Escalating house costs are driving people out of Hamilton
- Craig Clark
- 24 Dec 2019
Increasing house costs in the city are driving people out of Hamilton according to local poverty experts.
Member of the Social Planning and Research Council Sara Mayo says that people are moving further away from Toronto, and setting their sights on housing in the Niagara region due to considerable rising costs of housing in Hamilton.
The migration of poverty out of Hamilton https://t.co/0VKwrdLG0P
— Niagara Falls Review (@NiaFallsReview) December 23, 2019
One piece of data that shows people are leaving Hamilton is the surging demands of real estate in the Niagara region. According to data released by the Canadian Real Estate Association (CREA), the Niagara region experienced the largest percentage price jump of any local market in Canada.
A sign of new buyers flocking to the region is the home prices increasing by 81 per cent over the last five years because of a growing demand in the area.
Houses in Niagara have an average price of $413,700 compared to $614,800 in Hamilton and $801,200 in Greater Toronto. Average rental costs are more difficult to determine in the data provided by CREA, but the costs show a similar pattern as the costs for home buyers.
Hamilton’s population is still steadily growing, but not in the same way it would with the people seeking more affordable living in Niagara.
The city used to be an affordable location for people being driven from Toronto due to the increasing cost of living. However, a lot of housing in Hamilton has become unaffordable, with the average household spending 80 per cent of their income on rent or mortgages.
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