hard on the eyes in spots it has a lot to offer. Much like some of Toronto’s downtrodden area from 10 years ago, areas that have sped through gentrification faster than someone loses a bid on a house here in Toronto. Before you turn your eyes away from Hamilton it is important to consider a few very important benefits to Downtown Hamilton:
- It’s still cheap, at least compared to Toronto. You can buy excellent houses for $500,000.
- The housing stock is much like Roncesvalles, Riverdale, Dufferin Grove, The Annex etc… Downtown Hamilton was a booming city 75-100 years ago when a lot of these character homes were built. You are hard pressed to beat the quality of the housing envelope…I will say that the interiors may not stack up to your expectations but a coat of paint, new washroom, and a kitchen will solve all of that…all in that gets you a nicely appointed home for $600K, or in Toronto terms, a 1 bedroom plus den condo that may or may not have owned parking.
- You get a yard! Not just a patch of grass, a legitimate yard. You don’t get these much in TO and you certainly don’t get them in new build homes in the Burbs (I will save that for another post).
- The GO Train has helped, a lot. Keep in mind that the PanAm Games infused a lot of infrastructure in the Toronto but don’t forget that our neighbours received a lot as well. The new Hamilton station is fantastic. Once electric trains are added (which is coming) and more trains are added this will be a quick and smooth process. It’s closer as it is today, but electricity makes a huge difference (think TTC subway versus a loud, chugging, gas train- sorta).
- More on transportation – Keep in mind that it takes 30 mins to go anywhere in Toronto, Hamilton can be a 50 min drive or train ride. So it may not be as bad as you thought.
- Hamilton has a fully built downtown core. Hamilton’s hay day was years ago, fortunately the amenities are still there. It’s move in ready.
- Culture – Residents of Burlington, Oakville, Ancaster all come Hamilton for the cuisine, concerts, markets and cafes. I cannot get over how often I hear this. Downtown Hamilton is not overrun with chain restaurants like the Burbs. The Toronto Life article covers this in detail.
- Youthful – Hamilton has a youthful vibe. In large part due to the affordability of the homes. Young families are moving from the city, forgoing the Burbs and taking a “city” feel in Hamilton. At times it feels a little bit like Portland, Oregon – a city with a whole lot of hipsters. If you are curious what I mean by that, then please watch Portlandia.
If in doubt that Hamilton is indeed becoming the next “Toronto Hot Spot” because you need to drive through the city of Mississauga, Town of Oakville and Burlington to get there – then please have a look at NYC and it’s surrounding towns and cities. There are more incredible commuter towns and cities around NYC than you can shake a cat at. Commuting has been a massive part of the NYC workforce for decades. Toronto will become more so in the decades to come. Hamilton is perfectly positioned to take leaps and bounds.
One last thing, Hamilton has been keeping up with Toronto’s real estate appreciation over the last few years. It won’t be too long before condos take over Hamilton just like Toronto.
