About home insurance and living in Hamilton
Located in the Golden Horseshoe along Lake Ontario, Hamilton is one of the largest metropolitan regions in the province. The city has a population of over 570,000 and a CMA of about 750,000.
The city is known for its unique combination of industrial companies, post-secondary institutions – McMaster University, and historical sites. People love how the Niagara Escarpment runs through the city. This has created walking trails, waterfalls, conservation areas and scenery. The result is a diverse cityscape and unique neighbourhoods.
The city is an ideal location for commuters. You are on the cusp of the GTA, and directly in the middle between Toronto and Niagara, a reason why many people chose to live in the area. Housing prices also tend to be more affordable than in other cities in the GTA.
Comparatively, rates are less than other large cities in the province. But it’s still important to consider the local risks that exist in the city. The risks of floods, extreme winter weather and storms, and even earthquakes have been known to occur in the region. These factors as well as your dwelling type can all impact your premiums.
Whether you live close to the escarpment, near the university, on the upper or lower side of the mountain, we can help you find the right Hamilton home insurance plan for your house and property for a great rate.
Here is a breakdown of the number and types of residences in the region:
| Type of dwelling |
Percentage |
| Number of private dwellings |
293,345 |
Single-detached houses |
56.3% |
| Apartment buildings 5+ stories |
15.5% |
| Apartment buildings with less than 5 stories |
8.3% |
| Duplex |
2.6% |
| Other dwellings |
17.3% |
Hamilton home expenses and insurance
Housing prices are on the rise, something that is affecting insurance. Expensive homes naturally cost more to insure. Here are some of the estimated expenses and some information about owning a property in the city.
| Item |
Amount |
| Average home cost |
$1,003,000 (March 2022) |
Property taxes on $500K house |
$5,943 |
| Residential property tax (2020) |
1.19% |
| Unemployment |
8.1% (2020) |
| Homeownership |
70.4% |
| Average household income |
$80,000 |
