Brampton Mortgage
If you are looking to purchase a home in the Brampton area, it is important to be familiar with the current residential market. Knowing the statistics and comparing past listing prices to current ones can give you a better understanding of when the best time to obtain a Brampton mortgage is.
So, to help you get started, our team of experts at Lotus Loans & Mortgages have provided a current market update for Brampton.
Market Update
According to zolo.ca, the real estate trends in Brampton have slightly changed over the past twelve months. In June 2018, the average sold price was $699,000, which is a 1.3% decrease from the average sold price in May 2018, and a 2.2% increase from June 2017. With this slight decrease in price over the past month, now would be an excellent time to lock in a rate with your mortgage broker in Brampton before they increase again.
For the number of units sold, there were 378 for detached single family homes, 281 units sold for townhomes, and 49 units sold for condominiums. There were also 1,290 new listings posted in June 2018, with the selling to listing ratio averaging 98%.
About The Area
Comparing the Greater Toronto Area, Brampton is the 17th most expensive town, with the average listing price being $703,000 and the median listing price being $672,000. Brampton is also the fifth fastest growing city in the Greater Toronto Area, with a 9.2% price growth. With an average of 22 days on the market, Brampton is ranked as the fourth fastest selling city compared to the Greater Toronto Area and has the ninth highest turnover rate averaging at 40.5%.
Get Started Today
Familiarising yourself with the area and knowing how the rates have fluctuated over the past year can help you decided when the best time to buy is. For more information on the area or to get started on your home loan application today, please contact your Brampton mortgage broker, the Lotus Loans & Mortgages team, at 905-791-1100.
