Housing prices in Hamilton rise 2 per cent in August
Price hike larger in Hamilton than national average
Hamilton saw the third highest spike in housing prices in the country in August, according to new figures released today.
At a 2 per cent rise last month, Hamilton was one of four markets that exceeded the countrywide index, behind Toronto (2.8 per cent), Victoria (2.2 per cent) and ahead of Vancouver (1.7 per cent).
Nationally, prices were up 1.5 per cent.
Prices in Hamilton have risen in each of the last six months, according to a report from Teranet and the National Bank of Canada.
Year to year, housing prices in Hamilton have shot up 12.96 per cent.
In the same time period, prices rose 14.59 per cent in Toronto, and 25.75 per cent in Vancouver.
In July, the Canada Mortgage and Housing Corporation (CMHC) named Hamilton to its list of cities it considers "strongly overvalued."
"In the Hamilton [census metropolitan area], home prices are higher than fundamental drivers such as population, employment and income would warrant," the CMHC said in a report.
The federal agency said the ratio of sales to new listings in Hamilton in the first quarter of this year was 84 per cent — the highest quarterly level on record, and well above the 75 per cent threshold used to identify evidence of overheating.
"Many homebuyers come to Hamilton from elsewhere and as such, add to sales but not to listings even when they are repeat buyers," the CMHC said.
According to that report, Vancouver and Toronto are both concerning markets.
The Teranet index released today says prices were also slightly up last month in Ottawa-Gatineau (0.8 per cent), Halifax (0.7 per cent) and Edmonton (0.4 per cent).
Meanwhile, prices were down from the month before in Winnipeg (−0.1 per cent), Calgary (−0.2 per cent), Montreal (−0.8 per cent) and Quebec City (−1.9 per cent).