Brampton market is showing healthy sales with a lot of activity. The average sale price of a detached home was $534,142 as per Toronto Real Estate Board (TREB) in the month of January and February this year. The average sale price in the same period in 2014 was only $470,000 with a selling to listing price ratio of 97.6%.
531 detached homes were sold in first 59 days of 2015 which is up by 79 compared to last year of 452 in the same time period. The average days on market this year is 24, down from 32.
Extreme cold weather did not stop people from purchasing homes in Toronto and why not, as people understand that the real estate is the best place for their investment which is not only tangible but also brings pride and satisfaction through ownership.
Higher prices are driven by obvious demand and tight supply of houses bringing more competition between buyers. Other reason which creates interest in ownership is the current low mortgage rates.
Monthly mortgage payment on a mortgage amount of $400,000 costs $1596/month at 2.54% on a 5 year fixed rate as compared to $1693/month at 3.05% with a 30 year amortization period. Banks are also lending money at 2.15% on Variable mortgage rates which is prime minus 0.7.