Brampton is still sizzling!
The Toronto Real Estate Board (TREB) has unveiled its statistics for the month of June and the housing market continues to be as strong as ever in the city of Brampton.
June finished off a strong spring by recording similar numbers to those posted in May, although there were slight changes. Home sales dropped from 1,253 in May to 1,230 in June while the average price for an all-residential home increased to $592,657, just shy of $10,000 higher than the month earlier. The number of active listings also dropped, going from 717 to 682 month-over-month and continuing the trend we’ve seen so far this year.
The TREB is witnessing record-level demand while supply remains significantly low and limiting would-be purchasers from buying. The lack of supply combined with sky-high demand has been the main factor in rising home prices. Now is an ideal time for buyers and sellers to work with a Brampton mortgage broker, such as Allen, as he will be able to navigate you through an extremely competitive and growing market.
To this point in 2016, Brampton remains the Greater Toronto Area’s third-highest city for home sales. Through the first six months of the year Brampton has seen 5,852 homes sold, trailing only Toronto Central (10,716) and Mississauga (6,234). Despite its average price jump from May to June, Brampton still remains one of the more affordable cities in the GTA thanks to a year-to-date average price of $564,495 while it is also one of the faster selling markets with an average of 13 days spent on the market.
Brampton has many attractive characteristics that are luring people to the city. The fact that it is a short drive to Pearson International Airport as well as downtown Toronto makes it a convenient area to settle without paying big costs. The city’s renewed effort at reclaiming its title of “Canada’s Flower City” combined with its abundance of parkland make it a beautiful place for a family to grow. Additionally, with more than 8,000 businesses located within, Brampton also attracts driven business people.
As people continue to battle for real estate in Brampton, it is important that you have a qualified, experienced professional on your side that can help guide you. Allen Hubble is extremely familiar with the area and has established many relationships over the years with lenders and realtors who will help you reach your dreams.
Detached homes were once again the most popular type of house to buy in June as 675 units were sold. Following behind were semi-detached homes (250 units), condominium townhouses (89 units) and condominium apartments (65). Not surprisingly, detached home sales also totalled the highest amount of volume by raking in $467,386,111 for the month of June.
While the Brampton market remains hot and demand continues to outdo supply, Allen can help calm the waters and set you up with your perfect home. Whether you are looking to buy, sell or refinance, Allen has area knowledge and the experience to get you exactly what you are looking for.
For solutions to all of your Brampton mortgage needs, speak to Allen today!