As the cost of a university education continues to skyrocket many parents as well as investors are eying the McMaster Universitystudent rental market. Rental fees average approximately $5,000 per year for each student, with many student houses having five or six rooms. With an adequate down-payment, a parent, or parents group could easily buy a residence and have their son/daughter live in it for 4 years, while their mortgage is paid by the other renters. At the end of the four years, they will have reduced their mortgage, had their child's stay at university subsidized, and should have a nice appreciation on the value of their home. The average home price in the Westdale neighbourhood in 2006 was $229,995 last month the average price of homes sold in the same are was $295,514.
In my opinion the west end of Hamilton is going to be the best area in Hamilton to invest. The area itself is landlocked with no where else to build. There is terrific interest from investors because of the University rental demand. Add to this the area is home to two of the largest employers in the Hamilton area; McMaster University and Hamilton Health Sciences. But the icing on the cake from the point of view of investing is the McMaster University Innovation Park when the park is finished it will be home to over 3000 high paying jobs, many of whom will want to live in the west end of Hamilton near their work. The area around McMaster is also one of the most desirable areas in Hamilton because of the mixed architecture, old trees, shopping and a huge park/trails system, so the demand will always be high for real estate.
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