HOUSING NOW Hamilton and Brantford CMAs

Transcription

1 Housing Market Information HOUSING NOW Hamilton and Brantford CMAs Date Released: April New Home Market Low Level of New Home Starts One year after a vigorous recovery in the new home construction market, starts were well below the long term average for the fi rst quarter of for both the Hamilton and Brantford CMAs. Starts declined for all types of housing in both CMAs in the first quarter of. Many home buyers who intended to purchase a home in had moved their purchases Figure 1 ton CMA Housing Starts Hamilt 1,600 1,400 1,200 1, Source: CHMC forward into to avoid anticipated higher mortgage rates and prices. As a result, demand was down in the last half of which led to fewer starts during the first three months of. It should be noted though that in, fi rst quarter starts in the Hamilton CMA were higher than they had been in more than 20 years and this accentuated the current yearover-year decline. In the Hamilton CMA, there were fewer starts in all submarkets Hamilton CMA Housing Starts Down Apartments Townhouses Semi-detached Single-detached Trend Table of Contents 1 New Home Market Low Level of New Home Starts 2 Resale Market Slower Activity in the Resale Market 4 Population and Migration Estimates 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 Figure 2 tford CMA Housing Starts Brant Brantford CMA Housing Starts Down Apartments Townhouses Semi-detached Single-detached Trend homes left unsold during the first quarter as compared to a year ago. New home prices in the Brantford CMA have also risen substantially over the past year, which was partially due to higher builder costs. The price movement in the Brantford CMA was similar to that of the Burlington market. While the average price of a new, single-detached home rose in both Brantford and Brant County in the fi rst quarter, the median price fell, suggesting that there was a smaller subset of homes sold at the upper end of the price scale. Source: CHMC except for single-detached homes in Glanbrook and the City of Burlington. In Glanbrook, new low-rise subdivisions continue to be developed and nearly all of the homes completed there are sold. One of the factors driving sales in this submarket is that new, single-detached homes are priced across a broader range than in other submarkets and consequently appeal to a wider scope of buyers. Demand for homes at the higher end of the price range also drew buyers to the relatively more expensive Burlington market during the first quarter. The median price of a new, singledetached home was over $500,000 in Burlington and the average price was above $750,000, which means that a subset of more expensive homes pulled up the average price. Buyers who were looking for more reasonably priced single-detached homes were able to find homes in Ancaster and Flamborough, where the average price fell as compared to a year ago. For the Hamilton CMA as a whole, the inventories of completed and unsold homes decreased during the fi rst quarter of as compared to a year ago. Decreasing inventories and lower starts levels indicate builders may have been focused on selling off completed homes before embarking on new starts. Also, limited land supply in some markets continued to put a damper on starts. In Brantford, weaker economic conditions translated into more completed Figure 3 amilton MLS Sales, SAAR H 16,000 14,000 12,000 10,000 8,000 Resale Market Slower Activity in the Resale Market Home buying demand recovered somewhat in the Hamilton resale market as sales, on a seasonally adjusted basis, continued to climb from a lowpoint in the third quarter of. Similar to the new home market, many buyers who had expected to purchase Hamilton MLS Average Price and Sales Up Sales, SAAR Price ($000s), SA $350 $300 $250 $200 $150 6,000 $ Source: CREA (MLS ) Note: Sales are seasonally adjusted and are multiplied by 4 to show an annual rate. Prices are seasonally adjusted. 1 MLS is a registered trademark of the Canadian Real Estate Association (CREA). Avg. MLS Price ($000 0s) 2

3 Figure 4 MLS Sales 2,400 2,000 1,600 1, Sales, SAAR Price ($000s), SA homes in had already brought their purchases forward into early in anticipation of higher mortgage rates and prices this year. Listings rose, as sellers responded to the increase in prices since the end of An attempt to sell before mortgage insurance regulations came into effect in also raised listings somewhat early in the quarter. However, sales increased slightly faster than listings and the market tightened somewhat. Brantford MLS Sales Fall Source: CREA (MLS ) Note: Sales are seasonally adjusted and are multiplied by 4 to show an annual rate. Prices are seasonally adjusted. $250 $225 $200 $175 $150 $125 $100 In the Brantford CMA, both buyers and sellers were less active in the first quarter of. The level of activity was more subdued with fewer homes listed and sold this year. The economy in the Brantford area continued to face challenges through the first quarter, although employment increased marginally. The unemployment rate began to rise again from the fourth quarter of, and continued to remain elevated through Avg. MLS Price ($000 0s) the first few months of as more people returned to the labour force. Economic downturns typically affect younger people, who have less work experience. Difficulties in securing stable employment in the Brantford area for this age group have led to a dampening effect on the resale market, which typically includes many first time buyers. Despite relatively less home buying activity during the first quarter of, the sales-to-new listings ratio in both the Hamilton and Brantford CMAs remained elevated above 60 per cent, indicating a sellers market. In line with sellers market conditions, prices rose at rates faster than the rate of inflation, 6.5 per cent and four per cent in the Hamilton and Brantford CMAs, respectively. These indicators suggest that most sellers looking to move-up or down-size were able to sell their home. Prices have been fluctuating in both markets since the end of 2008, with a number of transient factors over this period having pushed and pulled prices in both directions. The average price of an existing home was $328,000 in the Hamilton CMA, and $235,000 in the Brantford CMA. 3

4 Housing market demand and supply depends largely on a growing population. The most recent data from Statistics Canada indicates that the population growth in both the Hamilton and Brantford Figure 5 CMAs continued to accelerate in the period ending June 30,. While a little more than one-quarter of the population 3,500 increase in Hamilton and in Brantford resulted from natural 2,500 increase (when the number 1,500 of births exceeds the number of deaths), the bulk of the rise 500 came from people moving to these areas. In Hamilton, most -500 of the incoming residents -1,500 were immigrants, while most of the movement to Brantford came from other parts of the province. A common trend Population and Migration Estimates Nu umber of People Natural Increase Source: Statistics Canada in both markets was the reduced number of people from both Hamilton and Brantford who left for other provinces in the latest period. Population Growth Components Hamilton Brantford Net Inter-provincial Migration Net Intra-provincial Migration Net International Migration 4

5 N Housing Now - Hamilton and Brantford CMAs - Date Released : April QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts Hamilton and Brantford CMAs Number of Starts (Multiples) Brantford City 4-6 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 7-8 starts 9-10 starts 5

6 N Housing Now - Hamilton and Brantford CMAs - Date Released : April QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts 2-13 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Singles) Brant County Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 6

7 N Housing Now - Hamilton and Brantford CMAs - Date Released : April 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 Total Number of Starts Brant County Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 7

8 N Housing Now - Hamilton and Brantford CMAs - Date Released : April QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend No starts 3-7 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 8-11 starts HIGHWAY Km starts starts 8

9 N Housing Now - Hamilton and Brantford CMAs - Date Released : April QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend 2-25 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Number of Starts (Singles) January - Brant County Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 HIGHWAY Km starts starts 9

10 N Housing Now - Hamilton and Brantford CMAs - Date Released : April QUEEN ELIZABETH WAY Stoney Creek City Grimsby Town HIGHWAY 6 Legend 2-27 starts HIGHWAY 407 HIGHWAY 403 LINCOLN M. ALEXANDER PKY HIGHWAY 6 Hamilton and Brantford CMAs Total Number of Starts January - Brant County Brantford City Flamborough starts Ancaster City Dundas Town Burlington City Hamilton City Glanbrook HIGHWAY 8 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 n/a n/a n/a Year-to-date Year-to-date ,012 % Change n/a n/a UNDER CONSTRUCTION , ,627 % Change n/a COMPLETIONS % Change n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a COMPLETED & NOT ABSORBED % Change n/a n/a 90.8 ABSORBED % Change n/a n/a n/a n/a 30.6 Year-to-date Year-to-date % Change n/a ** n/a n/a 15.4 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 Year-to-date Year-to-date % Change n/a n/a n/a UNDER CONSTRUCTION % Change 70.8 n/a n/a n/a COMPLETIONS % Change n/a n/a n/a n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a n/a 7.1 COMPLETED & NOT ABSORBED % Change 6.5 n/a n/a 70.0 n/a n/a ABSORBED % Change n/a n/a n/a n/a Year-to-date Year-to-date % Change n/a 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 , ,483 Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington ,089 Grimsby Hamilton CMA , ,627 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 3 n/a 0 n/a 0 n/a 0 n/a 3 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 9 n/a 0 n/a 0 n/a 0 n/a 9 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 3 n/a 0 n/a 0 n/a 3 n/a Brantford City Table 2.5: Starts by Submarket and by Intended Market January - Freehold Condominium Rental Total* Submarket Hamilton CMA ,012 City of Hamilton Former Hamilton City Stoney Creek City Ancaster City Dundas Town Flamborough Glanbrook City of Burlington Grimsby Brantford CMA Brant County 9 n/a 0 n/a 0 n/a 9 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 1 n/a 0 n/a 0 n/a 0 n/a 1 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 35 n/a 0 n/a 0 n/a 0 n/a 35 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 0 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 1 n/a 0 n/a 0 n/a 1 n/a Brantford City Table 3.5: Completions by Submarket and by Intended Market January - 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 35 n/a 0 n/a 0 n/a 35 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 , , , ,553 Year-to-date , ,173 Year-to-date , ,016 Former Hamilton City , , , ,827 Year-to-date , ,046 Year-to-date , ,420 Stoney Creek City , , Year-to-date , ,640 Year-to-date , ,221 Ancaster City , , , ,133 Year-to-date , ,868 Year-to-date , ,891 Dundas Town Year-to-date Year-to-date Flamborough , , Year-to-date , ,395 Year-to-date , ,456 Glanbrook , , , ,687 Year-to-date , ,990 Year-to-date , ,968 City of Burlington , , , ,886 Year-to-date , ,783 Year-to-date , ,692 Grimsby , ,000 Year-to-date , ,067 Year-to-date , ,844 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 , , , ,120 Year-to-date , ,221 Year-to-date , ,623 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 , ,706 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 Year-to-date , ,625 Year-to-date , ,155 Brantford CMA , ,955 Year-to-date , ,537 Year-to-date , ,464 Source: CMHC (Market Absorption Survey) 29

30 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket % Change % Change Hamilton CMA 447, , , , City of Hamilton 388, , , , Former Hamilton City 433, , , , Stoney Creek City 369, n/a 465, , Ancaster City 378, , , , Dundas Town n/a n/a Flamborough 403, n/a 396, , Glanbrook 360, , , , City of Burlington 696, , , , Grimsby ,000 n/a 351, , Brantford CMA ,955 n/a 408, , Brant County -- n/a n/a 464,706 n/a n/a Brantford City n/a 326, , 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 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 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 1, ,125 2,217 1, , ,232 April May June July August September October November December Q1 3, , , Q1 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 , , , ,094 April , ,132 May , ,030 June , ,660 July , ,843 August , ,910 September , ,942 October , ,774 November , ,212 December , ,831 January , ,435 February , , , ,243 April May June 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 April May June July August September October November December January February April May June 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 April May June July August September October November December January February April May June 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, June, 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, June, 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 65 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 housing solutions 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. 37

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