Hamilton's rebounding core saw a $1.8 million increase in tax revenue between 2008 and 2012 from growth – new construction projects and positive property reassessment values.
But there was also a $1.3 million decrease within the downtown renewal zone because of declines in other properties, tax classification changes and decreases in property assessment over that same period. That means the city has seen just a $500,000 net increase in cash from downtown growth.
Overall, the city saw a $2.6 million increase in municipal taxes associated with the downtown renewal zone in the past four years, according to a new report. But $1.7 million of that was because of the city's overall tax increases that impacted every property in the city.
The Hamilton Housing Market Will Remain Level into the 2014 Year
Hamilton's, or the Hammer as it is locally known, will see that it's housing market will remain healthy next year with average prices increasing slightly above inflation, according to Abdul Kargbo, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Hamilton and Brantford. CMHC presented its latest forecast for the Hamilton Census Metropolitan Area (CMA) today at the annual CMHC Housing Outlook Seminar.
At this year's seminar, entitled 'Profiling Hamilton's Echo Boomer', CMHC market analysts explained how the Echo Boomer demographic will influence homebuying trends in Hamilton and provided an in-depth housing market forecast for 2014.
"The strong rebound in first-time buyer demand will continue to help keep Hamilton's resale market active through the first half of 2014. This will allow existing owners to sell their homes and make second round purchases. In recent years, Hamilton has seen an increase in the number of Echo Boomers bypassing the rental market and moving directly to homeownership," said Abdul Kargbo.
At this year's seminar, entitled 'Profiling Hamilton's Echo Boomer', CMHC market analysts explained how the Echo Boomer demographic will influence homebuying trends in Hamilton and provided an in-depth housing market forecast for 2014.
"The strong rebound in first-time buyer demand will continue to help keep Hamilton's resale market active through the first half of 2014. This will allow existing owners to sell their homes and make second round purchases. In recent years, Hamilton has seen an increase in the number of Echo Boomers bypassing the rental market and moving directly to homeownership," said Abdul Kargbo.
No comments:
Post a Comment