The Conference says 2014 will be a slower than usual year for Hamilton housing starts, but in the years following, the outlook is for growth. The Conference Board of Canada Housing Starts Flyer looks at housing starts on a monthly basis for 28 CMAs in Canada, of which Hamilton is one. They look at the current month’s starts versus a three and six-month moving average, as well as data from the same month one year ago, to help track the direction these markets are moving in. We also look at expectations for the markets in terms of where we see housing starts headed in the future.
For Hamilton, the report shows starts moving downward over the past year. Says Conference Board Spokesperson Jane McIntyre, “The new home market in Hamilton has been quite busy for the past couple of years, largely due to increased multiple starts as a result of a number of condominium developments. This is not unlike many bigger markets in Canada. With some of these developments now complete, or nearing completion, starts have declined in recent months. “
Overall for 2014, the Conference Board expects Hamilton’s starts will be lower than they were in 2013 due to the decline in multiple starts. Looking ahead through the medium term, however their expectations for Hamilton’s starts are positive, and are based on forecast economic growth and demographic requirements, both of which are anticipated to be healthy.” As a result, “the report concludes, “by next year, it is anticipated that housing starts will increase once again, and they will continue to rise for the next few years as well.”
Hamilton is one of 11 CMAs out of the 28 that do have positive expectations over the medium term. Of the 28 CMAs covered, 8 have negative short- and long-term expectations. That is half the level recorded last month.