TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report for the Brantford Census Metropolitan Areas (CMAs), total housing starts are on track to reach 600 units in 2015, climbing to their highest level since 2002. This year's increase in housing starts is broadly based, with starts of all dwelling types trending up. However, housing starts will decline to a sustainable level in 2016 and 2017 as the current pace of construction is exceptionally strong. Specifically, housing starts will decline to 450 units in 2016 and 400 units in 2017, reflecting the current rate of household formation. Most of the housing starts decline in the next two years will occur in the multi-unit housing segment, with the largest decline occurring for apartments.
Existing home sales will decrease from 2,300 units in 2015 to 2,150 units in 2016 and 2,050 units in 2017.
"Single-detached housing starts will decline only slightly in 2016 and 2017. Move-up buyers coming from more expensive neighbouring communities will continue to support demand for new single-detached homes. In-migration from Hamilton took the top spot in supporting Brantford's population growth, according to the 2013 migration data from Statistics Canada. As a result of tight market conditions in Hamilton, some potential local buyers will continue to move to Brantford where house prices are relatively low," 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.
For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.
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Contact Information:
Angelina Ritacco
416-218-3320
aritacco@cmhc.ca