HOUSING NOW Hamilton and Brantford CMAs

Transcription

1 Housing Market Information HOUSING NOW Hamilton and Brantford CMAs Date Released: July New Home Market Lower Demand for New Homes in Second Quarter Housing starts in the second quarter of in both the Hamilton and Brantford Census Metropolitan Areas (hereafter referred to as the Hamilton CMA and Brantford CMA) continued to trend downward on a seasonally adjusted basis (Note After adjusting for seasonal and irregular factors, starts were down Figure 1 Hamilt ton CMA Housing Starts S 1,600 1,400 1,200 1, CHMC Hamilton CMA Housing Starts slightly in the second quarter). Housing starts have been declining since the latest peak in mid-, when many buyers made their purchases in anticipation of higher rates and prices, in addition to the confusion about the implementation of the HST. As a result, this pullforward effect moved this year s anticipated new home starts ahead of schedule and fewer new homes are being built in. Also, with record levels of listings in the resale market, more buyers are looking at Apartments Townhouses Semi-detached Single-detached Trend Table of Contents 1 New Home Market 2 Resale Market 4 Trends in the Rental Market 5 Maps 11 Tables 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 relatively lower priced existing homes prior to considering new homes. In Brantford, the comparatively lower prices of homes meant buyers were less affected by the HST, however, weaker employment conditions and limited land availability in the City of Brantford led to a 40 per cent drop in new home starts last quarter. During the second quarter, the declines in new home construction occurred for nearly every home type in the Hamilton CMA. The construction of single-detached and semi-detached homes combined fell by 40 per cent, while townhouse construction fell by 42 per cent. Some of the declines in construction occurred in the relatively more expensive home markets of Burlington, Ancaster and Flamborough, where the higher prices created more incentive to purchase before mortgage rate increases and therefore augmented the number of purchases and home starts during the pull-forward period in. In the Brantford CMA, single and semi-detached starts fell by 14 per cent, and townhouse starts were relatively unchanged. There were no apartment stats in the Brantford CMA last quarter. Last year in the second quarter, a rental building boosted total starts. In the Hamilton CMA, all of the apartment starts in the second quarter were rental units. The price of a new single-detached home in the Hamilton CMA rose from the fi rst quarter in Burlington and Grimsby by 25 and 16 per cent, respectively. Nearly all of the new single-detached homes sold in Burlington were priced well above the average for the CMA, with an average price tag of $937,000. Limited land availability for new home construction has led to higher demand for a smaller supply of single-detached homes Figure 2 Brant tford CMA Housing Starts Figure 3 Ham milton MLS Sales, SAAR Source: CHMC 16,000 14,000 12,000 10,000 8,000 Hamilton MLS Average Price and Sales Sales, SAAR Price ($000s), SA 6, started in recent years. In the City of Hamilton, the average price declined slightly from the fi rst quarter, due to a greater proportion of lower-priced single-detached homes sold in certain sub-markets. In the City of Brantford, the most popular homes were still priced in the $250,000 - $300,000 range last quarter, whereas the price for a new home in rural Brant County continued to rise. Although there were just six new single-detached homes started in Brant County last Brantford CMA Housing Starts Apartments Townhouses Semi-detached Single-detached Trend Source: CREA (MLS ) Note: Sales are seasonally adjusted and are multiplied by 4 to show an annual rate. Prices are seasonally adjusted. quarter, fi ve of them were priced above $450,000 for an average of $553,000. Resale Market $350 $300 $250 $200 $150 $100 MLS Market Hot in Hamilton, Cool in Brantford Listings in the Hamilton CMA remained at peak levels during the second quarter, and sales also remained near the longer-term Avg. MLS Price ($000 s) 2

3 Figure 4 MLS Sales 2,400 2,000 1,600 1, Brantford MLS 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. historical highs. Sales had been trending upwards quarter over quarter since the end of. More sellers listed their homes with the expectation of rising mortgage rates and home prices would make selling more challenging later in the year. More listings in the Hamilton CMA have also encouraged more buyers to take advantage of currently low mortgage rates, especially when combined with the stronger employment conditions in the second quarter. Contrary to the Hamilton CMA, however, both listings and sales in the Brantford CMA were trending down on a seasonally-adjusted basis in the second quarter. As with the $250 $225 $200 $175 $150 $125 $100 Avg. MLS Price ($000 0s) new home market, weaker economic conditions in the Brantford CMA continue to put a damper on demand for home ownership. With unemployment still relatively high in the Brantford CMA, home price growth has moderated. The average price of a resale home in the second quarter was $237,000, on a seasonally adjusted basis. This was virtually unchanged from the fi rst quarter, and up from about $229,000 a year ago. A more detailed breakdown of the statistics shows that nearly three-quarters of the homes sold were single-detached homes, at an average price of $257,000 (not seasonally adjusted). This price was up three per cent from the fi rst quarter. The rise in single-detached prices relative to the price of a townhouse however, may have led to the jump in townhouse purchases during May and. The average price of a townhouse was $211,700 in the second quarter. In the Hamilton CMA, improved economic conditions and sustained low mortgage rates have also meant stronger demand for more expensive homes. While the price changes varied widely by submarket, there were gains in most of the submarkets from the fi rst quarter to the second. On a yearover-year basis, there were doubledigit price increases in Hamilton West and Grimsby and also significant price gains in Ancaster, Glanbrook and Burlington. Ancaster and Burlington are well established housing markets that consist of homes that attract a large group of buyers of all ages. Also, ongoing construction of new homes in these markets has led to move-up buying, and thus new entrants into the resale market. The large proportion of resale homes in Glanbrook which are relatively new but still reasonably priced has led to rising demand for homes and steady growth in home prices in this community. 3

4 Trends in the Rental Market The most recent data from CMHC s Spring Rental Market Survey conducted in April shows that the vacancy rate declined in the Hamilton CMA, while it rose in the Brantford CMA. One of the factors influencing vacancy rates is the condition of Figure 5 the labour market, since having a job allows young adults to move out on their own, and existing tenants to move into home 6 ownership. In the Hamilton CMA, although both the unemployment rate and jobs 5 have nearly made a full recovery to prerecession levels, the job losses the occurred 4 in recent years have had a greater impact on young adults who tend to make up the 3 less experienced part of the work force. This challenge, coupled with the rising prices of 2 homes, has led to more renter households staying put for longer. In the Brantford CMA, 1 the unemployment rate remains elevated, and this has led lower levels of home sales, 0 and put a damper on rental demand. Young adults continue to face adverse effects of te (%) Va acancy Rat the recession, and are discouraged from leaving home in search of rental accommodations. Vacancy Rates in Hamilton and Brantford 4.1 Hamilton Brantford 3.6 4

5 N Housing Now - Hamilton and Brantford CMAs - Date Released: July QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts 2-20 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Multiples) Brantford City HIGHWAY 403 Brant County Flamborough Ancaster City Dundas Town Burlington City Hamilton City Glanbrook starts HIGHWAY Km starts starts 5

6 N Housing Now - Hamilton and Brantford CMAs - Date Released: July QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts 7-12 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Singles) Brantford City HIGHWAY 403 Brant County Flamborough Ancaster City Dundas Town Burlington City Hamilton City Glanbrook starts HIGHWAY Km starts starts 6

7 N Housing Now - Hamilton and Brantford CMAs - Date Released: July QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts 7-29 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Total Number of Starts Brantford City HIGHWAY 403 Brant County Flamborough Ancaster City Dundas Town Burlington City Hamilton City Glanbrook starts HIGHWAY Km starts starts 7

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

9 N Housing Now - Hamilton and Brantford CMAs - Date Released: July QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend 5-44 starts Hamilton and Brantford CMAs Number of Starts (Singles) January - Brantford City starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 403 Brant County Flamborough Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY Km starts starts 9

10 N Housing Now - Hamilton and Brantford CMAs - Date Released: July QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend 5-67 starts Hamilton and Brantford CMAs Total Number of Starts January - Brantford City starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 HIGHWAY 403 Brant County Flamborough Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY Km 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 % Change n/a 0.0 ** n/a n/a 0.5 Year-to-date Year-to-date ,790 % Change n/a UNDER CONSTRUCTION , ,482 % Change n/a COMPLETIONS % Change n/a n/a n/a Year-to-date ,172 Year-to-date ,543 % Change COMPLETED & NOT ABSORBED % Change n/a n/a 13.3 ABSORBED % Change n/a n/a Year-to-date ,245 Year-to-date ,446 % 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 % Change n/a n/a n/a n/a n/a 8.6 Year-to-date Year-to-date % Change n/a UNDER CONSTRUCTION % Change n/a COMPLETIONS % Change n/a n/a n/a 0.0 n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a n/a 17.2 COMPLETED & NOT ABSORBED % Change 20.8 n/a ** n/a n/a n/a n/a ABSORBED % Change 64.7 n/a 0.0 n/a n/a n/a 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 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Hamilton CMA Brant County n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City Brantford CMA 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 , ,542 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Hamilton CMA , ,482 Brant County n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City Brantford CMA 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 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Hamilton CMA Brant County n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City Brantford CMA 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 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Hamilton CMA Brant County n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City Brantford CMA 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 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Hamilton CMA Brant County n/a n/a n/a n/a n/a n/a n/a n/a n/a Brantford City Brantford CMA 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 7 n/a 0 n/a 0 n/a 0 n/a 7 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 , City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 27 n/a 0 n/a 0 n/a 0 n/a 27 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 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 Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - Row Apt. & Other 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 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 7 n/a 0 n/a 0 n/a 7 n/a Brantford City Table 2.5: Starts by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 775 1, ,790 City of Hamilton ,202 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 27 n/a 0 n/a 0 n/a 27 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 4 n/a 0 n/a 3 n/a 0 n/a 7 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 42 n/a 0 n/a 3 n/a 0 n/a 45 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 3 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 3 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 4 n/a 3 n/a 0 n/a 7 n/a Brantford City Table 3.5: Completions by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1, ,172 1,543 City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 42 n/a 3 n/a 0 n/a 45 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 (%) $450,000 + City of Hamilton , , , ,334 Year-to-date , ,524 Year-to-date , ,291 Former Hamilton City , , , ,656 Year-to-date , ,560 Year-to-date , ,394 Stoney Creek City , , , ,259 Year-to-date , ,046 Year-to-date , ,884 Ancaster City , , , ,600 Year-to-date , ,940 Year-to-date , ,710 Dundas Town Year-to-date , ,010 Year-to-date , ,815 Flamborough Year-to-date , ,029 Year-to-date , ,550 Glanbrook , ,156 Year-to-date , ,571 Year-to-date , ,713 City of Burlington , , , ,023 Year-to-date , ,211 Year-to-date , ,415 Grimsby , , , ,018 Year-to-date , ,169 Year-to-date , ,121 Units Share (%) Total Median Price ($) Average Price ($) 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 (%) $450,000 + Hamilton CMA , , , ,911 Year-to-date , ,333 Year-to-date , ,250 Units Share (%) Total Median Price ($) Average Price ($) 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 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 , ,649 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 , , , ,014 Year-to-date , ,442 Year-to-date , ,092 Brantford CMA , , , ,306 Year-to-date , ,592 Year-to-date , ,496 Source: CMHC (Market Absorption Survey) 29

30 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket % Change % Change Hamilton CMA 477, , , , City of Hamilton 400, , , , Former Hamilton City 384, , , , Stoney Creek City 392, , , , Ancaster City 395, , , , Dundas Town n/a 503, , Flamborough n/a 400, , Glanbrook ,156 n/a 381, , City of Burlington 873, , , , Grimsby 404, , , , Brantford CMA 299, , , , Brant County -- n/a n/a 477,649 n/a n/a Brantford City 269, , , , 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 1, ,881 1, , ,493 July ,470 1, , ,188 August ,455 1, , ,319 September 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 1, ,182 2,232 1, , ,448 July August September October November December Q2 4, , , Q2 4, , , , , , , , , 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 , , , ,660 July , ,843 August , ,910 September , ,942 October , ,774 November , ,212 December , ,831 January , ,435 February , ,470 March , ,566 April , ,419 May , , , ,276 July August September 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 July August September October November December January February March April May July August September 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 July August September October November December January February March April May July August September 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,, September 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,, September 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