With 2016 now in the rear-view mirror, it’s time to look at how the housing market performed in comparison to 2015 in Brampton.

As mortgage professionals, whether you’re interested in a Brampton refinance, renewal or buying your first home, our team at Lotus Loans will take care of your needs.

December 2016 ended the year with a bang in the Brampton housing market. Home sales increased from 455 in December 2015 to 546 in December 2016 as each housing type, except for condominium townhouses, experienced a rise in sales.

Additionally, we saw the average number of days that a home spent on the market drop to 17 days last month after December 2015 had an average of 23 days. With the average sale price on a home up to $614,102 and the number of active listings down to 362 units, the average sale-to-listing price reached 100% in December 2016.

The numbers recorded in the final month of 2016 were an accurate indication of how the rest of the year performed compared to 2015.

The total dollar amount generated from all home type sales was $6.41 million, up from 2015 when the total dollar amount from sales was $4.57 million. With these numbers in mind, it’s no surprise that total sales experienced a significant increase of its own year-over-year. In 2016 there were 10,964 homes sold in Brampton after 9,365 units were sold the previous year.

Also contributing to the large jump in the total sales amount was the average sale price on a home. After owning an average selling price of $488,497 in 2015, the price jumped to $584,676 last year. There were also more new listings in 2016 than there were in 2015, with the total number coming in at 14,627 for 2016.

In 2015, a typical home in Brampton took 18 days to sell. However, in 2016, this number fell to just 13 days, pointing to the rise in demand the city has experienced over the past 12 months.

The average sale-to-listing price ratio jumped 2% year-over-year, going from 99% to 101%.

Brampton has consistently been known as one of the most affordable cities in the Greater Toronto Area with many people choosing to relocate to the area. Its proximity to Toronto combined with it lower housing prices have certainly made it easier to sell your home fast and an attractive place to move to.

With the cost of homes continuously increasing, it’s uncertain how long Brampton will remain one of the more affordable cities in the GTA. With 2017 now in full effect, it will be interesting to see how the market performs moving forward.

If you’re interested in buying or selling a home in the area, consulting a Brampton mortgage broker at Lotus Loans is a great choice. In a Brampton housing market that is growing so quickly, seeking professional advice and guidance is the safest way to ensure you get a great deal.

Whether you’re buying a home for the first time, renewing, seeking debt consolidation or interested in a Brampton refinance, the Lotus Loans team is here to help!

For more information, contact our team today!

Source: http://www.breb.org/uploads/userfiles/1484584677_Peel-Dufferin_1612.pdf

Source: http://www.breb.org/uploads/userfiles/1452873412_Peel%20Region%20Market%20Stat.%20Dec%202015.pdf