HAMILTON, ON, Nov. 6 /CNW/ - Hamilton will remain an affordable market
for homebuyers in 2008, with resale home sales reaching 14,050 - an all-time
record and one per cent above the expected level in 2007, according to Dana
Senagama, Canada Mortgage and Housing Corporation's (CMHC) Market Analyst for
the Hamilton Census Metropolitan Area (CMA). CMHC released its latest forecast
for the Hamilton CMA today at the Hamilton Housing Outlook Conference.
"The Hamilton housing market will experience another strong year in
2008," said Dana Senagama, CMHC Market Analyst. "Higher but still historically
low borrowing costs and steady employment will keep demand high for new and
Other highlights of the report include:
- Hamilton's total housing starts will increase by seven per cent to
3,650 units in 2008 from an expected level of 3,400 starts in 2007.
Housing starts in Brantford will follow a similar trend where total
housing starts will rise by four per cent to 450 units in 2008.
- Hamilton's average resale home price is expected to reach $300,000
and Brantford's will reach $233,000 in 2008.
"Older wealthy baby boomers will drive up demand for expensive homes.
While single-detached houses will remain the popular home of choice, expect to
see new luxury condominiums being built in Hamilton," added Senagama.
In Ontario, there will be increasing demand for multi-family homes.
"Higher mortgage carrying costs and slower job growth in higher paying
employment sectors in 2008 across Ontario will shift demand towards the less
expensive multi-family home sector, which includes townhomes and apartments,"
said Ted Tsiakopoulos, CMHC's Ontario regional economist. "A tight resale
apartment market combined with a backlog of apartment sales that have yet to
commence construction, will further support activity in the multi-family home
sector," added Tsiakopoulos.
As Canada's national housing agency, Canada Mortgage and Housing
Corporation (CMHC) draws on over 60 years of experience to help Canadians
access a variety of quality, environmentally sustainable, and affordable homes
- homes that will continue to create vibrant and healthy communities and
cities across the country. For more information, visit www.cmhc.ca or call
For further information:
For further information: Dana Senagama, Market Analyst, Hamilton CMA,
Canada Mortgage and Housing Corporation, (416) 218-3329, (416) 605-8386
(cell); Beth Bailey, Communications and Marketing Consultant, Canada Mortgage
and Housing Corporation, (416) 218-3355