The past few years has seen a steady rise in the property prices in the Greater Toronto Area (GTA). This has spilled over to all the areas, Brampton included.
The average number of days that a property that's on sale in Brampton stays in the market is said to be in six days. This statistic is according to the Housing Market Report of this month. In this same report, Brampton is ranked as number 18 out of 23, in the most expensive places in the GTA.
These heightened prices are because the supply of property doesn't match the demand for the same, on the ground. The housing shortages have put considerable pressure on prices to go upwards. Many buyers are going for detached houses as opposed to townhouses and condos, in that order. It implies that detached houses are being sold at a higher volume than townhouses and condos.
The government has put an effort in trying to calm the heat in the real estate market in Canada. This could bring relief to the Vancouver area. However, for Brampton and GTA, no relief is in sight. Reports by other organizations e.g. Toronto Real Estate Board (TREB), show no indication of the inventory of houses increasing any time soon.
The prices are still expected to continue with the upward trend. There is little hope for new homebuyers hoping to get into the market. You will be forced to purchase a property for more than its asking price. Finding cheap housing near the city is becoming more impossible. Potential buyers are being forced out of the Toronto Real Estate Market, and they, in turn, go into the surrounding area.
The cycle repeats itself, increased demand and low supply, resulting in high housing prices. For a property seller, this is the time to tap into the heat in the real estate market in Brampton. Why?
- Brampton has been ranked as the fastest-selling area in GTA by the Housing Market Report for March 2017
- It is also fourth in bringing the highest turnover. It means that you will be able to sell your property at a higher price than the asking, assuredly
- The average market days of a property is six days. Therefore, you are assured that your property will spend less time in the market.
At Super Realty Sellers, we partner with property seller to help you find the perfect match for your property while ensuring you get good returns. If you plan to sell in the Brampton area, we are specialized in the area. Get in touch with us today..