Hamilton housing start trend remains steady in April
Construction of detached homes, apartments offsets decline in townhouse starts: CMHC
Housing start numbers in the Hamilton area remained steady in April, according to new data from the Canadian Mortgage and Housing Corporation (CMHC).
The number of starts in the Hamilton Census Metropolitan Area (CMA), which includes the cities of Hamilton and Burlington and the Town of Grimsby, was trending at 2,186 units last month, down slightly from 2,226 units in March.
The measure is based on a six-month moving average of seasonally adjusted monthly rates.
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“Strong single-detached and apartment construction offset a decline in townhouse starts,” said Abdul Kargbo, a senior market analyst for the CMHC, in a Thursday news release.
"No semi-detached housing starts occurred anywhere in the Hamilton CMA," he said.
Stand alone starts for the month of April were down to 1,759 from 2,325, a decrease of about 24 per cent. However, the CMHC notes that monthly housing start numbers can vary greatly from one month to the next and don’t necessarily reflect the current overarching trend.
In fact, Kargbo said that economic conditions suggest an uptick for housing starts is in store for the Hamilton area.
“An improving economy, low mortgage rates, and better weather conditions will support housing demand going forward,” he said.