Brampton Real Estate Market Update 2016

Brampton Real Estate Market Update–May 2017Brampton real estate market update

NEWS ABOUT MARKET as of May 1, 2017

1. Semi-detached homes in Brampton RANGE 400,000 to $700,000

2.  Detached homes with at least 1 garage in Brampton RANGE $600,000 to $750,000

3.  Detached homes in Brampton RANGE $750,000 to $1 MILLION

1.  Semi-detached homes in Brampton RANGE 400,000 to $700,000:

                In January,  February, March AND April of 2017 – Semi-Detached homes:

                Total Listings:    797
Total Solds:        548                                                                                                                                         68% sold             

                January,  February,  March 2017 – Semi-Detached homes: FIRST QUARTER of 2017

                Total Listings:    424
Total Solds:        359                                                                                                                                         84%  sold

                April  2017 Semi-Detached homes:

                Total Listings:    373
Total Solds:        189                                                                                                         BIG DROP            50%  sold
PAST 15 Days has showed a huge slow down in the Real Estate market in Brampton:

                Total Listings:    246
Total Solds:         92                                                                                                          HUGE DROP       37%  sold

In 2016 MLS had fewer listings but MLS sold very close to the same number of homes as in 2017. NOW MLS 7has almost TWICE the number of listings but are still selling the same number of homes.  Today’s market gives the BUYERS more choice of homes to look at and there ARE fewer multiple offers.  We see in our own office that the number of listings have increased, the number of appointments per listing has reduced, the number of OPEN HOUSES being done by listing agents has increased…just drive around Brampton and see for yourself.  Another good indicator is the number of pages in the Brampton Guardian that have real estate listings AND the number of those listings doing open houses increased.  Agents are not getting as many showings from other agents on their listings so they have to do open houses to get more people through.  WE see more listings terminated and RE-LISTED at lower prices now too.  At the beginning of the year THE WILDING TEAM did open houses because agents were too busy and they would send their Buyers to look at open houses on their own and then call when they saw something they liked. 

It is our opinion that the market has slowed down based on the statistics supplied and the feeling we are getting during our open houses this past month.  We hear from Buyers that they were frustrated in the first quarter with the bidding wars and missed out on homes BUT now they all see more listings come out daily so they want to see everything before making a decision.  They want the most BANG for THEIR BUCK…since prices are much higher than a year ago.  The more listings that come out the more level the playing field and the SELLER’s will have to drop prices to attract more buyers BUT they are NOT going to get into bidding wars so you have to be careful the LIST PRICE you choose.              

ALSO:  In the past month we have encouraged Seller’s to sell first with a longer closing AND then BUY due to the change in the market.  WHY?  You can still sell as high as the market will bear BUT buying later could mean you pay less for the house you want.  By the way THIS scenario will keep going AND will filter to the outer areas of the GTA too.  

IF calculating a move and costs WE would suggest you use a lower SOLD price on your home at this time….
BE SAFE NOT SORRY!

Debbie & Alison Wilding, Sales Representatives                                 “FULL TIME REALTORS WITH RESULTS”

RE/MAX Realty Services Inc. Brokerage                                                              www.TheWildingTeam.com

B: 905-456-1000 or Debbie’s C: 416-562-1220

2.  Detached homes with at least 1 garage in Brampton RANGE $600,000 to $750,000:

In January,  February, March AND April of 2017 – Detached homes with at least 1 garage:

                Total Listings:    890
Total Solds:        569                                                                                                                                         63% sold             

                January,  February,  March 2017 – Detached Homes with at least 1 garage: FIRST QUARTER of 2017

                Total Listings:    478
Total Solds:        387                                                                                                                                         80% sold

                April  2017 Detached Homes with at least 1 garage:

                Total Listings:    412
Total Solds:        182                                                                                                         BIG DROP              44% sold
PAST 15 Days has showed a huge slow down in the Real Estate market in Brampton:

                Total Listings:    286
Total Solds:         80                                                                                                          HUGE DROP         28% sold

3.  Detached homes in Brampton RANGE $750,000 to $1 MILLION:

                In January,  February, March AND April of 2017 – Detached homes: ($750,000 to $1 Million)

                Total Listings:    1323
Total Solds:        845                                                                                                                                         63% sold             

                January,  February,  March 2017 – Detached Homes: ($750,000 to $1 Million)

                Total Listings:    570
Total Solds:        706                                                                                                                                         80% sold

                April  2017 Detached Homes with at least 1 garage: ($750,000 to $1 Million)

                Total Listings:    617
Total Solds:        275                                                                                                         BIG DROP            44%  sold
PAST 15 Days has showed a huge slow down in the Real Estate market in Brampton:

                Total Listings:    286
Total Solds:         80                                                                                                          HUGE DROP       33% sold

 

Brampton Real Estate Market Update–2017Brampton real estate market update

The Wilding Team Analysis of the Brampton Real Estate Market from MLS

NOTE these figures include Condo apartments & townhouses, freehold townhouse, semi-detached and detached homes.

MLS sold statistical Summary for 2016 (2017)

End of Month:                        Active listings:                   SOLD/month:          AVG Sold Price:                AVG $ Increase in 1 yr:
Jan (2017)                                                305                                            531                           $670,078                                +$150,446
       2016                                                    611                                             495                           $519,632                               

Feb (2017)                                                326                                             48                            $626,560                                +$ 80,042
       2016                                                    680                                             659                           $546,158                               

Mar (2017)
       2016                                                    726                                             1068                        $550,763

Apr (2017)
       2016                                                    783                                             1113                        $555,401

May (2017)
       2016                                                    716                                             1253                        $583,671

June (2017)
       2016                                                    682                                             1230                        $592,657

July (2017)
       2016                                                    773                                             1044                        $603,822

Aug (2017)
       2016                                                    780                                             1037                        $601,060

Sept (2017)
       2016                                                    840                                             941                           $619,159

Oct (2017)
       2016                                                    782                                             933                           $610,543

Nov (2017)
       2016                                                    715                                             711                           $598,251

Dec (2017)
       2016                                                    356                                             546                           $614,102

 

 Brampton Real Estate Market 2017….So Far

In the Brampton real estate market, we normally have a slow winter for Jan and Feb, but it starts to get people thinking about selling their homes and moving. In 2015 we started the year with a January month end with 733 listings and then it slowly increased each month until September while in 2016 we started the year off with fewer listings and did not increase the number of listings which made it difficult for Buyers trying to find a home.

In 2017 we were faced with new Government qualification stipulations called a STRESS TEST which was implemented to make sure that anyone buying a home this year had to qualify on a FIVE YEAR rate of interest even if they were going to take a 2 year rate. A BUYER now has to have more down payment than last year (due to price increases) AND they may have to buy a lesser priced home than they planned on due to the new STRESS TEST to qualify for a mortgage.

SELLER’s are not worried about selling their home BUT they were reluctant to put their present home on MLS for fear that they sell and then can NOT FIND ANOTHER HOME that would coincide with the closing date of their present home. They did not want to be out on the street. WHEN Seller’s wait to put their homes on the market the inventory stays low and more Buyers come out each month but have little inventory to choose from so that FUELLED the “Bidding Wars”. Last year (2016) we saw Buyers still looking for homes BUT the prices went up on average $60,000 to $100,000 since the previous year…so those Buyer’s who waited to save more down payment were no better off. THIS year (2017) the bidding wars are happening again AND prices are being driving up monthly. In the City of Brampton there was an increase of 31% in the average house price…and that is making it difficult for Buyers and Sellers…unless they are moving to a cheaper market place outside the GTA. Brampton is STILL the most affordable in the GTA…and that keeps our market very active and busy with competition.

Brampton Homes for Sale Pricing

The price of Brampton homes for sale has gone up substantially but the income and the capability to SAVE more money has gone down. In Ontario we now have the highest Hydro bills so that will impact on a BUYER because the Mortgage Company will also consider the utilities that have to be paid out by the Buyer when they buy a home. Everything has gone up for the BUYERS to make it harder to buy a home. The apartment/condo is now becoming more affordable all the time for them but the newer condos with lower monthly condo fees are around 700 square feet. ALSO we need to watch that due to increase in hydro bills this too impacts on all the services the City of Brampton provides for us citizens like Recreation Centres, Swimming Pools, Ski Hills, Outdoor Rinks because all these things have had big jumps in their hydro bills too….and where do they get the money from but OUR TAXES.

Builders of Brampton homes for sale have sold everything. Long line ups sometimes for days in advance of the doors opening at new home sites are seen with people taking turns to stand in line and wait for their turn to get in (in the next few days). It is not uncommon for police to be at the sites to keep people calm as some people at the FRONT of the line are SELLING OFF their spot in the line for amounts of money as low at $1500 but it can go a LOT higher depending on the demand for the SPOT they have. SO another COST that the poor BUYER has to come up with IF they want a NEW home.

Brampton Homes for Investment

The real estate market in Brampton is also fuelled by INVESTORS flipping homes. Even “fixer-uppers” had bidding wars. The cost to buy for them is higher and then they want to charge more for the finished product SO another COST to the poor BUYER. If they want a home that is done and renovated they have to pay more money. Most of them want a home with NO WORK as they have no money left to do renovations and they are usually not skilled enough to do it themselves.

Another thing to think about in the Brampton real estate market is that the cost of materials for renovating has increased over the years. Buyer’s parents were able to renovate for a reasonable amount but even a sheet of drywall or a gallon of paint has increased in price over the years. More homeowners are choosing to buy a home WITH FAMILY to make it more affordable and to have more people qualify on the mortgage.

  • Parents helping kids by letting them move in with them to save more down payment
  • Parents selling their homes and buying bigger ones with their adult children and their families (more in-law suites)
  • Single people buying lower priced condos and living in smaller floor plans
  • Brampton homes for sale buyers buying homes with apartments in the basement to subsidize their monthly expenses (IF they were able to qualify for a home under the new rules)
  • More people are selling in the GTA and moving further out of town…Guelph, Orangeville, Alliston, Barrie, Innisfil or WAY out of town like Hamilton, London, Kitchener and even Windsor

Creative and diversity seems to be the way of the future for owning real estate. The Government is making more laws to OVERSEE people that they don’t over spend, buy less, save more with Retirement programs as they too are worried that we have a society that WANTS it ALL but does not have the WAY TO PAY for it without LIVING PAY CHECK TO PAY CHECK.

 

Brampton Real Estate Market Update–2016

Brampton real estate market update

Brampton Real Estate Market Comparison of  2015 to 2016

This Brampton real estate market info from 2015 to 2016 can help you make informed decisions on buying and selling:

 ACTIVE LISTINGS:     SOLD LISTINGS:         AVERAGE $/Month:                      AVG INCREASE in  1 YEAR
(at month end)             (for month)

Jan          (733)     611              (428)     495               ($455,957) $519,632                               $63,675

Feb         (795)     680              (567)     659               ($457,352) $546,158                               $88,806

Mar        (884)     726              (198)   1068               ($462,539) $550,763                               $88,224

Apr        (1140)    783            (1031)  1113               ($483,276) $555,401                               $72,125

May       (1260)    716           (1103)  1253               ($492,451) $583,671                                $91,220

June       (1161)    682           (1083)  1230               ($507,989) $592,657                                $84,668           

July        (1140)    773             (988)   1044               ($505,209) $603,822                                $98,613

Aug        (1155)    780             (810)   1037               ($487,324) $601,060                              $113,736

Sept       (1238)    840             (713)     941               ($489,485) $619,159                              $129,674                   

Oct        (1128)                        (716)                            ($490,992)

Nov        (830)                          (691)                           ($496,495)

Dec        (543)                           (456)                          ($479,055)

The Wilding Team Analysis of the Brampton Real Estate Market

In the Brampton real estate market, we normally have a slow winter for Jan and Feb, but it starts to get people thinking about selling their homes and moving.  In 2015 we started the year with a January month end with 733 listings and then it slowly increased each month until September while in 2016 we started the year off with fewer listings and did not increase the number of listings which made it difficult for Buyers trying to find a home.  The reason was that the SELLER’s who wanted to buy a home KNEW that there home would sell easily and sometimes within ONE week of putting on the market so they were reluctant to put their present home on MLS for fear that they could NOT FIND A BRAMPTON HOME they liked within the closing time frame.  They did not want to be out on the street.  WHEN Seller’s wait to put their homes on the market the inventory stays low and more Buyers come out each month but have little inventory to choose from so that FUELLED the “Bidding Wars”.  THIS YEAR (2016) we saw Buyers still looking for homes BUT the prices went up on average $60,000 to $100,000 since the previous year…so those Buyer’s who waited to save more down payment were no better off.  As of Oct 17th, the Government change the mortgage qualification rules giving all purchases a STRESS TEST which meant the Buyer had to qualify on a 5 year rate even though they were getting a mortgage at a lower rate.  A BUYER now has to have more down payment than last year (due to price increases) AND they may have to buy a lesser priced home than they planned on due to the new STRESS TEST to qualify for a mortgage.  

 

The price of Brampton homes for sale has gone up substantially but the income and the capability to SAVE more money has gone down.  In Ontario we now have the highest Hydro bills so that will impact on a BUYER because the Mortgage Company will also consider the utilities that have to be paid out by the Buyer when they buy a home.  Everything has gone up for the BUYERS to make it harder to buy a home.  The apartment/condo is now becoming more affordable all the time for them.

 

Builders of Brampton homes for sale have sold everything.  Long line ups sometimes for days in advance of the doors opening at new home sites are seen with people taking turns to stand in line and wait for their turn to get in (in the next few days).  It is not uncommon for police to be at the sites to keep people calm as some people at the FRONT of the line are SELLING OFF their spot in the line for amounts of money as low at $1500 but it can go a LOT higher depending on the demand for the SPOT they have.  SO another COST that the poor BUYER has to come up with IF they want a NEW home. 

 

The real estate market in Brampton is also fuelled by INVESTORS flipping homes.  Even “fixer-uppers” had bidding wars.  The cost to buy for them is higher and then they want to charge more for the finished product SO another COST to the poor BUYER.  If they want a home that is done and renovated they have to pay more money.  Most of them want a home with NO WORK as they have no money left to do renovations and they are usually not skilled enough to do it themselves. 

 

Another thing to think about in the Brampton real estate market is that the cost of materials for renovating has increased over the years.  Buyer’s parents were able to renovate for a reasonable amount but even a sheet of drywall or a gallon of paint has increased in price over the years.  More homeowners are choosing to buy a home WITH FAMILY to make it more affordable and to have more people qualify on the mortgage. 

  • Parents helping kids by letting them move in with them to save more down payment

  • Parents selling their homes and buying bigger ones with their adult children and their families (more in-law suites)

  • Single people buying lower priced condos and living in smaller floor plans

  • Brampton homes for sale buyers buying homes with apartments in the basement to subsidize their monthly expenses (IF they were able to qualify for a home under the new rules)

  • More people are selling in the GTA and moving further out of town…Guelph, Orangeville, Alliston, Barrie, Innisfil or WAY out of town like Hamilton, London, Kitchener and even Windsor

Creative and diversity seems to be the way of the future for owning real estate.  The Government is making more laws to OVERSEE people that they don’t over spend, buy less, save more with Retirement programs as they too are worried that we have a society that WANTS it ALL but does not have the WAY TO PAY for it without LIVING PAY CHECK TO PAY CHECK.