HOUSING NOW Hamilton and Brantford CMAs

Transcription

1 Housing Market Information HOUSING NOW Hamilton and Brantford CMAs Date Released: October New Home Market New Home Starts Declined in the Third Quarter New home starts in the Hamilton and Brantford CMAs declined through the typically busier third quarter building season. Fewer than 700 homes were started in Hamilton, Burlington and Grimsby during the quarter, as compared to over 1,000 starts during the same period last year. In Brantford, total ownership starts declined by approximately half to 64 starts, while rental apartment starts were unchanged from. While new home starts in were fuelled by several factors that encouraged home buying, the lower level of starts this year reflects the slower pace of sales of new homes. Last year, new changes to the mortgage insurance rules in April and the implementation of the HST in July led to more people shifting their home purchases towards the fi rst half of the year. This year, there were no transient factors impacting Table of Contents 1 New Home Market 2 Resale Market 3 Migration to Hamilton Positive signs 5 Maps 11 Tables Figure 1 Hamilton CMA Housing Starts Hamilt ton CMA Housing Starts 1,600 1,400 1,200 1, Source: CHMC Apartments Townhouses Semi-detached Single-detached Trend 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. CMHC s electronic suite of national standardized products is available for free. Housing market intelligence you can count on

2 Figure 2 Brant tford CMA Housing Starts Source: CHMC starts, although many of the potential purchases from this year had been brought forward into, and the well-supplied resale market attracted the attention of some buyers. Townhouses Popular in Hamilton Starts were down for all home types in the Hamilton CMA during the third quarter, except for freehold and condominium townhouses. Townhouses have become an attractive option for many buyers as they suit the needs of several different age groups. The smaller size of townhouses means less maintenance and a lower price tag for couples, small families and empty nesters. While most of the townhouse starts were concentrated within the City of Hamilton during the quarter, there was also a spike in townhouse starts in Grimsby. Builders started 44 townhouses in Grimsby in ember, adding to the 51 townhouses started in August. Brantford CMA Housing Starts Apartments Townhouses Semi-detached Single-detached Trend Brantford New Home Prices increased In the Brantford CMA, the ongoing challenge of land availability for new home construction is one reason for the decline in starts this year. Weaker labour market conditions have also led to more households making more cautious decisions when it comes to big ticket purchases. These factors Figure 3 amilton MLS Sales, SAAR H 16,000 14,000 12,000 10,000 8,000 have led to a rise in new home prices in recent years. In the low-density County of Brant, the average price of a single-family home was above $350,000 in ember, as compared to the City of Brantford, where the average price was $268,000. Homes in the County of Brant are typically larger homes and built on large lots than in the city, and therefore command a higher price. Existing Inventory While starts were lower, there were also fewer homes that were left unsold last quarter in the Hamilton CMA. The inventory of new homes left unsold fell by one-half as compared to a year ago. Most of the drop occurred among townhouses and apartments, although there was also a decline in the number of single-detached homes left unsold. In the Brantford CMA, the number of new homes left unsold doubled as compared to this time last year. This indicates that the decline in starts last Hamilton MLS Average Price and Sales Sales, SAAR Price ($000s), SA 6, Source: CREA (MLS ) Note: Sales are seasonally adjusted and are multiplied by 4 to show an annual rate. Prices are seasonally adjusted. $350 $300 $250 $200 $150 $100 Avg. MLS Price ($000 0s) 1 MLS is a registered trademark of the Canadian Real Estate Association (CREA). 2

3 Figure 4 MLS Sales 2,400 2,000 1,600 1, quarter was partially a result of the rising inventory level. Resale Market Brantford MLS (R) Average Price and Sales Sales, SAAR Price ($000s), SA Source: CREA (MLS ) Note: Sales are seasonally adjusted and are multiplied by 4 to show an annual rate. Prices are seasonally adjusted. More Buyers Turned to Resale During the third quarter, existing home sales rose on a seasonally adjusted basis as more buyers in both cities turned to the relatively less expensive resale market to make their home purchases. The number of homes sold rose by two per cent and 14 per cent (seasonally adjusted) in the Hamilton and Brantford CMAs, respectively. Although unemployment turned up in the third quarter in both markets, both had experienced a fairly strong recovery in employment over the past few quarters which supported sales growth. Sales continued to rise in the Hamilton CMA as more people moved to the area (see sidebar). New listings remained elevated in both markets, as many move-up buyers continued to sell their homes and purchase in a low mortgage rate environment. However, in Hamilton, new listings declined from the previous quarter, an indication that first-time buyers began returning to the market. The listings decline was also related to a shift from the new to the resale market, since repeat buyers who buy new contribute to resale listings but not to sales, whereas when they buy in the resale market, their transaction adds to both sales and listings. In the Brantford CMA, new listings continued to rise in the third quarter. The rising listings indicated repeat buyers were active, having been encouraged by rising prices in late and earlier in. Resale Prices Stayed Flat $250 $225 $200 $175 $150 $125 $100 Despite strong sales and listings activity in the Hamilton and Brantford CMAs, average prices remained relatively flat. However, it is important to note that there may have been more price movement for homes of a certain type or in particular areas. In the Brantford CMA, the average price of a resale home was $234,000 (seasonally adjusted) during the third quarter. In the Hamilton CMA, the average resale price for all homes sold in the CMA remained relatively steady at $332,000. The swift pace of home buying activity during the third quarter was also Avg. MLS Price ($000 s) reflected in the sales-to-new listings ratio. The sales-to-new listings ratio moved up to 67 and 61 per cent in the Hamilton and Brantford CMAs, respectively, indicating a sellers market. Thus, approximately two-thirds of the homes listed were sold. However, since the average prices in both markets did not move significantly higher, this indicates that there was likely a compositional factor to the average price calculation. The average price likely reflected a change in the types of homes being purchased. Given that there was an increase in the number of listings, and the average price remained flat, it is very likely that most homes sold were starter homes, which are typically lower priced. 3

4 In the second quarter edition of the Housing Now, we examined the population and migration estimates that were released by Statistics Canada. The data indicated that the vast majority of population growth in the Hamilton CMA was from people moving to the area from outside. Figure 5 Recently, Statistics Canada released further information on migration patterns between 2009 and, and the results showed Oshawa that while there was movement out of the Hamilton area, the net L d migration was still positive at an increase of nearly 7,000 people. The largest component of the increase was people relocating from the Toronto area, while the second largest component were newcomers to Canada. The relative affordability of housing Winnipeg Montréal Windsor Foreign Toronto in Hamilton is one reason why these households may be looking Migration to Hamilton Positive signs outside of the more expensive GTA housing market. At the same time, Hamiltonians moving out of the area went to smaller Ontario towns, followed by Brantford, Ottawa, and Kitchener-Waterloo-Cambridge, and Guelph. Where Are They Coming From? London Net Migration

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) Brantford City HIGHWAY 403 Brant County Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend No starts 8-25 starts starts starts 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 Number of Starts (Singles) Brant County Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend No starts 2-17 starts starts starts starts 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 Total Number of Starts Brant County Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend No starts 2-17 starts starts starts starts 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 - Brantford City HIGHWAY 403 Brant County Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend No starts starts starts starts starts 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 Number of Starts (Singles) January - Brant County Brantford City HIGHWAY Km Flamborough Dundas Town Ancaster City Burlington City Hamilton City Glanbrook Stoney Creek City N Grimsby Town Legend 6-70 starts starts starts starts 9

10 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 - Brant County 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 10

11 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 -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 11

12 Table 1a: Housing Activity Summary of Hamilton CMA Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS ember % Change n/a n/a n/a n/a n/a Year-to-date 1, ,661 Year-to-date 1, ,873 % Change n/a UNDER CONSTRUCTION ,483 ember ,865 % Change n/a COMPLETIONS ember % Change n/a n/a n/a -5.2 Year-to-date 1, ,788 Year-to-date ,242 % Change COMPLETED & NOT ABSORBED ember % Change n/a n/a ABSORBED ember % Change n/a n/a n/a -1.1 Year-to-date 1, ,924 Year-to-date ,164 % Change n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 12

13 Table 1b: Housing Activity Summary of Brantford CMA Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS ember % Change n/a n/a n/a n/a n/a 73.8 Year-to-date Year-to-date % Change n/a UNDER CONSTRUCTION ember % Change n/a n/a COMPLETIONS ember % Change 66.7 n/a n/a n/a n/a n/a n/a 87.5 Year-to-date Year-to-date % Change n/a n/a n/a 16.7 COMPLETED & NOT ABSORBED ember % Change 27.8 n/a n/a ** n/a n/a n/a 96.4 ABSORBED ember % Change 38.9 n/a n/a n/a n/a 36.7 Year-to-date Year-to-date % Change n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 13

14 Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS City of Hamilton ember Former Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember City of Burlington ember Grimsby ember Hamilton CMA ember Brant County 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 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row UNDER CONSTRUCTION City of Hamilton ,440 ember ,741 Former Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember City of Burlington ember ,047 Grimsby ember Hamilton CMA ,483 ember ,865 Brant County 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 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 15

16 Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS City of Hamilton ember Former Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember City of Burlington ember Grimsby ember Hamilton CMA ember Brant County 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 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 16

17 Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row COMPLETED & NOT ABSORBED City of Hamilton ember Former Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember City of Burlington ember Grimsby ember Hamilton CMA ember Brant County 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 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 17

18 Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row ABSORBED City of Hamilton ember Former Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember City of Burlington ember Grimsby ember Hamilton CMA ember Brant County 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 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 18

19 Table 1.2a: History of Housing Starts of Hamilton CMA Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row 1, ,562 % Change ** ** n/a ,860 % Change n/a n/a , ,529 % Change n/a 25.7 ** n/a , ,004 % Change , ,043 % Change , ,145 % Change , ,093 % Change ** -3.8 ** n/a ** , ,260 % Change , ,803 % Change n/a n/a , ,365 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 19

20 Table 1.2b: History of Housing Starts of Brantford CMA Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row % Change ** n/a n/a ** % Change -8.2 ** % Change n/a n/a n/a n/a % Change 30.5 ** n/a n/a 72.3 n/a n/a % 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 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 20

21 Submarket Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total % Change Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 8 n/a 0 n/a 0 n/a 0 n/a 8 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 1,033 1, ,661 2, City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 61 n/a 0 n/a 0 n/a 0 n/a 61 n/a n/a Brantford City Source: CMHC (Starts and Completions Survey) 21

22 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market Row Apt. & Other Freehold and Condominium Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 0 n/a 0 n/a 0 n/a 0 n/a Brantford City Rental Freehold and Condominium Rental Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - Freehold and Condominium Row Apt. & Other Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 0 n/a 0 n/a 0 n/a 0 n/a Brantford City Rental Freehold and Condominium Rental Source: CMHC (Starts and Completions Survey) 22

23 Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Submarket Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 8 n/a 0 n/a 0 n/a 8 n/a Brantford City Table 2.5: Starts by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1,375 2, ,661 2,873 City of Hamilton 939 1, ,114 1,875 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 61 n/a 0 n/a 0 n/a 61 n/a Brantford City Source: CMHC (Starts and Completions Survey) 23

24 Submarket Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total % Change Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 10 n/a 0 n/a 0 n/a 0 n/a 10 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 City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 58 n/a 0 n/a 19 n/a 0 n/a 77 n/a n/a Brantford City Source: CMHC (Starts and Completions Survey) 24

25 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Row Apt. & Other Submarket Freehold and Condominium Rental Freehold and Condominium Rental Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 0 n/a 0 n/a 0 n/a 0 n/a Brantford City Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - Row Apt. & Other Submarket Freehold and Condominium Rental Freehold and Condominium Rental Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 19 n/a 0 n/a 0 n/a 0 n/a Brantford City Source: CMHC (Starts and Completions Survey) 25

26 Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Submarket Hamilton CMA City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 10 n/a 0 n/a 0 n/a 10 n/a Brantford City Table 3.5: Completions by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1,512 1, ,788 2,242 City of Hamilton 1, ,249 1,332 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 64 n/a 13 n/a 0 n/a 77 n/a Brantford City Source: CMHC (Starts and Completions Survey) 26

27 Submarket Table 4a: Absorbed Single-Detached Units by Price Range Price Ranges < $300,000 Units Share (%) $300,000 - $349,999 Share Units (%) $350,000 - $399,999 Share Units (%) $400,000 - $449,999 Share Units (%) $450,000 + Median Average Total Price ($) Price ($) Share Units (%) City of Hamilton , ,093 ember , ,226 Year-to-date , ,434 Year-to-date , ,886 Former Hamilton City ember , ,194 Year-to-date , ,605 Year-to-date , ,807 Stoney Creek City ember , ,767 Year-to-date , ,634 Year-to-date , ,894 Ancaster City ember , ,072 Year-to-date , ,972 Year-to-date , ,730 Dundas Town ember Year-to-date , ,773 Year-to-date , ,839 Flamborough ember , ,216 Year-to-date , ,623 Year-to-date , ,578 Glanbrook , ,970 ember , ,515 Year-to-date , ,127 Year-to-date , ,726 City of Burlington , ,741 ember , ,553 Year-to-date , ,156 Year-to-date , ,833 Grimsby , ,903 ember Year-to-date , ,581 Year-to-date , ,576 Source: CMHC (Market Absorption Survey) 27

28 Submarket Table 4a: Absorbed Single-Detached Units by Price Range Price Ranges < $300,000 Units Share (%) $300,000 - $349,999 Share Units (%) $350,000 - $399,999 Share Units (%) $400,000 - $449,999 Share Units (%) $450,000 + Median Average Total Price ($) Price ($) Share Units (%) Hamilton CMA , ,168 ember , ,939 Year-to-date , , ,034 Year-to-date , ,306 Source: CMHC (Market Absorption Survey) 28

29 Submarket Table 4b: Absorbed Single-Detached Units by Price Range Price Ranges < $200,000 Units Share (%) $200,000 - $249,999 Share Units (%) $250,000 - $299,999 Share Units (%) $300,000 - $349,999 Share Units (%) $350,000 + Median Average Total Price ($) Price ($) Share Units (%) Brant County 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 , ,841 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 , ,100 ember , ,556 Year-to-date , ,417 Year-to-date , ,570 Brantford CMA , ,020 ember , ,153 Year-to-date , ,215 Year-to-date , ,013 Source: CMHC (Market Absorption Survey) 29

30 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket % Change % Change Hamilton CMA 474, , , , City of Hamilton 471, , , , Former Hamilton City ,194 n/a 386, , Stoney Creek City ,767 n/a 440, , Ancaster City ,072 n/a 408, , Dundas Town n/a 500, , Flamborough ,216 n/a 433, , Glanbrook 356, , , , City of Burlington 506, , , , Grimsby 455, n/a 411, , Brantford CMA 385, , , , Brant County -- n/a n/a 506,841 n/a n/a Brantford City 268, , , , Source: CMHC (Market Absorption Survey) 30

31 Table 5a: MLS Residential Activity for Hamilton Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA January ,173 1,548 1, , ,527 February 1, ,210 1,588 1, , ,625 March 1, ,168 2,095 1, , ,276 April 1, ,163 2,350 1, , ,947 May 1, ,088 2,180 1, , ,238 June 1, ,881 1, , ,493 July ,470 1, , ,188 August ,455 1, , ,319 ember 1, ,009 1,779 1, , ,234 October ,071 1,544 1, , ,660 November ,072 1,542 1, , ,989 December , , , ,516 January ,149 1,734 1, , ,891 February 1, ,153 1,794 1, , ,897 March 1, ,138 2,217 1, , ,737 April 1, ,154 2,171 1, , ,931 May 1, ,116 2,410 1, , ,434 June 1, ,191 2,232 1, , ,490 July 1, ,221 1,641 1, , ,419 August 1, ,165 1,657 1, , ,106 ember 1, ,158 1,754 1, , ,668 October November December Q3 2, , , Q3 3, , , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 31

32 Table 5b: MLS Residential Activity for Brantford Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA January , ,720 February , ,347 March , ,094 April , ,132 May , ,030 June , ,660 July , ,843 August , ,910 ember , ,942 October , ,774 November , ,212 December , ,831 January , ,435 February , ,470 March , ,566 April , ,419 May , ,314 June , ,826 July , ,171 August , ,458 ember , ,856 October November December Q , Q , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 32

33 Table 6a: Economic Indicators Interest Rates Hamilton Labour Market NHPI, Total, CPI, 2002 Mortage Rates Hamilton P & I =100 Average (%) CMA Employment Unemployment Participation Per (Ontario) Weekly 1 Yr. 5 Yr. 2007=100 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: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 33

34 Table 6b: Economic Indicators Interest Rates Brantford Labour Market NHPI, Total, CPI, 2002 Mortage Rates Hamilton P & I =100 Average (%) CMA Employment Unemployment Participation Per (Ontario) Weekly 1 Yr. 5 Yr. 2007=100 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: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 34

35 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 2006 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. 35

36 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 2006 Census area definitions. 36

37 CMHC Home to Canadians (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 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 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. 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 or any of its employees shall incur responsibility. 37

38 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE n Canadian Housing Statistics n Housing Information Monthly n Housing Market Outlook, Canada n Housing Market Outlook, Highlight Reports Canada and Regional n Housing Market Outlook, Major Centres n Housing Market Tables: Selected South Central Ontario Centres n Housing Now, Canada n Housing Now, Major Centres n Housing Now, Regional n Monthly Housing Statistics n Northern Housing Outlook Report n Preliminary Housing Start Data n Renovation and Home Purchase Report n Rental Market Provincial Highlight Reports Now semi-annual! n Rental Market Reports, Major Centres n Rental Market Statistics Now semi-annual! n Residential Construction Digest, Prairie Centres n Seniors Housing Reports CMHC s Market Analysis Centre e-reports provide a wealth of detailed local, provincial, regional and national market information. Forecasts and Analysis Future-oriented information about local, regional and national housing trends. Statistics and Data Information on current housing market activities starts, rents, vacancy rates and much more. Get the market intelligence you need today! Click to view, download or subscribe. CMHC s Mortgage Consumer Survey The survey results offer a unique perspective on attitudes and behaviours of recent mortgage consumers. Use these findings to identify opportunities and build stronger relationships with your clients. Visit for results and find out how