Hamilton's hot housing market may be showing signs of slowing, at least in terms of housing starts, according to the latest report from the Canada Mortgage and Housing Corporation (CMHC).
March's 455 housing starts is less than a quarter of starts compared to a 2013 and 2012 March numbers in Hamilton, dragging the six-month trend line down in the process.
"The trend in Hamilton CMA total housing starts declined in March 2015, as builders continued to adjust activity in order to manage inventory levels," said Abdul Kargbo, CMHC's senior market analyst for Hamilton and Brantford. "The number of newly completed and unoccupied units has been relatively high since December 2014. In the coming months, however, warmer temperatures and a pickup in demand during the busy spring season will help stabilize residential construction in Hamilton."
Despite the slow March, Kargbo said Hamilton still holds a price advantage over its costly neighbours east of the city.
"Consequently, the average home price gap between Toronto and Hamilton remains wide enough to encourage some buyers to move to Hamilton," said Kargbo.
March's 455 housing starts in March is down from 1,138 unit starts in February.
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