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They may be at opposite ends of the country, but Hamilton, Ont. and Surrey, BC have some distinct similarities when it comes to home buying opportunities – they are seen as two of the brightest markets in Canada.
Both towns have long lived in the shadows of their big city neighbors: in Hamilton`s case, Toronto, less than an hour`s drive east along the Queen Elizabeth Way; and for Surrey, Vancouver, the focus of intense national and international attention due to the upcoming Winter Olympics.
Surrey and Hamilton are also undergoing fundamental transformations that poise each for long term prosperity. For home buyers considering purchasing in these regions, there are good reasons to look into these markets.
In the recent Re/Max First-Time Home Buyers Report 2009, for instance, both cities were cited as among Canada`s most welcoming areas for first-time buyers.
Hamilton
Long known as Steeltown, The Hammer and other less-than-complementary monikers, Hamilton is reinventing itself. Among other things, US Steel (formerly Stelco) has closed its mill there, affecting 2,100 workers. Together with Dofasco, which is still operating its plant in town, the steel industry has served as the engine of economic growth for decades.
But in recent years the city has also seen significant expansion in sectors such as health care and post-secondary education.
Now there`s talk of the NHL`s Phoenix Coyotes potentially relocating to Hamilton, and what that move might do for the local economy and housing market.
But more on that later.
"Our economy is so diversified now," Conrad Zurini, owner of ReMax Delmar Realty Inc., Hamilton, told HomeTrader.ca. The steel plant closure "didn`t hurt too much. That`s the Hamilton of old."
The `new` Hamilton is becoming more accessible thanks to billions of dollars in infrastructure improvements around and within the city, as well as expanded GO Train services. Buyers can acquire cheaper property here and commute to Toronto, or other neighboring communities such as Burlington, Oakville or Mississauga.
Buying pattern statistics show this is already happening, says Zurini. This year, about 15% of buyers are from outside the city, compared to 13% in 2008.
"That`s a big jump, and it shows that people are taking notice and that there`s confidence in Hamilton.
The average home price, including Burlington, Hamilton, Ancaster, is about $275,000. "That`s really good value, and still very affordable," Zurini says.
Condominiums, a market that is just getting going in Hamilton, are even cheaper – between $218,000 and $220,000 for a 1,100-square-foot unit.
Read the full article here.
Both towns have long lived in the shadows of their big city neighbors: in Hamilton`s case, Toronto, less than an hour`s drive east along the Queen Elizabeth Way; and for Surrey, Vancouver, the focus of intense national and international attention due to the upcoming Winter Olympics.
Surrey and Hamilton are also undergoing fundamental transformations that poise each for long term prosperity. For home buyers considering purchasing in these regions, there are good reasons to look into these markets.
In the recent Re/Max First-Time Home Buyers Report 2009, for instance, both cities were cited as among Canada`s most welcoming areas for first-time buyers.
Hamilton
Long known as Steeltown, The Hammer and other less-than-complementary monikers, Hamilton is reinventing itself. Among other things, US Steel (formerly Stelco) has closed its mill there, affecting 2,100 workers. Together with Dofasco, which is still operating its plant in town, the steel industry has served as the engine of economic growth for decades.
But in recent years the city has also seen significant expansion in sectors such as health care and post-secondary education.
Now there`s talk of the NHL`s Phoenix Coyotes potentially relocating to Hamilton, and what that move might do for the local economy and housing market.
But more on that later.
"Our economy is so diversified now," Conrad Zurini, owner of ReMax Delmar Realty Inc., Hamilton, told HomeTrader.ca. The steel plant closure "didn`t hurt too much. That`s the Hamilton of old."
The `new` Hamilton is becoming more accessible thanks to billions of dollars in infrastructure improvements around and within the city, as well as expanded GO Train services. Buyers can acquire cheaper property here and commute to Toronto, or other neighboring communities such as Burlington, Oakville or Mississauga.
Buying pattern statistics show this is already happening, says Zurini. This year, about 15% of buyers are from outside the city, compared to 13% in 2008.
"That`s a big jump, and it shows that people are taking notice and that there`s confidence in Hamilton.
The average home price, including Burlington, Hamilton, Ancaster, is about $275,000. "That`s really good value, and still very affordable," Zurini says.
Condominiums, a market that is just getting going in Hamilton, are even cheaper – between $218,000 and $220,000 for a 1,100-square-foot unit.
Read the full article here.