Hamilton Housing Market Recovers Through 2010

HAMILTON, ON, Nov. 17 /CNW/ - Hamilton's housing market is on the road to recovery. New home starts and MLS(R) sales are expected to rise 13 per cent and 2.5 per cent, respectively, according to Sarah Fong , Canada Mortgage and Housing Corporation's (CMHC) Senior Market Analyst for the Hamilton Census Metropolitan Area (CMA). CMHC released its latest forecast for the Hamilton CMA today at the annual CMHC Housing Outlook Conference.

"Low interest rates and improvement in the economy will fuel housing demand in Hamilton through next year," said Fong.

    
    Other highlights of the conference include:

    -   Both volumes and prices of existing home sales will rise in 2010.
        CMHC's forecast calls for 12,100 homes to be sold next year at an
        average price of $302,000.

    -   New home starts will rise 13 per cent to 1975 starts, and most of
        these will be condo and freehold townhouses and high-rise condos.

    -   Sustained low mortgage interest rates and the relative affordability
        of homeownership will be key driving forces for the housing market
        through 2010.
    

"We anticipate the gradually improving provincial economy and improved credit and financial market conditions will help stabilize housing activity next year," said Ted Tsiakopoulos, CMHC's Ontario regional economist. "However, less pent-up demand and cautious consumer spending will temper Ontario's housing recovery in 2010."

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

For further information: Media inquiries: Sarah Fong, Senior Market Analyst, Canada Mortgage and Housing Corporation, Telephone: [phone], E-mail: [email protected]; Beth Bailey, Communications and Marketing Consultant, Canada Mortgage and Housing Corporation, Telephone: [phone], E-mail: [email protected]