Thinking of buying a home in Hamilton, Ontario? Great! Hamilton will be lucky to have you. No doubt the fact that you've previously owned London, Ontario real estate will mean that the search and closing goes smoothly. Your neighbors will probably love you. You'll find a great job. Your future kids will love the backyard. Are you forgetting anything? How about to check and see what you can afford to buy there! An informed buyer is a prepared buyer. To help transform you from a clueless buyer to an informed one, here's an overview of Hamilton's current market conditions.
In general, housing prices are down because of the recession. Steep drops occurred in 208 and 2009 and new home construction faltered. However, things are improving. Values are slowly climbing back up as the market recovers. This means you should buy now if you can, before prices return to pre-recession averages. How much can you afford? Well, here are some average prices for different home types for April to September, 2009.
You know what a standard house is. You've seen the Markham Ontario real estate listings. A standard bungalow is a one storey house with three bedrooms, 1.5 baths, and a one car garage. Price: $153,000. A standard two-storey house is like a more spacious version of a bungalow, albeit with an extra floor. Price: $212,000. Both include lots large enough for a driveway and some play space for the kids.
Luxury homes are the type of house for sale in Mississauga that everyone wishes they could afford, but are generally only within the range of executives or families with two working parents. A luxury two story has 4 bedrooms and 2.5 baths with a two car garage, fireplace, and family room. Price: $304,000. Anything bigger is edging into mansion territory. That means 5 or more bedrooms 3 bedrooms, plus extras like atriums or libraries. Price: $500,000 and up. Both types have big lots.
This is the type of home you might buy if you want to live in a more urban area close to the shop front you've taken out a commercial property mortgage on. It's usually attached to its neighbors with little to no yard. It has 3 bedrooms, 1.5 bathrooms, a kitchen, dining room, living room, basement, and garage for one car. Price: $276,000.
Whether you're talking Hamilton condos or Oakville condos, there are two main types: the standard and the luxury. Standards are two bedrooms, 1.5 baths, living room, and kitchen, and balcony plus building amenities like a pool and underground parking. Price: $140,000. Its luxury counterparts include all that plus a family room or den, 2 bathrooms, ensuite laundry, more building features like entertainment rooms and extra floor space. Price: $180,000 and up.