Hamilton housing starts stable in November: CMHC

Hamilton's housing market is stable thanks to residential construction, according to the Canada Mortgage and Housing Corporation.

Housing starts in the Hamilton census metropolitan area (which includes Burlington) remained steady at 2,475 units in November compared to 2,499 in October, the CMHC says.

"The trend in Hamilton CMA total housing starts was practically unchanged in November 2013 compared to the previous month," said Abdul Kargbo, CMHC's senior market analyst for Hamilton and Brantford CMAs.

"This November marked the highest number of apartment starts in the City of Hamilton since January 2013," Kargbo said. "The pace in residential construction during the past two months has been signaling a stable housing market in Hamilton."

Kargo also predicts Hamilton's housing market will remain healthy next year with average prices increasing slightly above inflation. CMHC market analysts say the "echo boomer" demographic is starting to influence home buying trends in Hamilton. Echo boomers are people born from 1982 to 1995.

"The strong rebound in first-time buyer demand will continue to help keep Hamilton's resale market active through the first half of 2014," he said. "This will allow existing owners to sell their homes and make second round purchases.

"In recent years, Hamilton has seen an increase in the number of Echo Boomers bypassing the rental market and moving directly to homeownership."

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