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Hamilton · City of Hamilton

Mortgages in Hamilton, compared across lenders

We compare banks, credit unions and monoline lenders for your Hamilton purchase, renewal or refinance, and explain the trade-offs in plain English.

We help Hamilton households buy, renew and refinance by comparing banks, credit unions, trust companies and monoline lenders. In September 2026 the median Hamilton sale was $640,000, across 376 sales (Cornerstone Association of REALTORS, checked October 2026). Every mortgage is subject to lender approval; we arrange mortgages for properties in Ontario only.

Hamilton in numbers

These are the latest published figures we could check for Hamilton, each with its source and date. They describe the market, not your mortgage.

Home sales, September 2026

Median sale price
$640,000
Average sale price
$714,420
Sales
376
Months of inventory
4.8

Months of inventory is how long the homes listed for sale would take to sell at the recent pace of sales. Single-family homes (the board's category, which leaves out semi-detached): 270 sales, median $692,500.

Source: Cornerstone Association of REALTORS, Hamilton Monthly Indicator, September 2026, Hamilton service area, all residential properties (data as of 2 October 2026). Checked October 2026.

Residential property tax rate, 2026

Total rate, former City of Hamilton, urban area with full-time fire service
1.5572337%

Made up of City general levy 1.0565716% + full-time fire 0.1518366% + transit 0.1678758% + parkland 0.0013516% + special infrastructure 0.0265982% + education 0.1530000%. The rate applies to the assessed value set by MPAC (the Municipal Property Assessment Corporation), not to the price you pay.

Source: City of Hamilton By-laws 26-064 and 26-065 (2026 tax rates), Schedules 2 to 4, passed 1 April 2026. Checked October 2026.

Renting, October 2025

Average two-bedroom rent
$1,656 a month
Vacancy rate
3.6%

A year earlier the rent was $1,632 and vacancy 2.4%. The survey covers purpose-built rental apartments in private buildings of three or more units.

Source: CMHC Rental Market Survey, Table 1.0, published 11 December 2025, Hamilton CMA (census metropolitan area). Checked October 2026.

Households, 2021 Census

Households that own
65.7%
Median household income (2020)
$86,000

City of Hamilton (census subdivision 3525005): 222,805 households, population 569,353. Income is for 2020, the year before the census.

Source: Statistics Canada, 2021 Census of Population, Census Profile, City of Hamilton (census subdivision 3525005). Checked October 2026.

GO Lakeshore West line to Union Station

Scheduled time
1 h 15 min

GO train stations: Confederation, West Harbour and Hamilton GO Centre. The time is for the weekday 6:17 and 6:47 a.m. trains from Hamilton GO Centre, which skip some stops after Clarkson. From West Harbour, the 6:07 a.m. train takes 1 h 10 min.

Source: GO Transit schedule, table 01 (Lakeshore West line), effective 26 October 2026. Checked October 2026.

What's different about borrowing in Hamilton

  • Hamilton is outside the City of Toronto, so a purchase pays Ontario's land transfer tax only. Our land transfer tax calculator shows the amount.
  • Hamilton's 2026 residential property tax rate is 1.5572337% of the home's assessed value in the former City of Hamilton, urban area with full-time fire service, counting the City, area-rated and education parts (City of Hamilton By-laws 26-064 and 26-065, checked October 2026). MPAC sets the assessed value, and it is not the price you pay, so ask for the seller's current tax bill. Lenders count property tax in the housing costs they qualify you on (CMHC debt-service rules, checked October 2026).
  • A two-bedroom apartment in the Hamilton census metropolitan area (CMA), which includes Hamilton, rented for $1,656 a month on average in October 2025, up from $1,632 a year earlier (CMHC, checked October 2026). Vacancy was 3.6%. If you rent now, set that rent against a mortgage payment plus property tax, heat and upkeep.
  • In the 2021 Census, 65.7% of households in the City of Hamilton owned their home, and the median household income in 2020 was $86,000 (Statistics Canada, checked October 2026).
  • The GO Lakeshore West line stops at Confederation, West Harbour and Hamilton GO Centre. Weekday morning trains from Hamilton GO Centre are scheduled to reach Union Station in 1 hour 15 minutes (GO schedule effective 26 October 2026, checked October 2026). If you will commute, put the fare in your budget next to the mortgage payment.

Outside Toronto you pay Ontario's land transfer tax only — work it out with the land transfer tax calculator. Also useful: Ontario closing costs · down payment rules.

Who we help in Hamilton

We help Hamilton households buy a first home, move up, renew or refinance. We compare banks, credit unions and monoline lenders (lenders that only do mortgages and work through brokers) first.

If you will live in one unit and rent another, some lenders count part of the rent from a legal second unit. Alternative lenders are the next step when a bank's rules don't fit, at a higher cost. Private money is a short bridge only, and we explain its cost first.

Questions from Hamilton borrowers

Can I buy a home near McMaster to rent out?

Yes, with a conventional mortgage. A rental you will not live in cannot carry mortgage default insurance. Lenders ask for a larger down payment and look at the rent and your other income, subject to lender approval.

Can I live in one unit and rent the other?

Yes. Lenders treat it as your home, and some count part of the rent from a legal second unit when you qualify. Leases or an appraiser's rent estimate support the figure.

Do I pay Toronto's land transfer tax in Hamilton?

No. Only homes in the City of Toronto pay the municipal tax; in Hamilton you pay Ontario's only.

Illustrative, not a quote: on the September 2026 median Hamilton sale of $640,000, Ontario's tax is $9,275, or $5,275 if you qualify for the full $4,000 first-time buyer refund (Cornerstone Association of REALTORS median and ontario.ca brackets, checked October 2026).

This is our arithmetic. 0.5% of the first $55,000 is $275, and 1% of the next $195,000 is $1,950. Then 1.5% of the next $150,000 is $2,250, and 2% of the last $240,000 is $4,800.

Your lawyer works out the exact amount at closing.

Nearby: Burlington · Oakville · St. Catharines · Brantford

General information for Ontario borrowers, not advice. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.

Sources

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Talk to a broker about your Hamilton mortgage

Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.

You can also call us at (416) 371-2077.

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We use these details to call you back about your mortgage, and store them in Canada. If we introduce you to a partner broker, we tell you first and share only what you have given us here. See our privacy policy. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. A pre-approval or quote is subject to lender approval.