I would say yes, it can be considered hillclimb. Most hillclimb courses you see are in more rural locations, but I don't see why you couldn't have part of your hillclimb course going through a city street like in your picture.
Thanks. kiste - Sorry, but your image doesn't comply with the rules, so it's not going to be in the voting. You can make another one though. jrd.racer - Not bad at all, quite interesting, though that spoiler wasn't necessary at all.
BTW, nice to see that this competition is getting more active nowadays.
I actually got bored and attempted to shop the RB4 a bit... 2 hours later i see it's 6 am and I seem to have done an edit that I think complies with the hillclimb theme