At this year's seminar, entitled 'Profiling Hamilton's Echo Boomer', CMHC market analysts explained how the Echo Boomer demographic will influence homebuying trends in Hamilton and provided an in-depth housing market forecast for 2014.
"The strong rebound in first-time buyer demand will continue to help keep Hamilton's resale market active through the first half of 2014. This will allow existing owners to sell their homes and make second round purchases. In recent years, Hamilton has seen an increase in the number of Echo Boomers bypassing the rental market and moving directly to homeownership," said Abdul Kargbo.
Other Key Information on Hamilton Real Estate Which was included in the Report:
- Existing home sales will remain strong through the first half of 2014.
- Average house price will grow slightly above inflation in 2014.
- Housing starts will rebound in 2014, reflecting lower inventories and steady population increase.
- Average rental apartment vacancy rate will trend lower in the next two years.
- Job creation will pick up in 2014, as some major manufacturing projects open.