The Best Mortgage Rates in Hamilton
|Best Fixed Mortgage Rates||Best Variable Mortgage Rates|
|1.99%||Get Rate »|
|2.19%||Get Rate »||2.40%||Get Rate »|
|2.39%||Get Rate »||1.95%||Get Rate »|
|Fixed Mortgage Rates provide you with the security of never going up over your term. The most popular fixed mortgage rate term is five years.||Variable Mortgage Rates go up and down with the current prime rate. As they carry a higher risk, they generally offer a lower rate.|
The Waterfalls Capital of the World
- Nicknamed Steeltown for being a major hub of steel production - the Dofasco and Stelco steel plants employ thousands of workers in the region.
- Is home to the Canadian Football Hall of Fame.
- Located within the Niagara Escarpment, featuring over 100 local waterfalls and hiking trails.
- Location of the first Tim Horton's restaurant.
- Home to John C. Munro International Airport.
5 Things You Need To Know About Buying In Hamilton
1. Hamilton home prices, while projected to rise over the next few years, are very comparable to those in neighbouring Toronto. This has made Hamilton an attractive city to purchase a home in for the 25 - 44-year-old age group, and those willing to commute to and from the GTA.
2. The average home price in Hamilton is $396,091, compared to $533,457 in Toronto, making the city an affordable alternative for the first time buyer segment.
3. Housing starts have seen a decline since 2013, especially in the first quarter of 2014 as a difficult winter put a damper on home buying activity. Developers have held off on multiple-unit housing projects in order to promote absorption of existing units, but this is expected to rebound in 2015.
4. An improving local manufacturing industry will further stoke home buying demand and price growth.
5. Townhouse construction is expected to rise 22 per cent by end of 2014 to support an influx of first time buyers moving to the region.
Frequently Asked Question: Do I have to pay Land Transfer Tax when buying a home in Hamilton?
In addition to a wide price gap, Hamilton is a more affordable alternative to Toronto in that buyers and sellers are not subjected to a municipal Land Transfer Tax. Unlike in Toronto, where both a city and provincial tax must be paid, Hamilton residents must only pay the provincial tax rate, which is determined based on the home value (with a maximum of 2% for homes priced over $400,000).
Hamilton Housing Statistics
Hamilton has become an increasingly attractive target for first time buyers looking to break into the market - with a wide price gap between Hamilton and Toronto's real estate prices, the city offers a less expensive barrier to entering the market. However, an influx of buyers from outside the Hamilton area is having an adverse effect on affordability; while still comparatively cheap to Toronto, the area is considered a seller's market. Improving job recovery in 2015 will only further strengthen home buying demand.
|Property Prices: High||Quality of Life Index: High|
|Cost of Living: Moderate||Traffic Index: High|
Buying Property in Hamilton – Important Links
Looking for more information about buying a home and living in Hamilton, Ontario? Check out these top resources for getting started in the region, compiled by RateSupermarket.ca.
Connect with a real estate pro in the area or view regional housing statistics through the Realtors Association of Hamilton-Burlington.
See the cost of entertainment, dining, transit and more will cost in Hamilton with the Cost of Living Index.
Learn about public transit in Hamilton through the City of Hamilton HSR website.
Looking for a school in the Hamilton area? Learn more through the Hamilton-Wentworth District School Board's website.
Newcomers to Canada can learn more about accessible resources and tools through the Hamilton Immigration Portal.
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