Unless you’re living under a rock, it’s pretty hard to deny that the Hamilton real estate market continues to defy gravity. Low supply and high demand are driving prices to astronomical heights.
The Realtors Association of Hamilton-Burlington posts monthly market updates, sharing figures of sales statistics and price increases in a year-over-year analysis. It’s numbers confirm my previous statement.
But hearing the same data month after month can get redundant. So, we thought we’d bring you a quick example to demonstrate the market’s trajectory.
Shortly after the Stinson School closed in 2009, the Hamilton Wentworth District School Board sold the property to a corporation set up by then-recent Toronto expat developer, Harry Stinson. (He bears no relation to the school’s name.) The price? $1.05 million. The monolithic development has gone on to become the stuff of legend, selling its bespoke lofts at prices the area and city had not seen before and helping to turn around the Stinson neighbourhood.
Roughly around the same time, Stinson bought 109 Ontario Ave, which sits directly across the street from the loft building and used the stately all-brick century home as his construction office. Over the last year, he brought the construction crews in and renoed it from top to bottom. This stunning 3+1 bed, 4 bath was listed on the market in 2016…for $899,000.
The point? In just seven years, the market moved so far that the difference in price between a 3 storey, 100-year-old school house sitting on just under 1.5 acres and a 2.5 story single-family home on a corner lot was just $150,000! While the price of the Ontario Ave stunner has dropped recently by another $100k, it’s still telling of the strength and dynamic of our market.
Imagine what story the Gibson School project will tell us. That building cost a mere $150k…