Housing prices in Toronto are increasing at an alarming rate. TRREB Statistics reports that the average home price of all property types in the year 2021 was $1,056,717. Compare that with the average home price of $470 just eleven years ago. The number of sales in Toronto of all property types also saw an increase of more than 10K YOY and amounted to&nbsp;45,514 in 2021.&nbsp;Despite factors such as pandemic response which led to multiple business closures and highest unemployment in decades, prices and sales numbers are still increasing for the city of Toronto. This can be due to a number of reasons. Economic activity, increasing immigration and career opportunities within the city are significant motivators. Education options along with bustling entertainment and night life are also powerful magnets, especially for younger people. However, living in a large busy city like Toronto is associated with downsides. High population density, air and noise pollution, lack of green spaces, hectic life and most glaringly, sky high housing prices have been pushing people to consider moving outside of Toronto.“Satellite” cities outside of Toronto are experiencing exponential population growth. The city of Hamilton, about a 45-minute drive south/ west of Toronto, is experiencing an unprecedented rate in population and number of housing purchases growth.<figure class="image"><img src="https://files.rifo.co/CompanySite/4/4_Picture12.jpg"></figure>Many of the new Hamiltonians are former Torontonians. PopulationStat noted some new 11,000 residents for the city of Hamilton in 2021. Detached houses show to be the biggest purchase of all property types, with condos being the least popular.Unaffordable housing prices in Toronto are driving people out of the city, prompting them to move to slightly less expensive areas like Hamilton. &nbsp;Hamilton’s proximity to Toronto and lower housing prices make Hamilton a reasonable alternative to Toronto.Hamilton also offers great healthcare and top education options with McMaster and DeGroote’s School of Business among others.There are several distinct communities within Hamilton. Dundas, Ancaster, Waterdown, and Stoney Creek are examples of the different suburbs located within the Greater Hamilton area.<figure class="image"><img src="https://files.rifo.co/CompanySite/4/4_Picture13.jpg"></figure>Conservation areas with waterfalls, trails, parks, and picturesque lookouts are all in close proximity to Hamilton’s downtown. Hiking, rock climbing, skiing and ice fishing are among some favorite local activities.Hamilton area is home to multiple historical sites as well. Dundurn Castle is beautiful in any season, and is a very popular heritage wedding destination.<figure class="image"><img src="https://files.rifo.co/CompanySite/4/4_Picture14.jpg"></figure>Working remotely while sitting on a porch overlooking a conservation area is arguably more attractive than being locked in a concrete Downtown, all that for a fraction of a price of Toronto housing.Toronto has been experiencing steep competition from smaller greener cities in the last couple of years. Will this trend continue into 2022? We shall see.&nbsp;

Market Trend: Moving Outside of Toronto

Housing prices in Toronto are increasing at an alarming rate. TRREB Statistics reports that the average home price of all property types in the year 2021 was $1,056,717. Compare that with the average home price of $470 just eleven years ago. The number of sales in Toronto of all property types also saw an increase of more than 10K YOY and amounted to 45,514 in 2021. 

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