‘A whole different world’: Hamilton’s million dollar properties — ten years ago, and today
A decade ago, Hamilton real estate agent Michael St. Jean says he would have considered himself lucky" to have sold a million-dollar home.
Properties like that were few and far between back in 2012 - and they looked different, too.
The homes resembled those won in a hospital lottery and likely had a waterfront view or a ton of acreage surrounding them.
But now the Hamilton housing market is a whole different world," said St. Jean.
January marked the first time the average price for a home in the Hamilton area topped $1 million - a 35 per cent jump from the previous year, according to the Realtors Association of Hamilton-Burlington (RAHB), which also includes Haldimand County and parts of Niagara.
Ten years ago, the average sale price was $297,960.
Ten years ago, homes that fetched more than a million typically fell into one of five luxury buckets," said Conrad Zurini, broker of record at Re/Max Escarpment Realty Inc.
They'd either be a waterfront property in Stoney Creek or an escarpment view home on the Hamilton Mountain. Others would be large houses, usually boasting more than 5,000 square feet of living space, or rural properties with tons of acreage out in Flamborough and Carlisle.
Some had started to pop up in Ancaster, but they were typically accompanied by large lots, Zurini added.
But now, a million dollars might fetch a buyer a newish townhouse in Stoney Creek, Ancaster or Dundas, or an older detached home on the Hamilton Mountain, said St. Jean.
Houses nestled around Gage Park - once considered to be starter homes" for young families entering the market - have also been creeping up" in price, he noted.
You're not getting a lot," said St. Jean. You're looking at something that's quite old that probably needs some updating in very specific parts of the city, and in other parts, you might get a townhouse depending on the area."
St. Jean also expects $1 million to soon become the minimum entry point" for buyers looking at homes that would fit a family.
The price points have really shifted," he said.
How did we get here?
St. Jean said the growth in Hamilton's home prices has been influenced by a number of factors including increased immigration levels, government housing policy and low-interest rates.
Although, he admits that it happened a lot quicker" than he ever imagined.
For many years, the market's growth was both sustainable" and healthy," said St. Jean, with house prices keeping up with incomes and buyers still able to afford to enter the market.
But over time, all of those factors started to converge on one another - lighting the match that sparked the housing crisis unfolding across the country.
The situation only worsened when COVID hit, said St. Jean. People were able to work from home, their desire for amenities changed during the pandemic and the appeal of Hamilton continued to grow.
It just poured gasoline on that fire," he said, pointing to the issue of supply and demand. And it just continues to get worse."
Zurini also estimates that outside buyers account for more than a third of all home sales in the city - most of which are coming from the GTA.
It's a dramatic shift," he added.
What does the market look like now?
According to Zurini, the number of homes listed for over $1 million in Hamilton has skyrocketed in the last decade.
Back in 2012, there were just over two dozen listings in the million-dollar range the entire year. In 2021, there were more than 300 such listings in the region.
Meanwhile, days spent on the market in that price range has dropped, he added.
Ten years ago, selling a million-dollar home in Hamilton was a long, drawn-out affair" that could see a listing sit on the market for months at a time, Zurini said. .
That time span has since slimmed down to an average of less than 10 days, according to Zurini.
It's earth-shattering," said Zurini. I never expected that."
St. Jean said current homeowners are also more wary of selling and heading into the market themselves, further stifling the supply.
It has just created this gangbusters environment," said St. Jean, noting some buyers have given up all together. The only way to break it is to get more listings, but it's not something you can do overnight."
Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com
Million dollar houses - past and present
THE PAST (2012)
Where: Ancaster
Sold for: $1.25 million
Features: Three bedrooms, five bathrooms, more than 5,000 square feet of living space, a two-car garage and a view of the Dundas Valley.
Where: Carlisle
Sold for: $1.39 million
Features: Three bedrooms, four bathrooms, more than 5,000 square feet of living space, an in-ground pool and a three-car garage.
Where: Ancaster
Sold for: $1.07 million
Features: Three bedrooms, three bathrooms including a master ensuite, vaulted ceilings and more than 2,500 square feet of living space.
Where: Ancaster
Sold: $1.06 million
Features: Three bedrooms, four bathrooms, entertainment room, walkout deck and more than 3,000 square feet of living space.
THE PRESENT
Where: Stoney Creek
Sold: $1.2 million
Features: Five bedrooms, two bathrooms and just over 2,000 square feet of living space.
Where: Ancaster
Sold: $1.5 million
Features: Three bedrooms, four bathrooms and just over 2,700 square feet of living space.
Where: Central Hamilton
Sold: $1 million
Features: Three bedrooms, two bathrooms, more than 1,100 square feet of living space and located close to Gage Park.
Where: Hamilton Mountain
Sold: $1.17 million
Features: Four bedrooms, two bathrooms, less than 1,100 square feet and a one-and-a-half car garage.
Where: North Hamilton
Sold: $1.05 million
Features: Three bedrooms, one bathroom, less than 2,000 square feet and steps away from Bayfront Park and the West Harbour GO station.