Local Real Estate Market Booming!

Brantford, Paris, and Brant County July 2019

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Every month we run detailed market statistics to find insights and opportunities for our clients here at Redline Properties Inc. This post is a brief overview of the full market. For detailed information specific to your situation, please contact your Redline Realtor®.

The results from the first half of the year are exciting. Sales and new listings are up, along with the average price of homes. Homes are selling for record high price points across the region. The number of homes coming on the market reached a peak in May, while demand for homes continues to rise month after month. If this trend continues, we expect an aggressive autumn market. Premium move-in ready homes are attracting the most attention. Local homeowners should be pleased with stable rising prices. We predict these conditions will continue through the remainder of the summer.

Demand for home is at its peak levels. 6% more homes have sold in Brantford this year and a staggering 54% more in Paris. Out in the county sales are down 10% year to date.

The number of new listings peaked in May and began to retreat. Overall there have been 5% more homes come up for sale this year in Brantford and 89% more in Paris - wow!

To understand what's going on today we need to look back to 2015 and earlier when Brantford was figuratively 'on a real estate island' surrounded by farms far away from the 'Greater Toronto Area' - where homes prices are significantly higher.

Starting in 2016 there was a new interest in our city with a widening commuter range and stable employment all around our city. 2017 was a year unlike any other in Brantford's history; wild bidding wars we the standard way to sell a home and the average price rose almost 20% in a single year. Two years later and the aggressive market has cooled down - but the interest in Brantford is at an all-time high - prices have climbed another 8-10% in the past year and a half. If you have lived in Brantford your whole life these new price points may seem astronomical, however, it is still almost double the price to buy the same house 45-60 minutes away in Burlington.

It's a good sign that our market has stabilized and continues to grow since 2017. The record high prices have retreated in Toronto and some of the surrounding suburbs. Brantford, Paris, and Brant County continue to grow.

Brantford has been named MoneySense Magazine's list of top places in Canada to invest - coming in at number 3 this year!

A strong and stable real estate market is an economic engine that helps keep a city growing and revitalizing.

Home prices continue to climb. The average detached home in Brantford is up 5% year to date - now $430,000 while in Paris you'll need $573,000 for an average detached home - a gain of 14% since last year.

The time to sell a home is up between 4% and 38% across the region compared to the same time last year. In Brantford, the average home is selling in only 26 days, while in Paris it takes an average of 36 days. In the county, it takes an average of 6 weeks to sell a property.

If you are shopping for a home right now, the best strategy is to be very quick to view new listings; the best deals are selling almost immediately. Don't wait for public open houses - schedule a private viewing of any home with your Redline Realtor® on your schedule. When looking at homes that have been on the market for an above average time, there is an opportunity to negotiate a lower price on the property.

The number of homes on the market peaked in May and has already dropped almost 10% - there will be fewer and fewer homes for sale during the back half of the year. Expect more competition for the best properties for the remainder of the year.

The next 90 days will be an excellent time to sell a home in Brantford. The number of homes sold each month was still rising through June. Historically we see demand peak in June and July and then retreat through the fall and winter months.

Homes with beautiful yards, landscaping, pools, and outdoor entertaining spaces sell for a premium during the warmer months. To maximize the selling price of your home, request a full review and a customized strategy from your Redline Realtor®.

The most significant opportunity for local homeowners is to access the new equity in their homes from the price appreciation over the past five years. With the average home going up over $150,000 in value in the past five years, most local homeowners could purchase an investment property or vacation home without any new cash. For more information on accessing your home equity for investment speak with your Redline Realtor®.

The north-end neighbourhoods are the most expensive area to live with the average price per square foot above $360. The areas east and south of downtown contain the most affordable home. The most value tends to be in West Brant, where newer homes on smaller lots allow for more density and competitive prices.

Homes across almost all price point as receiving great offers and selling close to asking price. Homes between $300k - $500k are selling closest to asking price.

With continued good news in our local and regional economy, stable low-interest rates, and new government incentives for first-time home buyers, we expect stable conditions to stay for the short and medium term.

Every situation, every home, and every family is unique. If you are considering a move, the best first step is a conversation with your Redline Realtor® - there is no cost or obligation to discuss your situation.

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