Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation
Government of Canada

Government of Canada

November 10, 2010 09:00 ET

Hamilton Housing Market Stabilizes Through 2011

HAMILTON, ONTARIO--(Marketwire - Nov. 10, 2010) - Hamilton's housing market has fluctuated this year, but is expected to stabilize going into 2011, according to Sarah Fong, Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for Hamilton. CMHC presented its latest forecast for the Hamilton CMA today at the annual CMHC Housing Outlook Seminar.

"Resale home prices in Hamilton will remain steady through 2011 thereby keeping homes affordable, especially for first time buyers looking to get into the market next year," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton. "The shift to a more balanced market is already evident and greater economic stability in Hamilton in the months ahead will add support to the housing market."

Other highlights of the seminar include:

  • After slowing during the summer, the resale market has stabilized and will trend higher in 2011.

  • In addition to flat resale prices, the impact to first time buyers entering the ownership market will be minimal due to modest changes in mortgage rates.

  • Bolstered by a stable economy and modest employment growth, housing starts will recover from late-2010 weakness and trend higher throughout 2011.

"While Ontario home sales and prices have moderated since early this year, Ontario housing activity is now more in line with economic conditions. This ensures more stability in housing markets in the months ahead," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "This transition in housing activity has been orderly thanks to improving job markets and historically low interest rates."

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

Contact Information

  • Media inquiries:
    Canada Mortgage and Housing Corporation
    Sarah Fong
    Senior Market Analyst
    416-250-3294
    sfong@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Leslie Pawlowski
    Communications and Marketing Consultant
    416-527-9118
    lpawlows@cmhc.ca