$624,900 - 31 Terrace Drive, Hamilton
Detached for Sale in Hamilton
83 days on marketNeighbourhood: Balfour
- MLS Number
- X13001778
- Property Type
- Detached
- Status
- active
- Days on Site
- 83
- Bedrooms
- 2
- Bathrooms
- 2
- Square Feet
- 700 - 1,099 sqft
- Neighbourhood
- Hamilton
- Listing Brokerage
- CENTURY 21 HERITAGE GROUP LTD.
Tucked into a quiet, established, family-friendly street on the central mountain, this solid all-brick bungalow offers comfort, flexibility, and a true sense of home. Lovingly maintained over the years, it's the kind of property where pride of ownership is evident at every turn. Clean, cared for, and ready for its next chapter. The main floor features a bright eat-in kitchen with classic oak cabinetry, a spacious living room, and a formal dining area that was originally a third bedroom, could be easily converted back if needed. Two well-sized bedrooms and a full four-piece bath complete the level, with a blend of ceramic and hardwood flooring throughout. A separate side entrance adds valuable flexibility for extended family or a private space for teens, with a finished lower level that includes a second kitchen and a three-piece bath. The rec room carries a warm retro charm, while an oversized cold cellar, laundry/utility area, and additional storage provide everyday practicality. Outside, enjoy a long private driveway with ample parking, a rear wood deck, green space, and a garden shed, ideal for family living, entertaining, or simply unwinding outdoors. With updated windows, roof, eaves, soffits, and fascia, this is a well-cared-for home in great condition. Perfect for first-time buyers, families, or downsizers looking for one-floor living in a convenient location close to schools, parks, transit, and everyday amenities.
Estimate your monthly payments for this property
Estimated Payment
$3,206.06/mo
Includes CMHC insurance ($17,435)
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Balfour
Balfour is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Balfour
- •Convenient location in Hamilton
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Balfour offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
31 Terrace Drive, Hamilton
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Rental income estimator & ROI calculator
Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Fair Market Value
At $893/sqft, this property is priced in line with current Hamilton market conditions. The pricing suggests the seller has done their homework. We may have modest room for negotiation, typically 2-4% in today's market.
Negotiation Opportunity
At 83 days on site, this property has exceeded the typical selling timeline for Hamilton. This creates leverage for buyers. The seller may be motivated by carrying costs, life circumstances, or previous deals falling through. I'd recommend a strategic offer below asking with terms that favour you.
Detached Home Advantages
Detached homes in Hamilton are increasingly scarce and valuable. You'll have no shared walls, full control over renovations, and typically stronger appreciation. Consider the lot size and potential for future additions or basement apartment income. Detached homes also offer the most flexibility for growing families.
Efficient Living
At 700 sqft, this is a more compact space. The upside: lower utility bills, less maintenance, and easier cleaning. Consider how you'll use the space - built-in storage, multi-functional furniture, and good organization become important. Great for singles, couples, or those who prefer a low-maintenance lifestyle.
About Balfour
I know Balfour well from working with many buyers and sellers here. Each pocket has its own character - let me share what I've learned about this specific street and block. During our showing, I'll point out local amenities, school catchments, and what similar homes have sold for recently.
Investment Perspective
Looking at this as an investment: Hamilton properties have averaged 5-7% annual appreciation over the past decade. Your estimated monthly carrying costs would be around $2,604 (mortgage, taxes, insurance). Consider whether you're comfortable with this as both a home and a financial commitment.