As mortgage professionals, the Lotus Loans team is always monitoring the local housing market to see what factors are having an influence on current and future housing trends. Whether you’re a first-time homebuyer or looking for a Brampton refinance, our team is happy to help.

In March 2017, a total of 1,108 homes were sold in Brampton. This was a slight increase from the 1,063 homes sold in March 2016.

Leading the way in home sales last month were detached homes with 619 units sold followed by semi-detached and townhouses with 214 and 132 sold units, respectively. In March of last year, these same three housing types led the way in the residential market.

Although home sales experienced just a slight increase year-over-year, the average sale price took a major jump. In March 2016, the average price a home sold for in Brampton was $550,763. In March 2017, this number skyrocketed to $765,156, providing the city with an average sale-to-list price ratio of 109%.

With these numbers alone, it isn’t hard to see that demand has increased dramatically year-over-year. Adding further to this is the fact that homes sold in five days fewer in March 2017 than they did in March 2016.

These numbers aren’t just a one-month hit, either, as we’ve seen increases through the first three months of the year compared to last.

From January through March 2017, a total of 2,412 homes were sold, up from the 2,290 units sold in the same period in 2016. The average sale price in the first three months of 2017 was $731,793 when it was just $542,388 in the first three months last year, while homes have sold an average of 5 days quicker in 2017.

One of the more interesting statistics can be found in the number of listings in Brampton. From January through March 2017, just 10 more homes were listed than in the same period in 2016, while the number of active listings dropped by 121 units. As we get deeper into the Spring season, we can likely expect these numbers to create an even larger gap when compared year-over-year.

It’s clear that demand is increasing by the month, however, the good news is that supply isn’t drastically dropping. If supply can maintain it’s current levels while demand continues to soar, we could be in for an extremely successful year in the local real estate market.

2017 will surely be an interesting year to watch as we watch the market heat up as much as we’ve seen in recent years.

If you’re considering buying or selling a home, looking for a Brampton refinance, or simply renewing your mortgage, speaking with a broker at Lotus Loans can help give you the advantage you need when navigating this increasingly competitive market.

For more information, contact us today!

Source: http://www.breb.org/uploads/userfiles/1492440426_PeelDufferin.pdf

Source: http://www.breb.org/uploads/userfiles/1461853522_PEEL%20MARCH%2016.pdf