Prices Continue to Rise in Brampton's Housing Market
The housing market continues so rise little by little in Brampton.
In a recent CREA post from Zoocasa on home prices in June 2019, the high demand for homes in Ontario kept the average market cost higher when compared to other provinces.
The average national sale price rose 1.7 per cent to $505,500, while the home price index dropped by 0.3 per cent by low sales in Greater Vancouver, Calgary, and Halifax-Dartmouth. However, strong sales in Quebec and Southern Ontario kept the average up.
The GTA, including Mississauga and Brampton, saw a price increase of roughly 3.6 per cent over June. The Hamilton and Burlington area saw an increase of 5.4 per cent, while the Oakville and Milton area saw an increase of 3 per cent.
CREA's analysts are continuing to notice a widening difference in sales and price trends across the nation.
“There’s a growing divergence in Canadian housing market trends between eastern and western Canada,” stated Gregory Klump, CREA’s chief economist. “While sales activity in Canada’s three westernmost provinces appears to have stopped deteriorating, it will be sometime before supply and demand there becomes better balanced, and the outlook for home prices improves.”
These imbalances are most notable in the prairies and Newfoundland and Labrador, as CREA says the number of months of inventory “has swollen far beyond long-term averages.”
In contrast, Ontario and the Maritimes have low supply, meaning more competition for buyers, which leads to upward pressure on home prices.
The SNLR measures the level of competition in a housing market and is calculated by dividing the number of sales by new listings over the month.
A percentage between 40 - 60 per cent is considered a balanced market, while below and above that threshold point to buyers’ and sellers’ markets, respectively.
Around 80 per cent of housing markets in Canada can be considered balanced according to that metric.
Total inventory hovered at five months in June, the lowest number since January 2018, but not too far off from the long-term average of 5.3 months.
While these trends may show the future of the housing market in Brampton? Only time will tell for sure.
What do you think of these housing trends?