Hamilton Housing Market to Remain Relatively Healthy in 2013

HAMILTON, ONTARIO--(Marketwire - Nov. 20, 2012) - Housing demand in the Hamilton Census Metropolitan Area (CMA) will remain stable through 2013 as improving economic conditions and higher net migration will support housing demand in the area, according to Abdul Kargbo, 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.

This year's seminar, entitled, 'How Does Hamilton Measure Up?' had market analysts use local data to answer questions that housing-industry professionals hear every day - addressing Hamiltonians' housing-related concerns.

"Steady in-migration from the GTA will continue to support housing demand in Hamilton," said Abdul Kargbo. "A gradual improvement in job and income growth during the latter part of next year, combined with modest price increases, should support Hamilton resale activity by the second half of 2013."

Highlights from today's seminar include:

• Dundas, Hamilton East and Centre will record slightly higher resale activity in 2013.
• Glanbrook and Stoney Creek to see higher demand for condominiums and townhouses.
• Burlington, Ancaster and Flamborough to see fewer sales in 2013 as price gap with the GTA narrows.

"Larger urban Ontario centres have been capturing a growing share of housing activity in recent years. A gradual shift in housing activity is expected as smaller urban housing markets hold up relatively better in 2013," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "Housing markets in Windsor, Thunder Bay, Sudbury and London will outperform thanks to an ongoing U.S. economic recovery, relatively more affordable housing and residential construction that is better in line with household formation."

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.