As mortgage agents in Brampton, it is our duty to stay up-to- date on the latest Brampton mortgage and real estate statistics and trends so that we can be prepared as best as we can to serve you. We are always researching, evaluating and anticipating current and possible future trends.
In March 2016, the average price for a detached home in Brampton was $644,611 and spent an average of 12 days on the market. In comparison, the average price for a detached home in the same month in 2015 in Brampton was $555,577 at 15 days on the market on average, while in March 2014 the price was $499,749 at 21 days on the market. As you can see, Brampton is continuously becoming a popular place to purchase homes year after year. From the month of March in 2014 to 2016, the average price for detached home has increased $144,862 while spending 9 days fewer on the market.
It’s not only detached homes that are seeing price increases, however. For many years the price of homes overall have seen a rise in Brampton. In 2012 the average price on a home (all home types) was $404,140. The following year, in 2013, this number rose to $420,847 and again to $444,007 in 2014. Last year, the average price was $488,497 and so far in 2016 it is $542,388.
The overall number of sales of homes in Brampton has grown significantly over the past few years. In 2014 sales reached 8,332 units for a total of $3,699,462,399 and in 2015 those numbers jumped to 9,365 units and $4,574,774,359. In the first three months of 2016, Brampton has already seen 2,290 homes sold.
Brampton remains one of the fastest growing cities in Ontario. With such consistent price jumps the Brampton market may not seem like a great buy for prospective buyers. However, it’s quite the opposite. The real estate market in Brampton has experienced an upwards trend consistently for years, something that isn’t all too common as most markets experience upwards and downwards trends over time. That’s not to say that prices in Brampton are necessarily going to drop, but it does display how popular the market has been and how it continues to grow.
The city has seen a high number of first-time home buyers as many people are leaving high-priced Toronto for a more affordable area, such as Brampton. Though demand is exceptionally high supply is also rising. The average number of days on market has decreased every year since 2012 and sellers are generally getting more than 98% of what their original asking price was. So far in 2016, sellers are receiving 100% of their asking price on average. Last year sellers experienced getting 99% of their initial listing price, a number that is expected to rise even further.
Whether you’re looking to buy or sell in Brampton, you can’t really lose!
With such a competitive market, it is a good idea to consult a Brampton mortgage professional before you go shopping for that home in order to ensure you are fully prepared and aware of what you can afford. Allen Hubble is a Brampton mortgage agent who can assist you with reviewing your current financial situation, detailing all of your possible options and ultimately help you position yourself for short and long-term success. If you’re looking to buy or sell, Allen can help you. For more information or to get started today, contact me!