Hamilton-Burlington buyers see significant growth in home equity over five years

Vista Apartments in Charlton

Those who purchased detached homes, townhomes, and condos in 2018 in the Hamilton-Burlington area saw their property values ​​grow significantly.

The region ranked highly among Canada’s 15 major markets in a new study by online real estate platform Zoocasa.

Zoocasa calculated estimated equity based on a home purchased at the composite benchmark price, a detached home, a townhouse, and a condo in each city.

Hamilton-Burlington had the second-highest value for shares built over five years at $314,400. The July 2018 composite benchmark price was $559,200, expanding to $873,600 in July 2023.

Of the 25 markets, the Greater Toronto Area received the most shares at $401,700. Its record price in July 2018 was $759,500, rising to $1,161,200 five years later.

Meanwhile, Edmonton ($19,800), Regina ($26,200), Saskatoon ($65,300), Winnipeg ($70,700), and Quebec City ($90,400) had the smallest shares during that period.

For detached homes, the most expensive property type, Hamilton-Burlington had the fifth-largest value out of 15 markets at $346,400. The cost of purchasing a home was $598,900 in July 2018, rising to $945,300 in July 2023. The Greater Toronto Area had the most capital at $487,700, followed by Greater Vancouver at $408,200, Victoria at $373,500, and Kitchener-Waterloo at $366,700.

The top five cities with the least stock growth were Edmonton ($28,100), Regina ($32,500), Winnipeg ($80,300), Saskatoon ($85,500), and Saint John ($117,000).

For townhomes, Hamilton-Burlington had the third highest percentage of properties built over a five-year period at $274,800. The cost of townhomes in July 2018 was $445,300, rising to $720,100 in July 2023.

Kitchener-Waterloo topped the cities and regions with the most shares at $309,900. The price of a townhouse in 2018 was $338,800, rising to $648,700 in 2023. Regina ranked lowest, losing $600 in home value. In July, the price of a townhouse was $237,400, and it dropped to $236,800 in July of this year.

For condos, Hamilton-Burlington had the third highest value at $210,100. The record condo price in July 2018 was $274,800, ballooning to $484,900 in July 2023. The Greater Toronto Area topped the list with shares of $239,600. Edmonton was at the bottom of the list, losing $27,300 in condo value. The price of the apartment was $207,900 in July 2018, and fell to $180,600 in July of this year.

Click here to read the full report.

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