Hamilton – Burlington
Luxury home sales in Hamilton-Burlington experienced the strongest first quarter on record, with 67 homes priced over $750,000 changing hands compared with 54 the year previous—a 24 per cent increase. Consumer confidence has bolstered enthusiasm, in tandem with continued diversification —the latter of which has resulted in a greater num- ber of well-paying jobs. The technology and health care sectors have attracted an expanding pool of affluent buyers who are fuelling demand in several hot pockets. Ancaster, in particular, has benefitted, as close proximity to the hospital and university are a top priority. Location is also of primary importance to affluent young families who are seeking homes within a short distance to CAIS-designated private school Hillfield Strathallan College—and they are willing to pay a premium. The market remains bal- anced, with a good selection of properties (284) priced over $750,000. Choice becomes more limited between $1 million and $1.2 million, with just over 30 homes available at this price point, which is generating the greatest number of multiple offers. Today’s luxury consumers are highly value-driven, stretching their dollar as far as possible, with resale properties having a slight edge at the lower end of the upscale market. Walkability has become a serious selling point in the upper-end, fuelling sales in ame- nity-rich Dundas. Turn-key product is preferred, but many buyers are willing to renovate to make it their own. Well-landscaped homes with outdoor living areas that act as an extension of the home for entertaining are sought-after, along with open floor plans. The ultimate perk is a main-floor wine cellar, a property wired with technology’s best bells and whistles and green construction. The latter is play- ing a greater role in recent years, especially at the $3 million to $4 million range and above. To some, the trend is more important than the promise of cost recovery down the road. Equity gains have been a significant factor bolstering upper-end sales, with Burlington a prominent example. In fact, some estatesubdivision homes in Burlington have now reached the prestigious $1 million mark. Some buyers— and more so at the higher price points—have been gravitating to custom construction. Teardown activity continues unabated in Old Ancaster and South Burlington and has even reached West Bur- lington, as a result of spillover from nearby Oakville. Purchasers are snapping-up small, older homes on good-sized lots. These properties are drawing fre- quent multiple offers, if priced correctly, especially those on 100 ft. lots. The $500,000 to $800,000 price point is the current sweet spot. Custom-built homes replacing older structures often sport values of $1.5 million and up. The cost of new construction is on the rise, however, with trades exceptionally busy. Out-of-town purchasers now account for approxi- mately one-third of properties sold in Burlington. International buyers are rare, but some are pur- chasing high-end homes for their children to live in while attending McMaster. The high-end condo- minium market is underserviced in Hamilton- Burlington, with builders yet to adequately address the demand. The supply of luxury units is very tight, and quality product that does come on-stream is sold quickly. The highest priced condo to change hands in the first quarter of the year was a pent- house unit located in Hamilton’s west end, sold for $690,000. In the single-detached category, the pric- iest home sold moved for $3.8 million in Aldershot on the Bay. It boasted over 7,000 sq. ft. of living
Luxury home sales in Hamilton-Burlington experienced the strongest first quarter on record, with 67 homes priced over $750,000 changing hands compared with 54 the year previous—a 24 per cent increase. Consumer confidence has bolstered enthusiasm, in tandem with continued diversification —the latter of which has resulted in a greater num- ber of well-paying jobs. The technology and health care sectors have attracted an expanding pool of affluent buyers who are fuelling demand in several hot pockets. Ancaster, in particular, has benefitted, as close proximity to the hospital and university are a top priority. Location is also of primary importance to affluent young families who are seeking homes within a short distance to CAIS-designated private school Hillfield Strathallan College—and they are willing to pay a premium. The market remains bal- anced, with a good selection of properties (284) priced over $750,000. Choice becomes more limited between $1 million and $1.2 million, with just over 30 homes available at this price point, which is generating the greatest number of multiple offers. Today’s luxury consumers are highly value-driven, stretching their dollar as far as possible, with resale properties having a slight edge at the lower end of the upscale market. Walkability has become a serious selling point in the upper-end, fuelling sales in ame- nity-rich Dundas. Turn-key product is preferred, but many buyers are willing to renovate to make it their own. Well-landscaped homes with outdoor living areas that act as an extension of the home for entertaining are sought-after, along with open floor plans. The ultimate perk is a main-floor wine cellar, a property wired with technology’s best bells and whistles and green construction. The latter is play- ing a greater role in recent years, especially at the $3 million to $4 million range and above. To some, the trend is more important than the promise of cost recovery down the road. Equity gains have been a significant factor bolstering upper-end sales, with Burlington a prominent example. In fact, some estatesubdivision homes in Burlington have now reached the prestigious $1 million mark. Some buyers— and more so at the higher price points—have been gravitating to custom construction. Teardown activity continues unabated in Old Ancaster and South Burlington and has even reached West Bur- lington, as a result of spillover from nearby Oakville. Purchasers are snapping-up small, older homes on good-sized lots. These properties are drawing fre- quent multiple offers, if priced correctly, especially those on 100 ft. lots. The $500,000 to $800,000 price point is the current sweet spot. Custom-built homes replacing older structures often sport values of $1.5 million and up. The cost of new construction is on the rise, however, with trades exceptionally busy. Out-of-town purchasers now account for approxi- mately one-third of properties sold in Burlington. International buyers are rare, but some are pur- chasing high-end homes for their children to live in while attending McMaster. The high-end condo- minium market is underserviced in Hamilton- Burlington, with builders yet to adequately address the demand. The supply of luxury units is very tight, and quality product that does come on-stream is sold quickly. The highest priced condo to change hands in the first quarter of the year was a pent- house unit located in Hamilton’s west end, sold for $690,000. In the single-detached category, the pric- iest home sold moved for $3.8 million in Aldershot on the Bay. It boasted over 7,000 sq. ft. of living
space and was situated on a 1.5 acre lot. Increasingly,
value-conscious purchasers are looking to areas
bordering Burlington and Oakville such as Water-
down, where the same money will buy more home
or better finishings. Hamilton, Ancaster, Dundas,
Grimsby and Stoney Creek will be the area’s up-
and-coming communities moving forward, as their
appeal increases in step with the addition of new
amenities. Waterfront properties, in particular, hold
much potential. Demand is expected to be strong in
Hamilton-Burlington through year-end, while price
growth will move in line with the rest of the market.
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