WHO WILL SWING THE HAMMER? - MAY 2023
16 May 2023
For Hamilton to thrive, it needs to attract and retain talent, from high-tech positions like software engineers to the healthcare workers needed to care for an aging population to the tradespeople needed to build the homes for those workers. [...] Housing availability is the primary driver of migration in the Hamilton area: From the Canadian Housing Survey, we can identify the most common reason for people in Hamilton to move. [...] Part V: The primary driver of migration in the Hamilton area is the availability of housing Let's dig into the responses for people who moved to (or within) Hamilton CMA, drawn from the Canadian Housing Survey in 2018 and 2021. [...] 20 The methodology, known as the Rest of Canada Average Benchmark, or RoCA Benchmark, estimates the number of homes needed to bring a community up to the average housing levels in the "Rest of Canada" (which is defined as all of Canada except Ontario and British Columbia), taking into account the ages of the residents of the community. [...] In the Hamilton and Burlington market, the Canadian Real Estate Association reports benchmark prices as of Dec 2022 of $909,600 (single-detached), $715,600 (townhouse) and $559,300 (apartment).22 The ratio between the benchmark price for row houses and apartments (compared to single-detached) in 2022, 1.27 and 1.63, respectively, is similar to what it was at the start of 2009 (1.30 and 1.48).