May 22, 2014 08:15 ET
TORONTO, ONTARIO--(Marketwired - May 22, 2014) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Hamilton Census Metropolitan Areas (CMAs), total housing starts will moderate in 2014 before increasing in 2015 as the economy improves. Single-detached housing starts are forecast to rise in the next two years, as some move-up buyers from the more expensive surrounding municipalities will migrate to the Brantford CMA in search of a more affordable lifestyle. Existing home sales will stabilize in the second half of 2014, partially offsetting the sharp decline seen during the first quarter. Limited supply of properties, particularly in the lower price ranges will constrain existing home sales in 2014. The average existing home price in the Brantford CMA will grow above the general rate of inflation, as the market remains in sellers' territory.
"An improving economy will lift Brantford's housing demand in 2015. The manufacturing industry and exports will contribute significantly to Brantford's robust economic growth as developed economies such as U.S and Japan gain momentum. Favourable homeownership affordability continues to attract out-of-town buyers and support the local housing market," said Abdul Kargbo, CMHC Senior Market Analyst for the Hamilton and Brantford CMAs.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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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