Condominium prices in Hamilton have jumped by nearly 10 per cent over the past year, a new study has found.

The Royal LePage House Price Survey found a 9.4 per cent increase in prices for condos in the second quarter of this year compared to the same period last year, with the median price being $369,257.

The finding is interesting because the rest of the housing market in Hamilton — and generally across the province — has been far more stagnant when it comes to pricing.

And the Hamilton condo price increase, which is a reflection of demand, is much higher than the national average of 3.8 per cent.

Government changes to mortgage rules, including a stress test for applicants and rises in interest rates, have cooled housing markets from the frantic pace of 2016-17 that saw big jumps in pricing.

The Royal LePage survey found aggregate price of a Hamilton home has slightly decreased by 0.9 per cent with the median price being $540,899.

Two-storey homes decreased by 2.2 per cent to $561,558. But bungalows increased 2.4 per cent to $511,897.

Blair Gillis, broker manager at Royal LePage Estate Realty, says the condo market has heated up because a large segment of buyers have a limit of $400,000 on what they are willing or able to pay.

"There has been a pretty substantial increase in condo prices but the price is still $369,000. It is still affordable for first-time buyers to get into the market," he said.

And condos in Hamilton, with enhanced GO Transit services in the GTA, have become increasingly appealing to Toronto buyers, he said.

"People can't find that product in the Toronto area. So the next best thing is Hamilton."

He said comparable condominiums in Toronto are priced 30 to 50 per cent higher.

The Royal Lepage figures are similar to totals from the Realtors Association of Hamilton-Burlington. A spokesperson said the median price for "apartment-style properties" in Hamilton, for June 2019, was up 6.7 per cent to $317,000 over June 2018.

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