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Hamilton is located less than an hour west of Toronto and known for being one of Canada’s leading industrial centres. There was an unpleasant stretch in Hamilton’s lifeline that saw vacant homes, empty store fronts, unemployment, and crime leading to many thinking Hamilton wasn’t a place to settle down. Traditionally, the local economy has been led by the steel and heavy manufacturing industries. Within the last decade, there has been a shift towards the service sector, like health and sciences. Hamilton is home to the Royal Botanical Gardens, the Canadian Warplane Heritage Museum, the Bruce Trail, McMaster University, Redeemer University College and Mohawk College. McMaster University is ranked 4th in Canada and 69th in the world by Times Higher Education Rankings 2021.
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There has also been a major shift towards the arts and entertainment sector with digital media, music, animation, film production and performing arts all considered to be major job and talent attractors in Hamilton. The phrase ‘art is the new steel’ has rung strong in the city forming the physicality of the urban landscape.
Hamilton has seen a huge jump in population and continues to be a city of choice for newcomers to Canada, as well as Canadians leaving bigger cities like Toronto. The federal agency published new annual demographic estimates for sub-provincial areas earlier this month. According to the new data, in the period of 2018-2019, 10,196 people took up residence in Hamilton. The year 2019-2020 brought 11,743 new people and between 2020 and July 2021 there have been 5,375 new arrivals bringing the areas population to a whopping 812,528.
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Hamilton has seen it’s up’s and down’s throughout its colourful timeline. What does this all mean to real estate prices in the city? Don’t wait to buy!
Prices will continue to rise with a growing population
The entire six regions of the province are expected to see growth over the next few years – 2022 included – and the Hamilton area is no exception. Ontario as a whole is expected to increase in size by almost 5.3 million by 2046, according to the provincial government’s population projections report. The projected population growth means more people will be looking for housing in the province, putting a consistent pressure on prices.
With so much to do and see, Hamilton Ontario is an amazing place to live!
Contact me today if your thinking of making the move to Hamilton.