As an experienced Brampton mortgage broker, the Lotus Loans team is always monitoring and evaluating the local housing market to pick up any trends that could potentially help our clients.

Sales jumped significantly when looking at this past October and comparing it to October 2015.

For all home types in Brampton, there were 933 units sold last month compared to 762 in October of last year. Detached homes were responsible for 490 sold units in October 2016 while semi-detached and attached/row/townhouses followed with 196 and 127 sales, respectively.

The average sale price on a home in Brampton was another category that took a steep jump. In October 2015, the average home in the area sold for $492,976, a number that today’s homebuyers would love to see. Last month, the average sale price for a home was $610,543, clearly a significant rise.

Additionally, homes sold in an average of 14 days in October 2016, six days quicker than October 2015.

We saw an increase in the number of new listings in October 2016 with 1,307 after there were 1,155 in this month one year ago. However, the number of active listings fell. October 2015 posted 1,096 active listings while October 2016 responded with just 785 according to the Brampton Real Estate Board.

What is the cause for this? We can look at the higher average price combined with the average number of days that a home spends on the market as two quick ways to identify a reason for the fall in active listings. Homebuyers are quickly snatching up homes in Brampton and are often entering bidding wars to do so, driving the price upwards as a result.

Simply take a look at the average sale price to list price ratio for all home types. In October 2015, this ratio was 98%, indicating that sellers were parting ways with their home for slightly less money than they originally asked for. In October 2016, this number was 101%, meaning that sellers, on average, were getting a higher amount than what they listed for.

This has been a trend that we’ve seen throughout most of 2016. Total year-to-date sales on all home types was 9,735 over the first 10 months of the year compared to 8,236 over the same period in 2015. During this same span, the average price was higher in 2016 ($582,176 this year, $488,325 last year) while the average sale to list price ratio was another category that increased (101% this year, 99% last year).

Will these numbers continue their sizzling ways as we enter the final months of 2016? It is yet to be determined. However, based on what we’ve seen thus far in 2016 we can assume that they will.

If you’re looking at buying or selling a home in the area, it’s recommended that you consult a Brampton mortgage broker from the Lotus Loans team. Our team will navigate you through the ultra-competitive Brampton housing market and ensure you get the right mortgage based on your specific situation.

Contact our team today for more information!

Source: http://www.breb.org/uploads/userfiles/1479235355_Peel%20REgion%20&%20Dufferin%20Country.pdf

Source: http://www.breb.org/uploads/userfiles/1450970866_Peel%20Region%20Market%20Stat.%20Oct.%202015.pdf