Average income in Hamilton has not changed much over the past decade – Hamilton home prices however, have increased significantly, just as they have throughout the GTA.
That being said, Hamilton still maintains a lower average mortgage payment rate than the Ontario average, whilst still maintaining those high property values. Hamilton also has a significantly lower mortgage delinquency rate than it’s surrounding areas, and a MUCH lower delinquency rate than the Ontario average. When viewed as a whole, these stats indicate that despite this large gap between income and home prices, the Hamilton housing market is still quite healthy, and appears that it will stay that way some time to come – especially when compared to surrounding area markets and the Ontario market as a whole.
The CMHC recently released this data in hopes of helping people “better understand factors influencing housing systems in Canada”.
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