The average cost of a home in Toronto has long been one of the most expensive in the country, but now it seems that townhouses for sale in Hamilton are starting to catch up.
Hamilton's real estate market has been trending upwards, with the average price of a home increasing 9.1% in the second quarter of 2020, as reported by CBC News.
Current average house price in Hamilton
According to data shared by Zolo.ca, house prices are currently increasing at a rate of 12.8% each month in Hamilton.
Zolo's database of homes recently sold shows that Toronto's townhouses are practically neck and neck with Hamilton's.
Townhome properties in Hamilton are selling in just a few days, some for $100,000 above the asking price.
This has sparked a conversation in the TorontoRealEstate subreddit, with several people commenting on the uptick in Hamilton real estate prices over the last year.
Abandoning Toronto for surrounding cities has been an ongoing trend in recent months.
One Hamilton-based broker called it a "domino effect" of homebuyers moving farther away in search of better value.