Hamilton home prices may rise if mortgage rate drops: CMHC

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.

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