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Residential Real Estate

Axum Holdings owns Residential Real Estate in Hamilton, Ontario Canada.  Our portfolio consists of 1-2 Bedroom Apartments in the downtown core plus 3 bedroom townhouses on Hamilton Mountain.    

 

Our conviction to invest in the city stems from the significant shortage of affordable housing, largely due to the spill over effect from the booming Toronto Real Estate market.  While Hamilton remains affordable to the millennial demographic cohort moving from Toronto vacancy rates as of Dec 2018 were just 2.5% for 1-bedroom apartments and just 3.0% for 2- bedroom apartments, which has put upward pressure on rent prices.  In 2018 rent rates in Hamilton increased 15.0% for 1-bedroom apartments, and 14.2% for 2 bedrooms.   Even though the rent rate increases have been dramatic they do remain approximately 50% less than Toronto.

 

In order to cope with the lack of affordable housing the city of Hamilton is offering several financial incentives for developers to convert commercial and industrial space into multi residential dwellings.  This includes 5 year zero interest loans for 25% of the construction value.  The reason for the excess of commercial and industrial space is due largely to the decline of the steel industry in the North end of the city which culminated in the collapse of Stelco in 2007.  Since then the economy of Hamilton has rebounded to become Canada’s most diverse, and the unemployment rate is approximately 3.5% compared to the provincial average of 6.0% and the National average of 5.8%.  Areas inside and outside of the downtown have developed greatly in the past 10 years, but there remain many underdeveloped areas that are currently undergoing gentrification. 

 

Lastly, another trend has been the improvement in infrastructure in the City.  Specifically, a second GO-Train station has been completed in the west end of the city in 2015, which further connected Hamilton to Toronto via above ground rail.  By the end of 2019 another GO-Train station is scheduled to begin operation in the east end.

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