The Best Mortgage Rates in Hamilton

Hamilton Key Stats

• Hamilton population (2011): 519,949
• Dwelling units (2011): 214,542
• Employment Level (2012): 379 400
• Unemployment Rate (2012): 6.4

Source: Stats Canada, CMHC

Hamilton Mortgage Rates to Moderate in 2013

Mortgage rates are expected to remain at historical lows for the first portion of 2012 before moderating later in the year. The CMHC forecasts that the one-year posted mortgage rate will be within the 3.1 to 3.6 range, with five-year posted rates in the range of 5.0 to 5.4 per cent. Rates are expected to rise in 2013 to 3.5 to 4.1 per cent for one-year, and 5.1 to 5.6 per cent for five-year mortgage rates.
Source: CMHC

Hamilton 2012 Housing Market Outlook

The Hamilton housing market is mainly affected by migration from the GTA as prospective home buyers search for single-detached and townhouse units in a less expensive market. 2012 MLS sales are expected to remain steady, but will see fewer new listings. This is anticipated to increase with projected stronger economic and employment conditions in 2013. The growing housing needs from local education and post-secondary institutions will also contribute to this demand.

While sales are expected to remain steady, Hamilton is experiencing a seller's market as available listings are quite limited, with average new home listings decreasing by approximately nine per cent to 19,000 units. The shortage is especially high in the multi-family housing market as current occupants appear to be in no rush to move up in the market. This lack of availability is impacting affordability in this region, with the average resale price to rise to $341,000 in 2012. Single detached prices are anticipated to rise to $525,000.

Source: CMHC Housing Market Outlook

Hamilton Housing Market & Mortgage Rate Forecast

• Population: 739,400 (Stats Canada 2009)
• Unemployment rate 8% in 2010 and forecast to be lower in 2011.
• Job growth expected to be supported by health and energy sectors.
• Higher wages are forecast for 2010.
• Migration will be the primary source of increase in population in 2011.

Hamilton Mortgage Rates Will Slowly increase in 2010

The CMHC best case scenario, expect mortgage rates will continue to slowly increase in 2010 with a one year mortgage rate to be in the 3.6 to 4.8% range and the three and five year mortgage rates to be in the 4.2 to 6.7% range. In 2011, CMHC forecasts that the one year mortgage rate will be in the range of 5.0 to 6.0% whereas, the three and five year mortgage rate will be in the range of 5.6 to 7.2%. However, if the economy recovers at a faster rate than expected, mortgage rates may increase at a more rapid rate.

Hamilton 2010 Housing Outlook

The CMHC believes that MLS sales will reach 13,600 units in 2010 and starts reaching 3,000 units. New listing will increase by 4% with over 18,000 in 2010. However, the listing growth is expected to slow in 2011. Home prices are expected to rise 8% to $315,000 in 2010 and a 3% increase is forecast for 2011.

CMHC Hamilton housing market & Hamilton mortgage rate forecast