A third-quarter report from Canada Mortgage and Housing Corp. (CMHC) on Wednesday said overvaluation in Hamilton was similar to that of Toronto’s property market. “The sales-to-new-listings ratio was 84 per cent, reaching its highest quarterly level on record and significantly above the 75-per-cent threshold used to identify evidence of overheating,” said CMHC’s Housing Market Assessment report. One of those signposts has been planted just down the road from Toronto in the neighbouring city of Hamilton. There’s no specific data proving Torontonians are moving west on the QEW in search of cheaper housing, said Abdul Kargobo, CMHC analyst for the city of about 520,000 people. The economic development department in Hamilton recently reported its average home price of $451,000 was nearly half that of Toronto’s $940,000.

Source: thestar July 27, 2016 19:20 UTC