Because I focus largely
on emerging Toronto neighbourhoods in my real estate career, I am often looking
for the signs of a neighbourhood that will be ready to appreciate at a quicker
rate than most, and transform into a pleasant neighbourhood where my clients
would like to live.
Lately, it seems that
Hamilton has garnered quite a bit of buzz. It is not exactly an emerging
neighbourhood in Toronto, but I am often asked about my thoughts about
Hamilton. Many buyers, whether they are first time buyers or buyers moving up,
will know a friend or a colleague who has grown depressed with Toronto real
estate prices and has bought a large Victorian house in Hamilton for the cost
of a bachelor condo unit in Toronto. That gets many thinking: Is it worth it to move to Hamilton? Could you
acutally live in Hamilton? Would it be a wise investment?
I'm happy that Hamilton
is finally having its moment. It's well deserved! Especially since I have been
hearing that Hamilton will bounce back for years now, but there has been little
sign of it until recently. Still, there
is a lot of optimism about the city right now, despite its rust belt past and
decade after decade of decline since the de-industrialization of the Western world.
These days, it has the fastest growing economy in Ontario. It is ranked as one
of the best cities to invest in in Canada. The Real Estate Investment Network
ranked it third after resource lucky Calgary and Edmonton. It's been dubbed the "comback kid"
of Canadian cities. And it has one of the best markers of any emerging
neighbourhood or city: It is attracting artists. So much so that the James
Street art crawl, or "supercrawl" as the locals call it, brings in 1000 to 1500 folks to the event each time. It's no Nuit Blanche,
but it's homegrown and it's growing.
Of course, we can't let
our optimism get in the way of the reality here. Hamilton has a familiar rust
belt tale, similar to many American cities like Detroit, Buffalo or Pittsburg.
In the past fifty years the middle class and wealthy have traditionally left
downtown for the hill or the suburbs or another place to live, and what's left
behind is a lot of homelessness, drug addiction and mental health issues. We cannot deny that Hamilton, once the
booming steel town of the first half of the 20th century, fell on very tough
times in the second half. You can still drive down sections of some streets
like Barton and see boarded up street-front windows or mostly dismal, sad
businesses that are on their last leg .
During this long period
of decline from the 1950s until recently, Hamilton largely avoided what
happened to prosperous, growing cities during that time. They did not tear down
their historic architecture and build a large number of ugly, modern buildings and sprawling
highways through downtown. The grim and poorly planned architecture of the 60s,
70s and 80s mostly bypassed this city, and what's left is a city full of
incredible historic architecture from its downtown to the Victorian and
Edwardian homes around the city. So, unlike suburban cities like Mississauga or
Oshawa that has small historic areas, lots of highways and mostly sprawling,
low density suburban housing, Hamilton has a dense, urban downtown core and
blocks and blocks of red-bricked, historic homes. It is ideal for the kind of neighbourhoods
most buyers are looking for these days in Toronto. It is the Riverdale and High
Park of 30 years ago.
Strangely, because
Hamilton did not grow during an ugly era of architecture, by today's standards,
it has become more appealing now. The old neighbourhoods are still in
tact. People want walkable neighbourhoods,
local businesses, and community events. Most suburban areas don't offer
this. Hamilton has this, and more of it
on the way as the downtown comes back from the brink.
Even though some credit
can be given to the city of Hamilton for making the city appealing to artists
and new businesses away from steel, Hamilton's success has a lot to do with the region it
resides in. More and more, we will see the area stretching from Oshawa to
Hamilton function as a more integrated region. In the future, it should have
better and more integrated transit service between all areas. That means if you
work in Toronto, Hamilton will function as a kind of urban suburb with the feel
of a city but a GO train voyage away from Toronto.
Within that context, I
can safely say that Hamilton is one of Greater Toronto's most affordable
emerging neighbourhood on it's western borders. I have taken a keen interest in
this city and have worked on real estate transactions here from clients who
want more space, historic architecture and lower prices. More and more, I am asked about this
city. More and more, I am learning what
neighbourhoods in Hamilton are worth considering, and which ones you may want
to take a pass.
Hamilton does come at a
price. If you do work in the city, it's a long commute. It will take up a chunk
of your day. If you live in Toronto already, most of your friends and family
live here too. But on real estate prices alone, you will be amazed at the kind
of home you are able to afford, even in a more challenging price range. And
that's what the draw is. There are many Toronto emerging neighbourhoods I would
recommend as great areas to get in and as a wise place to invest, but Hamilton
is in a category of its own.
As a city, it has a
long way to go, but I believe it is heading in the right direction fast. Like
Detroit and Pittsburg, Hamilton is finally shedding it's rusty past, but most
importantly, Hamilton is not just a place where other Hamiltonians go to buy
homes, but a place where Torontonians will increasingly go to find affordable
homes. Unlike Mississauga, Brampton or the Durham region, Hamilton has not been
a victim of suburban sprawl. It has a growing art scene, and some of the most
affordable historic homes in an urban centre in the Golden Horseshoe. If this
is something you can appreciate, you may want to consider an exploratory visit.
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