HOUSING NOW Hamilton and Brantford CMAs

Transcription

1 Housing Market Information HOUSING NOW Hamilton and Brantford CMAs Date Released: January 2010 New Home Market Modest Rise in Fourth Quarter Starts While was a slower year for new home starts in the Hamilton Census Metropolitan Area (CMA), there was some revitalization in new home building activity during the fourth quarter. As economic recovery gained momentum towards the end of the year, consumers brought forward their home purchases in anticipation of higher prices and mortgage rates in Builders started a number of homes during the quarter, reaching the highest quarterly total for. Much of the rise was due to more semi-detached and townhouse starts, as well as a number of single-detached homes. Apartment starts however were absent during the second half of, which is a contrast to the large number condominium apartments started in. In the Brantford Table of Contents 1 New Home Market Modest Rise in Fourth Quarter Starts 2 Resale Market Average MLS Price Reaches Record High 3 More People Seeking Jobs 4 Maps 10 Tables Figure 1 Hamilton CMA Housing Starts Hamilton CMA Housing Starts (SAAR) 6,600 5,600 4,600 3,600 2,600 1,600 Total Starts (SAAR) Trend Source: CMHC 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 Brantford CMA Housing Starts (SAAR) 1,200 1, CMA, starts were up by just one unit as compared to a year ago. Total starts in lagged behind and there were also fewer homes in the construction and completion stage Brantford CMA Housing Starts Source: CMHC Although starts were down, builders were busy completing and selling homes. Completions were up by nearly 17 per cent in the Hamilton CMA, and the number of homes still yet unsold fell to a record low by the end of the year. Similarly in Brantford, the number of homes completed and not yet occupied also fell 24 per cent from a year prior. Given the decreased inventory, any uptick in demand will stimulate new construction. The largest numbers of completions were of freehold and condominium townhouses in Glanbrook and Stoney Creek. Persistent growth of townhouse communities in these markets in recent years kept new home building activity strong in the Hamilton CMA. Another onequarter of the completions were of condominium apartments, most of which were started in Burlington the year prior. High rise construction is expected to continue with 186 pending condominium apartment starts in Burlington in ember. Figure 3 Hamilton MLS Sales, SAAR 16,000 14,000 12,000 10,000 8,000 Total Starts (SAAR) Trend Resale Market Average MLS Price Reaches Record High While there was modest growth in new home construction, the resale market performed relatively well during the fourth quarter. Sales in the Hamilton CMA were up 44 per cent during the fourth quarter, nearly matching that of 2007, the record year for MLS sales in the CMA. This included a number of condominiums. In the Brantford CMA, sales were also up 24 per cent during the quarter. Buyers expectations of rising prices and mortgage rates in 2010 prompted them to purchase in the present. While the number of homes sold increased, listings remained almost unchanged from the same quarter in in the Hamilton CMA and fell in the Brantford CMA. Consequently, Hamilton MLS Sales, SAAR and Seasonally Adjusted Average Price 6, Source: RAHB, CMHC Sales, SAAR Price, SA $300 $250 $200 $150 $100 Avg MLS Price, SA ($000s) 2

3 Figure 4 Brantford MLS Sales, SAAR 3,000 2,500 2,000 1,500 Brantford MLS Sales, SAAR and Seasonally Adjusted Average Price 1, Source: CREA, CMHC Sales, SAAR Price, SA $250 $225 $200 $175 $150 $125 $100 Avg MLS Price, SA ($000s) there were more buyers in the market competing for a home, while the number of sellers did not rise at the same pace. This prompted the market to tighten up and buyers reacted by making offers above the asking price. The dollar volume of homes sold in the Hamilton CMA nearly doubled during the fourth quarter. The average price of an existing home reached a record high of $299,000 in the Hamilton CMA. In the Brantford CMA, prices rose by just over fi ve per cent to $224,000, which was just below the record price level set during the third quarter. More People Seeking Jobs Despite a rising unemployment rate in the Hamilton CMA, the local job market was relatively stable through the fourth quarter. Continued investments into the health care industry and growth in the fi nancial service sector contributed to a modest 1 per cent increase in jobs. Despite the modest growth, the unemployed component of the labour force also rose, but much of this was a result of new people entering the labour force. This was particularly true for the 25 to 44 age group, where the number of unemployed increased by 20 per cent. As a result, the unemployment rate rose to 7.9 per cent last quarter, up from 6.3 per cent a year earlier. Also notable was that there was almost no change to unemployment in the manufacturing sector in the fourth quarter and was at its lowest level when compared to the rest of the year. Some plants are operating below capacity, recalling workers on a temporary basis as necessary. In the Brantford CMA, total employment also grew modestly but job losses and an unstable labour market did put a damper on new home construction. Downsizing in the primarily manufacturing-based economy throughout the year filtered through to the service producing sector, where unemployment increased four-fold in the fourth quarter. The less diversified economy in Brantford means that there have been fewer opportunities for growth and new entrants into the labour market have had difficulty securing a position. This also put upward pressure on the unemployment rate inadvertently in the Brantford CMA. The rate rose to 11.5 per cent in from 6.3 per cent in. 3

4 N QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts 2-15 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Multiples) Brant City Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 4

5 N QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend 2-7 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Singles) Brant City Brantford City Flamborough 8-13 starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 5

6 N QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend 2-20 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Total Number of Starts Brant City Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 6

7 N QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Multiples) January - Brant City Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 7

8 N QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Singles) January - Brant City Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 8

9 N QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Total Number of Starts January - Brant City Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 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 -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 10

11 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 71.7 n/a n/a n/a n/a n/a n/a 88.0 Year-to-date ,860 Year-to-date 1, ,529 % Change n/a n/a UNDER CONSTRUCTION ,241 ember ,102 % Change n/a COMPLETIONS ember % Change n/a n/a n/a n/a -9.8 Year-to-date 1, ,721 Year-to-date 1, ,717 % Change n/a ** 0.1 COMPLETED & NOT ABSORBED ember % Change n/a n/a n/a ABSORBED ember % Change n/a n/a n/a Year-to-date 1, ,770 Year-to-date 1, ,759 % Change ** Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 11

12 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 n/a n/a Year-to-date Year-to-date % Change -8.2 ** UNDER CONSTRUCTION ember % Change COMPLETIONS ember % Change 70.0 n/a n/a n/a n/a n/a n/a 40.6 Year-to-date Year-to-date % Change n/a n/a ** COMPLETED & NOT ABSORBED ember % Change n/a n/a n/a n/a ABSORBED ember % Change 20.0 n/a n/a n/a n/a n/a 34.4 Year-to-date Year-to-date % Change n/a 16.7 ** NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey, Market Absorption Survey) Rental Apt. & Other Total* 12

13 Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row 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 Source: CMHC (Starts and Completions Survey, Market Absorption Survey) Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Rental Apt. & Other Total* 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 UNDER CONSTRUCTION New City of Hamilton ,203 ember ,929 Hamilton City ember Stoney Creek City ember Ancaster City ember Dundas Town ember Flamborough ember Glanbrook ember Burlington City ember ,066 Grimsby Town ember Hamilton CMA ,241 ember ,102 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 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey, Market Absorption Survey) Rental Apt. & Other Total* 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 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 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey, Market Absorption Survey) Rental Apt. & Other Total* 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 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 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey, Market Absorption Survey) Rental Apt. & Other Total* 16

17 Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row 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 Source: CMHC (Starts and Completions Survey, Market Absorption Survey) Table 1.1: Housing Activity Summary by Submarket Ownership Freehold Condominium NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Rental Apt. & Other Total* 17

18 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 ,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 % Change n/a , ,108 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 18

19 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 -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 % Change n/a n/a n/a n/a NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) Rental Apt. & Other Total* 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 2 n/a 0 n/a 0 n/a 0 n/a 2 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 899 1, , ,860 3, New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 72 n/a 0 n/a 6 n/a 1 n/a 79 n/a n/a Brantford City NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) 20

21 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 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 - Row Apt. & Other Freehold and Condominium Rental Freehold and Condominium Rental Hamilton CMA 473 1, 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 1 n/a Brantford City NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) 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 2 n/a 0 n/a 0 n/a 2 n/a Brantford City Table 2.5: Starts by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1,240 2, , ,860 3,529 New City of Hamilton 867 1, ,053 2,121 Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City ,242 Grimsby Town Brantford CMA Brant City 78 n/a 0 n/a 1 n/a 79 n/a Brantford City NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) 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 12 n/a 0 n/a 0 n/a 0 n/a 12 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 90 n/a 0 n/a 7 n/a 23 n/a 120 n/a n/a Brantford City NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) 23

24 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 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 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 1, New City of Hamilton Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 7 n/a 0 n/a 21 n/a 2 n/a Brantford City NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) 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 12 n/a 0 n/a 0 n/a 12 n/a Brantford City Table 3.5: Completions by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA 1,723 2, ,721 2,717 New City of Hamilton 1,211 1, ,778 1,662 Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook Burlington City Grimsby Town Brantford CMA Brant City 97 n/a 21 n/a 2 n/a 120 n/a Brantford City NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Starts and Completions Survey) 25

26 Submarket Table 4a: 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 (%) $350,000 + New City of Hamilton , ,435 ember , ,937 Year-to-date , ,266 Year-to-date , , ,233 Hamilton City , ,013 ember , ,431 Year-to-date , ,824 Year-to-date , ,309 Stoney Creek City , ,272 ember , ,006 Year-to-date , ,141 Year-to-date , ,337 Ancaster City , ,717 ember Year-to-date , ,964 Year-to-date , ,221 Dundas Town ember Year-to-date , ,254 Year-to-date , ,571 Flamborough ember , ,900 Year-to-date , ,264 Year-to-date , ,915 Glanbrook ember , ,816 Year-to-date , ,771 Year-to-date , ,443 Burlington City ember , ,770 Year-to-date , ,228 Year-to-date , ,420 Grimsby Town ember Year-to-date , ,515 Year-to-date , ,923 Units Share (%) Total Median Price ($) Average Price ($) Source: CMHC (Market Absorption Survey) 26

27 Submarket Table 4a: 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 (%) $350,000 + Hamilton CMA , ,994 ember , ,993 Year-to-date , , ,600 Year-to-date , , , ,532 Units Share (%) Total Median Price ($) Average Price ($) Source: CMHC (Market Absorption Survey) 27

28 Submarket Units Share (%) $125,000 - $149,999 Share Units (%) $150,000 - $174,999 Share Units (%) $175,000 - $199,999 Share Units (%) Brant City , ,090 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 , ,207 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 , ,602 ember , ,150 Year-to-date , ,506 Year-to-date , ,938 Brantford CMA , ,098 ember , ,640 Year-to-date , ,081 Year-to-date , ,849 NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford Source: CMHC (Market Absorption Survey) Table 4b: Absorbed Single-Detached Units by Price Range Price Ranges < $125,000 $200,000 + Median Average Total Price ($) Price ($) Share Units (%) 28

29 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket % Change % Change Hamilton CMA 375, , , , New City of Hamilton 379, , , , Hamilton City 357, , , , Stoney Creek City 344, , , , Ancaster City 449, n/a 527, , Dundas Town n/a 455, , Flamborough ,900 n/a 403, , Glanbrook ,816 n/a 330, , Burlington City ,770 n/a 603, , Grimsby Town n/a 351, , Brantford CMA 334, , , , Brant City 395,090 n/a n/a 351,207 n/a n/a Brantford City 303, , , , NOTE: In 2007 the Brantford CMA includes the former Brantford CA and the former City of Brant while in 2006 data refers to the Brantford CA only Source: CMHC (Market Absorption Survey) 29

30 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 ,185 1,608 1, , ,078 February ,111 1,514 1, , ,081 March 1, ,053 1,617 1, , ,349 April 1, ,100 2,272 1, , ,544 May 1, ,115 2,179 1, , ,298 June 1, ,049 1,888 1, , ,839 July 1, ,029 1,776 1, , ,174 August ,539 1, , ,430 September ,886 1, , ,591 October ,664 1, , ,573 November ,214 1, , ,043 ember , , ,329 January ,435 1, , ,456 February ,368 1, , ,854 March 1, ,754 1, , ,942 April 1, ,851 1, , ,745 May 1, ,030 1,754 1, , ,933 June 1, ,153 1,690 1, , ,648 July 1, ,097 1,594 1, , ,946 August 1, ,116 1,383 1, , ,884 September 1, ,143 1,606 1, , ,381 October 1, ,164 1,435 1, , ,451 November 1, ,227 1,216 1, , ,037 ember , , , ,415 Q4 2, , , Q4 2, , , , , , , , , 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 30

31 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 , ,059 February , ,788 March , ,349 April , ,005 May , ,513 June , ,970 July , ,900 August , ,322 September , ,430 October , ,404 November , ,947 ember , ,660 January , ,445 February , ,004 March , ,260 April , ,363 May , ,551 June , ,577 July , ,745 August , ,920 September , ,298 October , ,694 November , ,341 ember , ,077 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 31

32 Table 6a: Economic Indicators ember 2010 Interest Rates Hamilton Labour Market NHPI, Total, CPI, 1992 Mortage Rates Hamilton P & I =100 Average (%) CMA Employment Unemployment Participation Per (Ontario) Weekly 1 Yr. 5 Yr. 1997=100 SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term January February March April May June July August September October November ember January February March April May June July August September October November ember "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) 32

33 Table 6b: Economic Indicators ember 2010 Interest Rates Brantford Labour Market NHPI, Total, CPI, 1992 Mortage Rates Hamilton P & I =100 Average (%) CMA Employment Unemployment Participation Per (Ontario) Weekly 1 Yr. 5 Yr. 1997=100 SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term January February March April May June July August September October November ember January February March April May June July August September October November ember "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 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, September and ember). 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, September and ember). 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. 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 2006 Census area definitions, except the Economic Indicators data (Table 6) which is based on Statistics Canada s 2001 Census area definitions. 35

36 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 available for free on CMHC s website. You can 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; 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. 36

37 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 n Seniors Housing Reports - Supplementary Tables, Regional 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. Discover Affordable Housing Solutions CMHC s Affordable Housing Centre works with the private sector and industry professionals to develop affordable housing solutions in communities across Canada. Learn more about our programs, successful projects, or contact an expert.