To be a leading Brampton mortgage broker, it is important that we know what is going on in the Brampton mortgage and real estate industry and prepare for any potential trends we can expect to see in the future.

Currently, the real estate market in Brampton is red-hot. Housing sales in Brampton experienced double-digit growth, increasing 11.4% over 2015. While the housing price average has increased 6.5% nationally, Brampton has seen above-average growth compared to other cities in the country. Many people are moving to Brampton due to the city’s housing affordability compared to other cities in the Greater Toronto Area.

Here were some of the average prices for select cities in the GTA in May 2016:

  • Toronto: $782,051
  • Markham: $998,584
  • Uxbridge: $751,308
  • Whitby: $603,729
  • Newmarket: $777,634
  • Brampton: $583,671
  • Mississauga: $653,861
  • Vaughn: $963,942
  • Burlington: $702,727
  • Oshawa: $450,220

The average price for cities covered by the Toronto Real Estate Board (the GTA) is $751,908, making Brampton one of the most affordable ones to live in in the area. This is a good thing when considering a Brampton mortgage. Brampton’s home sale numbers back up the fact that people are flocking to Brampton at an exceptionally high rate. In May 2016 there were 1,253 home transactions in Brampton, the third-most of any city within the GTA. Additionally, homes for sale in Brampton generally spend an average of just 11 days on the market for the GTA’s second-lowest average number.

This isn’t just a one-off for the month of May, either. Since January 1 Brampton has seen the third-highest number of sales in the GTA with 4,641 homes sold. Only Mississauga (4,887) and Toronto Central (8,433) have seen more transactions since the beginning of 2016. The average price over the first five months of the year is also one of the lowest in the GTA at a price of $557,009 while the average number of days that a home spends on the market sits at 13.

Two housing types that are boosting Brampton’s numbers are detached and semi-detached homes. In May 2016, Brampton led all GTA cities with 691 detached home sales and 243 semi-detached sales. The availability of these types of homes combined with the reasonable pricing has been a major reason why people are choosing Brampton as their home.

A Brampton mortgage broker, such as one of the ones on our team, can be the guiding hand you need when buying or selling in a competitive market such as the GTA. With Brampton increasing in popularity among new residents and people moving in quickly it would be wise to connect with someone who is familiar with the Brampton mortgage and real estate industry. At Lotus Loans our team is filled with qualified professionals who are some of the leading mortgage brokers in Brampton and can help you secure the rates, terms and pricing you want. If you’re looking to buy or sell in Brampton,

At Lotus Loans, our team is filled with qualified professionals who are some of the leading mortgage brokers in Brampton and can help you secure the rates, terms and pricing you want. If you’re looking to buy or sell in Brampton, contact Neil, Dave and Amit Pahuja today!

Source: http://www.trebhome.com/market_news/market_watch/2016/mw1605.pdf