Is Hamilton’s Art Scene Increasing Real Estate Value?
By Lucas on Dec 04, 2013
Image courtesy Banko Media
When you think about hot art districts in Canada, a lot of long-admired neighbourhoods come to mind. From Vancouver’s Granville Island to Toronto’s Queen West, out to the maritime styles in Fredericton, there’s a unique flavour to every corner of our country.
Over the last decade, Hamilton’s historic James Street North, an established arterial route, has undergone a grassroots transformation. One by one, amid Portuguese bakeries and mom-and-pop shops, galleries began to line the streetscape.
Image courtesy Banko Media
The young and creative class moved in, seeking inspirational and affordable spaces. Gradually, the movement grew and on the second Friday of each month, the galleries and creative shops would open their doors and welcome the public.
Hamilton’s Art Crawl has become increasingly popular. Putting the city’s cultural scene on the map, the made-in-Hamilton event attracts visitors from well beyond Hamilton’s boundaries, so much so that it’s earned the attention of international art critic blog, Blouin Artinfo, and it’s the only Canadian city to be named as one of the 15 hottest ‘hoods on the globe this year.
Michael Marini is the coordinator of marketing for the City of Hamilton’s Economic Development Department. He says that art crawls have brought with them a new hope for downtown, as individuals moving onto James Street North fix up the street, storefront by storefront.
Image courtesy Banko Media
“Not only does it showcase some of the best in art, music, and design, but it also draws tens of thousands back to the core. It's a very strong event to illustrate how Hamilton's downtown is in the midst of a great renewal- and that renewal is a collaborative effort made in Hamilton,” says Marini.
More than just galleries, the street is now home to unique boutiques filled with handmade, vintage, and hard-to-find pieces. The Design Annex, a project of the Art Gallery of Hamilton (AGH) and a place to showcase new exhibitions and boutiques, moved onto the street in 2012, followed shortly by the CBC. Mark Stewart is the director of commercial activities for the AGH. He says that the Design Annex has helped to expand the city’s contemporary design scene.
Image courtesy Banko Media
Even bigger than the art crawl, this year over 100,000 people flooded onto James Street North one day in September for Supercrawl, a massive arts and music festival. Tim Potocic, the owner of Sonic Unyon Records and long-time member of Hamilton’s burgeoning cultural scene, is the organizer of the event.
“Supercrawl has had a massive economic impact on the City of Hamilton. Over five years the economic impact is closing in on $18-million of direct and indirect spending in the Hamilton area. Our total attendance in 2013 was 105,000, and every year the event is growing,” says Potocic.
Image courtesy Banko Media
Marini says he’s seen an accelerated transformation in the neighbourhood, beginning in the early 2000s. “There is much more foot traffic, shop windows are quickly being filled up, and there is also public art added to the street. Most importantly, confidence in the core is back again, with many investment dollars coming from ex-Torontonians looking to be on the ground floor of a new area of renewal,” says Marini.
The renewal in the core has brought with it a shift in demographics, where both young professionals and empty nesters seeking affordability are finding that the art-filled district caters to their urban lifestyle. Marini explains that with 2,000 condo units under construction or soon to be under construction, downtown is one of the fastest rising real estate value areas in the city.
Image courtesy Banko Media
“Real estate in downtown Hamilton has been on a steady climb for the last six to eight years. Coincidentally the rise in real estate has aligned with the beginnings of the monthly art crawl. Art crawl was certainly one aspect of downtown revitalization that has assisted in the rising property values,” says Potocic.
As its cultural scene continues to boom, our country’s best kept secret is not going to stay under wraps much longer. Hamilton was recently ranked the top city to invest in Ontario by the Real Estate Investment Network.
If you’re craving a culture-soaked, urban lifestyle, now’s the time to check out James Street North. Save the date, December 13 to check out the next art crawl and pick up some one-of-a-kind Christmas gifts!
