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Hamilton Real Estate Market (January 2012)

TOWNHOUSES PUSH STARTS UP IN HAMILTON

TORONTO, February 8, 2012 – Total starts in the Hamilton Census Metropolitan Area (CMA) tripled in January as compared to a year earlier. Warmer than usual weather conditions during the month were favourable to new home construction, and some builders had observed a pickup in sales activity during the fall season which also led to a rise in starts during the early winter season.

Similar to a month earlier, townhouses in each of Hamilton, Grimsby, and Burlington continued to drive new home construction through January. Over half of all starts were of townhouses (most of them were freehold) in new subdivisions, with the largest concentration in the Stoney Creek area of Hamilton. In addition to the rise in townhouse starts, single and semi-detached homes and apartment starts also increased in January. While single-detached homes remain a popular choice in Hamilton, they accounted for just over one-third of all new home starts in January.

“Most of the starts last month were new townhomes in brand new subdivisions in Hamilton, Grimsby, and Burlington,” said Sarah Fong, CMHC Senior Market Analyst for the Hamilton and Brantford area. “More townhouse construction is reflective of low-rise intensification to meet the demographic needs and population growth targets in the Hamilton area,” added Fong.”

Source: Canada Mortgage and Housing Corporation

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