Housing starts in Hamilton area up slightly in August

Despite slight increase over July, six-month average shows downward trend

CBC News

Posted: Sep 10, 2013 10:36 AM ET

Last Updated: Sep 10, 2013 10:35 AM ET

 

Housing starts in the Hamilton area went up slightly in last month, according to new numbers form the Canadian Mortgage and Housing Corporation.

The seasonally adjusted rate of new housing starts in the Hamilton Census Metropolitan Area, which includes Burlington and Grimsby, sat at 2,019 units in August, up from 1,785 in July.

But the CMHC said the numbers don't do enough to buck the general downward trend the Hamilton area is experiencing.

In a report released on Tuesday, the CMHC said housing starts in the Hamilton area were trending at 2,828 units in August, down from 3,069 units in July. The trend is established by taking a six-month average of seasonally adjusted annual rates in housing starts.

"The decrease has mostly been due to weaker construction of townhouses in the City of Hamilton," said Abdul Kargbo, a CMHC market analyst, in a statement.

Conversely, townhouse starts in Burlington were up slightly, he said.

Sales still hot

The CMHC numbers came out a day after the Realtors Association of Hamilton-Burlington released its housing sales numbers for August.

The report also shows that sales in the Hamilton area increased by more than 10 per cent in August compared to July and by 8.8 per cent compared to August 2012.

Meanwhile, the average property sale price saw a 5-per-cent leap from last August to $383,561, but it's slightly down from the previous three months.

New listings increased by 8 per cent in August compared to the same time a year ago, according to a monthly report by the Realtors Association of Hamilton-Burlington (RAHB). But the association's president says there is still a gap between supply and demand.

"We are into a seller's market right now," RAHB president Bruce Moran said on Monday. "The shortage of listings makes it tougher for the buyer."

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