Best mortgage rates - Hamilton

Toronto area (including Hamilton) Mortgage Rates Will Remain Relatively Flat

The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Hamilton Housing Association Market Outlook that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels.

For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50- 7.50 per cent range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50 per cent range.

Hamilton 2008 Housing Outlook

The CMHC believes that average single-detached home prices in Hamilton will rise in response to rising construction costs. Last year, the average price of new single detached homes fell by 7 per cent in Hamilton, following several years of strong price appreciation.

Following several years of a very good sellers' market, Hamilton's housing market is expected to cool down in 2008. Slower employment growth and rising mortgage carrying costs will dampen demand from home buyers. Home sales in Hamilton are expected to fall 7 per cent to 12,900 sales similar to levels seen prior to the housing boom in 2004.

CMHC Hamilton housing market & Hamilton mortgage rate forecast

Source = CMHC
MLS = Multiple Listings Service