A three-year forecast from Canada’s housing agency suggests higher prices could be driven by increased home sales should mortgage rates drop.
A three-year forecast from Canada ’s housing agency is suggesting home prices across Hamilton are likely to rise with the possibility of mortgage rates dropping in late 2024.expects “pent-up demand” will force buyers “off the sidelines” and create a market similar to what was seen in early 2021.
“You won’t see that instantaneous reaction on the supply side … but probably on the resale market,” Passarelli explained.“Home construction generally lags in the market a bit, so those higher rates that have happened the last couple of years aren’t reflected in the new home market ’til about a year or two later.”
“We expect that situation to continue, maybe a bit higher for vacancies, but still low with a lot of pressure on rents,” said Passarelli.There were just over 1,000 sales in April, seven per cent fewer than in 2023 and well below long-term trends. Detached homes in Flamborough, Dundas, Ancaster and Waterdown produced average prices of over $1 million while Hamilton Centre had prices in the $570,000 range.
Hamilton Housing Market Hamilton Real Estate Canada Economy Money
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
B.C. homebuilding going to drop off before rebounding next year: CMHCCanada Mortgage and Housing Corporation also expects vacancies to remain low and rents high
Read more »
Housing starts down seven per cent in March from February: CMHCCanada's construction news
Read more »
Housing starts down seven per cent in March from February: CMHCOTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February.
Read more »
Housing starts down seven per cent in March from February: CMHCOTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February.
Read more »
Housing starts down seven per cent in March from February: CMHCOTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February.
Read more »
Housing starts down seven per cent in March from February: CMHCCanada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February.
Read more »