Housing NOW Hamilton and Brantford CMAs

Transcription

1 Housing Market Information Housing NOW Hamilton and Brantford CMAs Canada Mortgage and Housing Corporation Date Released: October New Home Market Housing Starts Rise Low mortgage rates and steady employment kept housing demand high during the third quarter of in the Hamilton and Brantford Census Metropolitan Areas. Hamilton s total housing starts jumped to 830 units in the third quarter of nearly nine per cent above the levels Figure 1 recorded for the same time period a year earlier. Brantford s housing starts increased by seven per cent to reach 225 units. Wealthy baby boomers continued to drive up demand for single-detached home starts in Hamilton and Branford. Nearly 60 per cent of total housing starts in Hamilton were single-detached homes. Single detached home starts moved up by Table of Contents 1 New Home Market Housing Starts Rise 2 Resale Market Sales Surge 4 Maps Hamilton CMA Housing Starts 1,600 1,400 1,200 Multi-family Single-detached Trend 10 Tables Starts 1, Q 3 Source: CMHC 2002Q1 2002Q3 2003Q1 2003Q3 2004Q1 2004Q3 2005Q1 2005Q3 Q1 Q3 Q1 Q3 subscribe NOW! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View print, download or subscribe to get market information ed to you on the day it is released. New! CMHC s electronic suite of national standardized products is now available for free.

2 over two per cent to 476 units in Hamilton and seven per cent to 196 units in Brantford. Rising prices of single-detached homes and shrinking household size in Hamilton helped to boost multiple-family dwelling starts (comprising semi-detached homes, townhouses and apartments). Hamilton s multiple-family home starts surged by 19 per cent to 356 units in the third quarter of compared to the same period a year earlier. Highly urbanized submarkets such as Burlington and Hamilton City recorded the strongest gains in multiple family dwelling starts. Less urbanized areas such as Flamborough and Ancaster recorded virtually no multiple-dwelling starts. Homebuyers remain interested in the Burlington housing market (especially in its multiple-family housing market) because it is relatively close to Toronto and the GO train links Burlington to downtown Toronto. Multiple-family dwelling starts nearly doubled to 230 units in Burlington during the third quarter of compared to the same quarter a year earlier. Condominium apartment and townhouses accounted for the majority of Burlington s multiplefamily dwelling construction. Often lower in price, these types of dwellings were sought after by first-time homebuyers. Hamilton continued to record strong single-detached home starts in areas relatively far from the central core. With land for development readily available in Stoney Creek, single-detached home starts there were up nearly 23 per cent to 65 units. The average new single-detached home price in Hamilton fell by three per cent to $377,000 in the third quarter of compared to the same quarter a year earlier. In Brantford, the corresponding price rose to $225, 800. To retain demand and remain competitive (especially since more less-expensive resale homes are being listed for sale) in the Hamilton housing market, builders switched to building smaller singledetached homes (as measured by square footage) on smaller lots. Demand for these less expensive single-detached homes was evident from the changes in the share of sales in each price range, especially in a high priced housing market like Burlington. The year-to-date percentage share of homes sold that were priced above $350,000 in Burlington fell to 58 per cent in the third quarter of from 67 per cent in the same quarter a year earlier. Figure 2 Avg MLS Price, sa ($000s) $280 $260 $240 $220 $200 $180 $160 $140 $ Q1 2002Q3 Source: HBDREB, CMHC 2003Q1 Resale Market Sales Surge Existing home sales in Hamilton jumped by 10 per cent to 3,600 in the third quarter of compared to the same period a year earlier. Favourable borrowing costs and steady employment helped to keep resale home buying activity strong in both Hamilton and Brantford housing markets. New listings in Hamilton were up by three percent to 4,900 units during the third quarter of, indicating the homeowners interest in using the equity gains from high house prices to move to a home that more closely fit their current needs. With the growth in sales outstripping supply, both the Hamilton and Brantford resale home markets continued to favour sellers. The Hamilton MLS Sales, SAAR and Seasonally Adjusted Average Price MLS Sales, SAAR MLS Price, SA 2003Q3 2004Q1 2004Q3 2005Q1 2005Q3 Q1 Q3 Q1 Q3 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 MLS Sales, SAAR Canada Mortgage and Housing Corporation 2

3 sales-to-new listings ratio, which is both a measure of market tightness and future price growth, stood at 72 per cent in Hamilton and xx per cent in Brantford during the third quarter of. As expected in a sellers market, the increase in the average price exceeded the prevailing general rate of inflation. Hamilton s average resale home price jumped by eight per cent to reach $268,000 in the third quarter compared to the same quarter a year earlier or approximately three times the rate of inflation. Canada Mortgage and Housing Corporation 3

4 HIGHWAY 6 Housing Now - Hamilton and Brantford CMAs - Date Released: October QUEEN ELIZABETH WAY HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 8 Hamilton and Brantford CMAs Number of Starts (Singles) August Brant City Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend 1-14 starts starts starts starts Canada Mortgage and Housing Corporation 4

5 HIGHWAY 6 Housing Now - Hamilton and Brantford CMAs - Date Released: October QUEEN ELIZABETH WAY HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 8 Hamilton and Brantford CMAs Number of Starts (Multiples) August Brant City Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend No starts 3-12 starts starts starts starts Canada Mortgage and Housing Corporation 5

6 HIGHWAY 6 Housing Now - Hamilton and Brantford CMAs - Date Released: October QUEEN ELIZABETH WAY HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 8 Hamilton and Brantford CMAs Total Number of Starts August Brant City Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend 1-24 starts starts starts starts Canada Mortgage and Housing Corporation 6

7 HIGHWAY 6 Housing Now - Hamilton and Brantford CMAs - Date Released: October QUEEN ELIZABETH WAY HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 8 Hamilton and Brantford CMAs Number of Starts (Singles) January - August Brant City Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend 8-92 starts starts starts starts Canada Mortgage and Housing Corporation 7

8 HIGHWAY 6 Housing Now - Hamilton and Brantford CMAs - Date Released: October QUEEN ELIZABETH WAY HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 8 Hamilton and Brantford CMAs Number of Starts (Multiples) January - August Brant City Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend 4-77 starts starts starts starts Canada Mortgage and Housing Corporation 8

9 HIGHWAY 6 Housing Now - Hamilton and Brantford CMAs - Date Released: October QUEEN ELIZABETH WAY HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 8 Hamilton and Brantford CMAs Total Number of Starts January - August Brant City Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend starts starts starts starts Canada Mortgage and Housing Corporation 9

10 HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.1 Housing Activity Summary by Submarket 1.2 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by Submarket and by Intended Market Current Month or Quarter 2.5 Starts by Submarket and by Intended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by Submarket and by Intended Market Current Month or Quarter 3.5 Completions by Submarket and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil or zero -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation Canada Mortgage and Housing Corporation 10

11 Table 1a: Housing Activity Summary of Hamilton CMA Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS ember % Change ** 66.1 n/a ** n/a Year-to-date 1, ,378 Year-to-date 1, ,155 % Change UNDER CONSTRUCTION 1, ,613 ember ,423 % Change COMPLETIONS ember % Change n/a n/a n/a 47.8 Year-to-date 1, ,364 Year-to-date 1, ,634 % Change COMPLETED & NOT ABSORBED ember % Change n/a ** 9.0 ABSORBED ember % Change n/a n/a n/a 50.4 Year-to-date 1, ,457 Year-to-date 1, ,602 % Change ** NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 11

12 Table 1b: Housing Activity Summary of Brantford CMA Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS ember % Change 64.3 n/a n/a n/a n/a n/a n/a Year-to-date Year-to-date % Change 16.6 ** n/a n/a 74.1 n/a n/a UNDER CONSTRUCTION ember % Change 12.2 n/a n/a n/a 40.9 n/a n/a COMPLETIONS ember % Change 43.2 n/a n/a n/a n/a n/a n/a 1.9 Year-to-date Year-to-date % Change n/a n/a COMPLETED & NOT ABSORBED ember % Change 96.9 n/a n/a n/a -3.8 n/a n/a 46.5 ABSORBED ember % Change n/a n/a 33.3 n/a n/a n/a 64.7 Year-to-date Year-to-date % Change n/a n/a 27.0 NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 12

13 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS New City of Hamilton ember Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember Burlington City ember Grimsby Town ember Hamilton CMA ember Brant City ember n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City ember Brantford CMA ember NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 13

14 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other UNDER CONSTRUCTION New City of Hamilton ,578 ember ,385 Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember Burlington City ember Grimsby Town ember Hamilton CMA 1, ,613 ember ,423 Brant City ember n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City ember Brantford CMA ember NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 14

15 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other COMPLETIONS New City of Hamilton ember Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember Burlington City ember Grimsby Town ember Hamilton CMA ember Brant City ember n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City ember Brantford CMA ember NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 15

16 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other COMPLETED & NOT ABSORBED New City of Hamilton ember Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember Burlington City ember Grimsby Town ember Hamilton CMA ember Brant City ember n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City ember Brantford CMA ember NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 16

17 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other ABSORBED New City of Hamilton ember Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember Burlington City ember Grimsby Town ember Hamilton CMA ember Brant City ember n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City ember Brantford CMA ember NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Rental Total* Canada Mortgage and Housing Corporation 17

18 Table 1.2a: History of Housing Starts of Hamilton CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other 1, ,043 % Change , ,145 % Change , ,093 % Change ** -3.8 ** n/a ** , ,260 % Change , ,803 % Change n/a n/a , ,365 % Change n/a , ,108 % Change n/a , ,923 % Change n/a , ,627 % Change n/a , ,698 Rental Total* Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 18

19 Table 1.2b: History of Housing Starts of Brantford CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other % Change n/a % Change n/a n/a n/a n/a % Change n/a n/a n/a % Change n/a n/a % Change n/a n/a n/a n/a % Change n/a n/a n/a n/a % Change n/a n/a n/a % Change n/a n/a n/a n/a % Change n/a n/a n/a n/a NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Rental Total* Canada Mortgage and Housing Corporation 19

20 Submarket Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total % Change Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City ** Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town ** Brantford CMA Brant City 13 n/a 0 n/a 0 n/a 0 n/a 13 n/a n/a Brantford City Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - Single Semi Row Apt. & Other Total % Change Hamilton CMA 1,381 1, ,378 2, New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 119 n/a 0 n/a 6 n/a 0 n/a 125 n/a n/a Brantford City NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 20

21 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 0 n/a 0 n/a 0 n/a 0 n/a Brantford City Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 6 n/a 0 n/a 0 n/a 0 n/a Brantford City NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 21

22 Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Submarket Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 13 n/a 0 n/a 0 n/a 13 n/a Brantford City Table 2.5: Starts by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1,796 1, ,378 2,155 New City of Hamilton 1,084 1, ,430 1,271 Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 125 n/a 0 n/a 0 n/a 125 n/a Brantford City NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 22

23 Submarket Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total % Change Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 9 n/a 0 n/a 0 n/a 0 n/a 9 n/a n/a Brantford City Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - Single Semi Row Apt. & Other Total % Change Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 79 n/a 0 n/a 0 n/a 0 n/a 79 n/a n/a Brantford City NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 23

24 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 0 n/a 0 n/a 0 n/a 0 n/a Brantford City Rental Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 0 n/a 0 n/a 0 n/a 0 n/a Brantford City Rental NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 24

25 Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Submarket Hamilton CMA New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 9 n/a 0 n/a 0 n/a 9 n/a Brantford City Table 3.5: Completions by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1,743 1, ,364 2,634 New City of Hamilton 1,284 1, ,535 1,519 Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City ,017 Grimsby Town Brantford CMA Brant City 79 n/a 0 n/a 0 n/a 79 n/a Brantford City NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 25

26 Table 4a: Absorbed Single-Detached Units by Price Range Price Ranges $200,000 - $250,000 - $300,000 - < $200,000 $350,000 + Median Average Submarket $249,999 $299,999 $349,999 Total Price ($) Price ($) Share Share Share Share Share Units Units Units Units Units (%) (%) (%) (%) (%) New City of Hamilton , ,376 ember , ,666 Year-to-date , , ,444 Year-to-date , ,744 Hamilton City , ,561 ember , ,866 Year-to-date , ,087 Year-to-date , ,745 Stoney Creek City , ,813 ember , ,841 Year-to-date , ,749 Year-to-date , ,012 Ancaster City ember , ,125 Year-to-date , ,234 Year-to-date , ,115 Dundas Town ember Year-to-date , ,300 Year-to-date , ,443 Flamborough ember , ,228 Year-to-date , ,437 Year-to-date , ,910 Glanbrook , ,265 ember , ,249 Year-to-date , ,709 Year-to-date , ,387 Burlington City , ,824 ember , ,534 Year-to-date , ,571 Year-to-date , ,696 Grimsby Town ember Year-to-date , ,224 Year-to-date , ,645 Source: CMHC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 26

27 Table 4a: Absorbed Single-Detached Units by Price Range Price Ranges $200,000 - $250,000 - $300,000 - < $200,000 $350,000 + Median Average Submarket $249,999 $299,999 $349,999 Total Price ($) Price ($) Share Share Share Share Share Units Units Units Units Units (%) (%) (%) (%) (%) Hamilton CMA , ,935 ember , ,234 Year-to-date , ,115 Year-to-date Source: CMHC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 27

28 Table 4b: Absorbed Single-Detached Units by Price Range Price Ranges $125,000 - $150,000 - $175,000 - < $125,000 $200,000 + Median Average Submarket $149,999 $174,999 $199,999 Total Price ($) Price ($) Share Share Share Share Share Units Units Units Units Units (%) (%) (%) (%) (%) Brant City ember n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Year-to-date , ,739 Year-to-date n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City , ,533 ember , ,483 Year-to-date , ,779 Year-to-date , ,294 Brantford CMA , ,327 ember , ,483 Year-to-date , ,704 Year-to-date , ,294 NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CMHC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 28

29 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket % Change % Change Hamilton CMA 394, , , , New City of Hamilton 345, , , , Hamilton City 321, , , , Stoney Creek City 375, , , , Ancaster City ,125 n/a 469, , Dundas Town n/a 447, , Flamborough ,228 n/a 399, , Glanbrook 318, , , , Burlington City 704, , , , Grimsby Town n/a 434, , Brantford CMA 190, , , , Brant City -- n/a n/a 283,739 n/a n/a Brantford City 178, , , , NOTE: In the Brantford CM A includes the former Brantford CA and the former City of Brant Source: CMHC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 29

30 Table 5a: MLS Residential Activity for Hamilton Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 Sales-to- New New Listings SA 1 Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA January ,121 1,510 1, , ,841 February 1, ,197 1,531 1, , ,819 March 1, ,142 1,919 1, , ,965 April 1, ,050 1,742 1, , ,273 May 1, ,057 1,892 1, , ,451 June 1, ,019 1,721 1, , ,455 July 1, ,039 1,503 1, , ,544 August 1, ,034 1,593 1, , ,456 ember 1, ,074 1,652 1, , ,967 October 1, ,112 1,529 1, , ,472 November ,084 1,181 1, , ,991 December , , , ,297 January ,069 1,545 1, , ,104 February 1, ,080 1,465 1, , ,497 March 1, ,106 1,861 1, , ,512 April 1, ,151 1,929 1, , ,200 May 1, ,179 2,148 1, , ,658 June 1, ,219 1,850 1, , ,553 July 1, ,227 1,635 1, , ,633 August 1, ,128 1,561 1, , ,498 ember ,084 1,694 1, , ,119 October November December Q3 3, , , Q3 3, , , , , , , , , M LS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CM HC, adapted from M LS data supplied by CREA Canada Mortgage and Housing Corporation 30

31 Table 5b: MLS Residential Activity for Brantford Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 Sales-to- New New Listings SA 1 Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA January , ,114 February , ,202 March , ,894 April , ,071 May , ,720 June , ,444 July , ,086 August , ,077 ember , ,297 October , ,474 November , ,947 December , ,494 January , ,391 February , ,195 March , ,133 April , ,679 May , ,609 June , ,749 July , ,028 August , ,025 ember October November December Q , Q , , , , , , , , M LS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CM HC, adapted from M LS data supplied by CREA Canada Mortgage and Housing Corporation 31

32 Interest Rates Table 6a: Economic Indicators NHPI, Total, Hamilton CMA 1997=100 CPI, 1992 =100 (Ontario) Hamilton Labour Market P & I Mortage Rates Average (%) Employment Unemployment Participation Per Weekly 1 Yr. 5 Yr. SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term January February March April May June July August ember October November December January February March April May June July August ember October November December "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CM HC, adapted from Statistics Canada (CANSIM ), CREA (M LS ), Statistics Canada (CANSIM ) Canada Mortgage and Housing Corporation 32

33 Interest Rates Table 6b: Economic Indicators NHPI, Total, Hamilton CMA 1997=100 CPI, 1992 =100 (Ontario) Brantford Labour Market P & I Mortage Rates Average (%) Employment Unemployment Participation Per Weekly 1 Yr. 5 Yr. SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term January February March April May June July August ember October November December January February March April May June July August ember October November December "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CM HC, adapted from Statistics Canada (CANSIM ), CREA (M LS ), Statistics Canada (CANSIM ) Canada Mortgage and Housing Corporation 33

34 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2001 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, ember and December). In these centres with quarterly enumeration, Completion activity is modelled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, ember and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. Canada Mortgage and Housing Corporation 34

35 DWELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. Condominium (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. Rental: Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2001 Census area definitions. Canada Mortgage and Housing Corporation 35

36 CMHC Home to Canadians Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable homes homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at You can also reach us by phone at or by fax at Outside Canada call or fax to Canada Mortgage and Housing Corporation supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is now available for free on CMHC s website. You can now view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. It s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call Canada Mortgage and Housing Corporation. All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing Information Centre (CHIC) at mailto:chic@cmhc.gc.ca; (613) or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. Without limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of Canada Mortgage and Housing Corporation. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which Canada Mortgage and Housing Corporation or any of its employees shall incur responsibility. Canada Mortgage and Housing Corporation 36

37 NEW Market Analysis Reports Subscribe Now! December Enhanced coverage of the secondary rental market Rental Market Reports Major Centres June Spring Rental Market Survey Results Rental Market Report Canada and Provincial Highlights Rental Market Statistics Renovation and Home Purchase Report May Housing Market Outlook Canada and Regional Highlights Reports Northern Housing Outlook Report Throughout Coverage of additional centres: - Abbotsford - Barrie - Kingston - Guelph - Peterborough - Brantford Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe More Find out More! CMHC has enhanced its suite of surveys and analytical reports to better serve you. Visit regularly to find out more about our product updates and to subscribe to our FREE electronic reports.

38 NEW Market Analysis Reports Subscribe Now! December Enhanced coverage of the secondary rental market Rental Market Reports Major Centres June Spring Rental Market Survey Results Rental Market Report Canada and Provincial Highlights Rental Market Statistics Renovation and Home Purchase Report May Housing Market Outlook Canada and Regional Highlights Reports Northern Housing Outlook Report Throughout Coverage of additional centres: - Abbotsford - Barrie - Kingston - Guelph - Peterborough - Brantford Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe More Find out More! CMHC has enhanced its suite of surveys and analytical reports to better serve you. Visit regularly to find out more about our product updates and to subscribe to our FREE electronic reports.