During the past decade, the relationship between people and housing has transformed incredibly. Families’ preferences have seen a tremendous shift toward quality-seeking lifestyles. To accommodate this demand, developers in Hamilton came up with a growing number of sophisticated apartment buildings and high-end condos.
If you’re not sure whether modern condos and luxury apartments are a worthwhile housing option, you’ve come to the right place. Let’s examine the Hamilton condos market.
How Have Hamilton Condos Been Doing?
According to a recent report, the costs of Hamilton condos continue to rise faster than ever. In the last quarter of 2019 alone, the costs jumped 9.4 percent. The median price of a Hamilton condo stands somewhere around $369,257, with a massive influx of first-time buyers.
Compared to condo prices in Toronto, prices remain pretty affordable in Hamilton. A major portion of the demand has been coming from ‘empty nesters’ in other parts of Ontario looking to downsize. The region is largely regarded as the ‘best bang for the buck.’
Given this trend, Hamilton is enjoying a strong economy with condo costs rising with the soaring demand. Condos happen to be the fastest-growing housing type throughout the country. Let’s now take a look at what triggered the high demand for condos and luxury apartments in the first place:
Why People Have Been Switching to Condos and Luxury Apartments
More and more people in Hamilton are inclining towards condos and luxury apartments for the following reasons:
A Better Investment
Acquiring a home is no longer just about shelter; it’s largely regarded as an investment. In the past, condo buyers in Hamilton wouldn’t normally think about investment, but it’s a totally different scenario now. The decade saw a surging demand for condos while that for a detached single-family home has dwindled. Not only are condos a sound investment but also offer the best conveniences associated with homeownership and eliminate the problems specific to separate homes.
Condos and 3 bedrooms apartment Hamilton are located in the busiest locations in the region. These housing options have allowed people to stay where the ‘action’ is without having to spend a million dollars on detached homes. With Hamilton condos, you only need to take a few steps out of the residence to find one of the best eateries, shopping centers, and entertainment units.
Another critical reason why the decade saw a massive preference shift to condos is the drive to stay close to work. While everyone wants to minimize their commute to the office, the biggest demand came from millennials who are more driven than ever to achieve career fulfillment. They may not be able to afford a home in the outrageously pricey Toronto real estate market but Hamilton, at only an hour’s drive, has proved a great alternative.
Plus, the latest remote working model has eliminated the need for lengthy commutes. With more and more people switching to the work-from-home model, the demand for Hamilton condos is only expected to increase.
The Community Bond
As opposed to a traditional home, living in a condo makes you feel remarkably closer to the neighbors. Families living within a condominium tend to know each other well. Such an environment of proximity makes condos a perfect setting to raise children. But how do people develop a bond stronger than what can’t be achieved in other housing options?
The major reason is the availability of common amenities, such as swimming pools, open spaces, fitness centers, etc., where you get plenty of time to spend with neighbours. This sense of community has played a vital role in driving the value for condos in the past decade.
Security and Maintenance
Security and maintenance are among the biggest concerns when you consider relocating. A clear reason why people have been choosing Hamilton condos throughout the decade is not having to worry about someone breaking into your residence or spending time, money, and effort to maintain gardens or swimming pools.
If you have a day’s job or run your business, you may find absolutely no time for maintenance. Typically, building management takes care of security and maintenance, giving you peace of mind. Keeping these aspects in mind, people quickly realized why it’s totally worthwhile to switch from a detached family home to a condo.
Whether you’re looking for a condo or a 3 bedrooms apartment Hamilton, there’s no better time to invest in housing than now. Following the COVID-19 crisis, remote working is the new norm which will only lead to further increases in demand for condos, and prices will keep on rising.
If you wish to exploit each of the benefits explained above, connect with LJM Tower. We have one of the best condos and 3 bedrooms apartments for you. To learn more about our past projects and current offerings, contact us today.