Message from the President of The Brampton Real Estate Board

Brampton Real Estate Market to see a Balancing Act
As we read the news of Real Estate markets in the US and in Western Canada having taken a turn for the worse we are seeing a stabling of the market here in Brampton. 2008 was a record year for home prices in Brampton. Neighborhoods to the west of the 410 Highway (Sector W23) saw home prices raise 2% over 2007 prices and neighborhoods to the east (Sector W24) saw home prices increase 3.4% over 2007 prices. While prices have increased we have seen a correction in the number of sales. In 2008 15,756 homes were listed For Sale and 6,863 sold compared to 2007 where total homes listed were 14,857 and sold were 8,151. The average Days on the Market rose by only 2 days to 34 days. These sold figures bring us in line with the 2002-2003 market numbers. The market in Brampton has been very robust over the past 5 years with many homes selling with multiple offers and well over predicted market value. As the market moves from a Seller’s Market into a Buyer’s market we are seeing great opportunities for the savvy Buyer and Investor. A Buyer’s Market means that the Buyer will have more selection to choose from and will be in a position to negotiate a fair price within predicted Market value ranges. A recent drop in the Bank of Canada rate has brought our mortgage rates to an all time low. If we combine this with the great inventory on the market today the Buyer has never been in a better position to buy into the Real Estate market. The Brampton Real Estate Board has over 740 REALTORS® who have the local knowledge and experience to guide you through this market whether as a Buyer or a Seller. Source: Market Watch 2007 and 2008Written by Leah Shaw REALTOR® and Brampton Real Estate Board President