At a Glance:
Average Detached Home Price: $535,944
Vacancy Rate: 3.1%
Average Rent for 3-Bedroom House: $2,132
Hamilton is a port city in the Greater Horseshoe Area and is Canada’s 10th largest municipality. As of 2018, the vacancy rate in Hamilton is 3.1%, which is considered the minimum for a healthy rental market.
In 2019, Hamilton rental rates increased a staggering 24%, the highest in all of Canada. What else makes Hamilton an attractive city to own rental property in? It is home to several post-secondary education institutions including McMaster University and Mohawk College, where many students rent housing. The cities proximity to both the QEW and 403 make it an excellent location for commuters who may be priced out of renting in the GTA. The GO Transit expansion into Hamilton will further increase desirability.
There are many diverse neighbourhoods in Hamilton that result in varying home prices and rental rates. The Realtor® Association of Hamilton and Burlington... Read more