TORONTO, ONTARIO--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Hamilton Census Metropolitan Areas (CMA), total housing starts will decrease to 2,660 units in 2015 from 2,832 units in 2014, as builders scale back activity in order to manage a relatively high number of newly completed and unsold homes. Housing starts will decline further to 2,600 units in 2016. Existing home sales in Hamilton will decline this year and next, but will remain above the 10-year average which is considered relatively strong.
"The slowdown in housing demand will not be broadly based. Hamilton East, Hamilton Centre, Dundas, Waterdown and Grimsby will post stronger activity in the next two years. These areas will remain affordable relative to other areas within the Hamilton CMA such as Flamborough, Ancaster and Burlington, particularly in 2016 when mortgage rates are expected to drift higher. Relative to the Greater Toronto Area (GTA), however, Hamilton is still considered a more affordable housing market and will continue to attract potential homebuyers from the less affordable municipalities," said Abdul Kargbo, CMHC Senior Market Analyst for the Hamilton and Brantford CMAs.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
Follow CMHC on Twitter @CMHC_ca
(Ce document existe également en français)