Category: Downtown Hamilton
$700 mil residential & commercial redevelopment coming to Downtown Hamilton
An ambitious commercial & residential re-development of City Centre Mall is planned for downtown Hamilton on James Street North between King Street East and York Boulevard.
IN8 Developments President, Darryl Firsten, says that the three-point five-four acre property is an incredible location and that the plan is to knock down the structure to build five towers used for residential and commercial space.
The cost is an estimated $700 mil, and they expect redevelopment to start a few years down the road once they’ve researched the needs and wants for downtown Hamilton.
The property was listed for sale in early November 2018. The sale price has not been disclosed but the transaction is expected to be completed in December.
The new condo units are expected to have a lower price point than a single-family home and are the perfect location for commuting in and out of Hamilton.
Want to buy a condo in Hamilton? Click here for listings or contact me to start looking
The average cost of a detached home in Hamilton is $600,000 according to statistics released from the Realtors Association of Hamilton-Burlington.
However, the average residential sale price in Hamilton for September 2019 remains under $500,000.
Condos are still an affordable option for those looking to downsize or buy their first property. The average sale price has remained roughly the same compared to September 2018 ($322,417 vs $322,859).
Hamilton Mountain showed just over a 7% increase to an average sale price of $494,816 compared to the same month last year. The area also had more properties sold in September 2019 compared to last year (168 vs 139).
Hamilton Centre remains the most affordable area in Hamilton, the average sale price increased by roughly 11% to $380,840.
The average residential sale price in Hamilton East is $430,563, an increase of 12.53% and Hamilton West had a decrease in the average sale price of 4% to $454,902.
Stoney Creek had more residential sales in September 2019 compared to last year (110 vs 81), and the average sale price increased by 18% to $629,272.
The average sale price in Dundas increased by 10% to $648,969, Ancaster saw a 20% increase in the average sale price to $820,310 and Burlington increased by just over 6% to $787,624.
Specific neighbourhoods often differ from the average of the entire market area. The best way to navigate the real estate market and determine the right price and conditions when buying or selling a property in Hamilton is to work with an experienced Realtor.
Contact me if you have any questions about buying or selling real estate, I look forward to helping you.
Downtown Hamilton-The Revival, a video by Hamilton Economic Development
The real estate market has been booming, home prices are rising, and our downtown core is being revitalized.
A Diamond In The Rough Is Explored…
Watch this video from Hamilton Economic Development on Hamilton’s revitalization.