addy is returning to Hamilton once again for a fourth investment opportunity in the Ambitious City. Given that rosy-coloured nickname over 170 years ago, it definitely looks to be living up to it today. That’s because Hamilton is booming!
We’ll take a look at all the attractive qualities of this growing Ontario city for those seeking a place to live, work, learn and relax. Well also highlight why addy is returning and what makes this investment unique.
Opportunity in Hamilton
More and more people are looking to live, work and play in Hamilton, which means there is plenty of opportunity in this vibrant southern Ontario city.
Population growth
Remote work opportunities, more space and increased opportunities have seen the population grow in Hamilton and the surrounding area. Between 2020 and July 2021, there has been 5,375 new people to Hamilton, bringing the population up to 812,528, though it’s worth noting this area includes Burlington and Grimsby as part of the larger Hamilton region. With more people coming into the city, business looks to grow too with more job opportunities as well as more consumers.
Business growth
A few months ago, we highlighted the Barton-Tiffany Lands revitalization project in Hamilton that looks to create a bustling live-work space centred around film production. It aims to include green spaces, recreational areas and plenty of job opportunities for those seeking to move to the area. Our addy at 231 Bay St. N. sits just on the edge of that development.
Business growth is everywhere in Hamilton. The city is looking to keep their harbour open year round for shipping for the first time in history, while budget airline Swoop is adding some attractive nonstop flights from John C. Munro International Airport to sunny U.S. destinations such as Orlando and Las Vegas.
Hamilton real estate market
Like most parts of the country, the real estate market in Hamilton is seeing ever-increasing prices and many potential homebuyers confronting insurmountable barriers to property ownership. Since the beginning of the pandemic, housing prices have trended skyward with no end in stop, constantly breaking records.
According to the Canadian Real Estate Association, in December 2021 the average sale price for a house in Ontario was $922,735, up 23 per cent from the year prior.
That price jumped in January 2022 according to WOWA.ca, with the average sold price now at $976,423, up by 35% by the same time last year. Detached homes, townhouses and condo apartments all saw their price increase significantly from the same time last year.
Hamilton rentals
It’s not just those looking to buy who are having trouble finding a home. In Hamilton and elsewhere around Canada, a scarcity of affordably-priced rental units is making life difficult for many. More newcomers to the rental market as well as those who can’t afford to buy, have led to higher-priced rental units as demand outpaces supply.
In October 2021, the average price for a one-bedroom rental in Hamilton was $1,263 according to CMHC. However, those who found a place to rent in 2021 were paying about 20% more in rent than those who already had a place to live.
Housing costs should not exceed 30% of a household’s income, whether they are renting or buying; unfortunately making Canadians struggle to find affordable housing in this booming market.
addy in Hamilton
Both the provincial and federal government are pushing for more purpose-built rentals and affordable housing in Ontario. addy’s investment opportunity at 405 Main St. W. in Hamilton is a 96-unit, 100% affordable housing development that will help make a small but meaningful impact on the lengthy waiting list for affordable housing.
The latest addy offers members a primarily societal benefit with a development that looks to take 96 households off the affordable housing waitlist, including immigrants, students, single mothers and seniors with disabilities.
While addy looks to offer a financial incentive to members who invest, we also want to stress the important societal impact affordable housing developments can make. You now have a chance to own a piece of this building with other Canadians for as little as $1.
Happy to be picking up a residential rental project with affordable housing baked in in Hamilton.