Sellers' Market Conditions Continue in Hamilton, Putting Upward Pressure on House Prices

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), sellers market conditions will continue in Hamilton. The number of new-listings cannot keep up with the level of existing home sales. House prices will rise faster than the general rate of inflation. Housing starts will moderate in 2014 and stabilize in 2015, as cautious builders delay some residential construction projects to ensure the absorption of the higher number of multiple-family housing units currently under construction.

"Existing home sales will increase in 2015. An improving economy, low mortgage rates and in-migration will support housing demand. The average house price in Toronto continues to grow, which in turn has widened the price gap between Toronto and Hamilton. Some potential buyers will move to Hamilton while commuting to work in Toronto," 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.

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