Hamilton Housing Starts to Rise Moderately in 2012

TORONTO, ONTARIO--(Marketwire - Nov. 4, 2011) - New home starts will rise moderately in the Hamilton CMA and remain relatively flat in the Brantford CMA through 2012 as compared to a year ago, according to the Fall Housing Market Outlook report for the Hamilton and Brantford Census Metropolitan Areas (CMAs) released today by CMHC. The resale market will continue to remain elevated.

"Construction of new homes will be more concentrated towards higher density, and lower priced starter homes such as townhouses. The new home market will continue to face competition from the well-supplied resale market," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton and Brantford.

MLS® sales are expected to reach 13,500 units in the Hamilton Census Metropolitan Area (CMA) and 1,825 in the Brantford CMA. The average price for an existing home will increase to $334,500 and $236,000 in Hamilton and Brantford, respectively.

Housing starts are expected to reach close to 2,250 units in the Hamilton CMA and just over 310 in the Brantford CMA. Some of the demand will shift to the resale market where homes are relatively lower priced, and there will be a sustained high number of listings.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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 http://www.cmhc.ca/housingmarketinformation.

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