The winter season may not seem like the most popular time to buy a home. That is because most buyers tend to wait for the spring or summertime to make a purchase. The problem with waiting to buy a home is that everyone is waiting. That means there could be an influx of buyers in the spring and summer, which will create a higher demand for homes. An increase in demand also means an increase in price and will create more competition.

Instead of waiting, consider purchasing a home now so you benefit from the currently low housing prices and receive competitive rates on your Brampton home loan. You will also avoid having to deal with a competitive market, which means you can take your time finding the perfect home without feeling rushed to make a decision.

So, to help you get started, your local Brampton mortgage broker Lotus Loans & Mortgages has listed the most current market update for the local area.

Brampton Market Update

In reference to one of the best sites for market statistics, Zolo.ca states that the current average sold price in Brampton for February 2019 is $689,000. This price has dropped 1.7% compared to the average price in January. However, compared to the average sold price in February 2018, the current sold price has risen by approximately 3.3%.

Housing prices are expected to get more expensive throughout the year, which means you should act now. With prices temporarily on the decline compared to the previous month, you could benefit from this decline plus low rates on your Brampton mortgage by purchasing a home now.

As for the local inventory statistics, there have been 763 new listings over the past month, which means you have a variety of different homes to choose from. 459 homes have also sold within the past month, supporting the fact that Brampton has a healthy and stable market.

Homes also spend an average of 28 days on the market before they are sold and the selling to listing ratio is at 98%.

Contact Us

Brampton is an excellent area to purchase a home and make an investment for your financial future. If you would like to receive more information on the current market statistics for the area or if you are interested in applying for a Brampton mortgage, please contact the Lotus Loans & Mortgages team at 905-791-1100.