Toronto and Vancouver tend to get the most attention when it comes to high home prices. They recently ranked first and second on a list of North America’s least affordable real estate markets from Oxford Economics. But they have company.
Hamilton, Ont., has quietly become the third least affordable — even more expensive than U.S. cities known for high home prices like New York and Los Angeles.
The rise in home prices in Hamilton is largely due to people being priced out of Toronto, looking for more affordable options — a trend commonly known as “drive till you qualify.” Housing supply that hasn’t kept up with immigration is another factor.
A new research paper by Smart Prosperity Institute found Ontario added 80 per cent more residents in 2015-20 relative to 2010-2015, but 2,598 fewer homes were built in Hamilton census metropolitan area (CMA).