Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 25, 2015 08:15 ET

Brantford Single-Detached Housing Starts Will Grow Faster Than Multi-Unit Housing Starts

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Brantford Census Metropolitan Areas (CMAs), total housing starts will increase to 440 units in 2015 from 416 units in 2014, mostly due to a high number of single-detached housing starts. Total housing starts will decline to 400 units in 2016. Existing home sales will increase to 2,100 units in 2015 from 2,075 in 2014. Sales will drop to 2,000 units in 2016.

"Single-detached housing starts will continue to grow faster than multi-unit housing starts, mainly because they are more affordable in Brantford than in neighbouring municipalities. However, higher mortgage carrying costs will reduce homeownership demand in 2016, although at a lesser degree in Brantford than in neighbouring municipalities. The increase in existing home sales for 2015 will reflect strong job creation among the prime homebuyer group (age 25 to 44). This age group has a high proportion of first-time buyers who are more likely to buy an existing home which is typically less expensive compared to a new home," 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.

Follow CMHC on Twitter @CMHC_ca

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