The Canada Mortgage and Housing Corporation has released its quarterly Housing Market Assessment today.
It’s a comprehensive report that identifies the level of stability in the housing markets of Canadian cities.
Here are some of the highlights:
- The overall assessment for Hamilton showed the housing market displayed a high degree of vulnerability in Q1 2018, unchanged from the previous quarter’s assessment.
- The market for row and semidetached homes favoured sellers, while the markets for both apartments and single-detached homes were balanced.
- Regional markets with generally lower priced homes, such as Hamilton East and Hamilton Centre, also favoured sellers.
- The 25 to 34-year-old population is a fundamental driver of housing demand in Hamilton, as they make up the largest share of first-time home buyers in that market. That demographic continues to migrate to Hamilton for more affordable housing, particularly in the low-rise segment.
- High immigration levels have also contributed to the strong population growth in this age group.
- Row homes continued to make up the vast majority of the relatively small inventory of unsold new homes in Hamilton, predominantly concentrated in Waterdown and Ancaster.
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