The number of houses currently on sale in Canada are the lowest they’ve ever been. A recent report by the Canadian Real Estate Association revealed that there’s only two months worth of inventory available. This means that if no houses or condos are listed in the market, Canadian real estate will sell out by spring break. The last time inventory dipped lower than 2 months was back in 2021. We all know that house sales and prices in Brampton boomed after that. Listing your house for sale in Brampton will help you sell your home above asking.
Causes of all-time low inventory in Brampton
As far as sales volume goes, Brampton is experiencing a 30% year-on-year decline. What’s the reason you may ask? All-time low inventory and increased demand that’s causing people to bid higher. Another reason is the rise in mortgage interest rates in Canada that’ll happen in the second half of 2022. People are rushing into buying homes right now so they can take advantage of the current rates.
We also need to remember that the pandemic’s still here. People are home with their kids all day. If they put their house on sale in Brampton, they wouldn’t have anywhere to take their kids in this cold weather. This makes showings extremely difficult and homeowners postpone selling their homes.
Read more: How Much Is A 3-Bedroom House in Brampton?
Canada is a part of the G7, an informal group of the world’s most advanced countries. According to a report by ScotiaBank, Canada has 424 housing options per 1,000 residents, which is the lowest in the group. The average for G7 countries is 471 housing options per 1,000 residents. For Canada to match the average, we need 1.8 million homes, which is an unrealistic challenge.
Demand is rising quickly
Ontario’s real estate market reached its peak in March 2021 and that’s likely to happen even in 2022. Every year before the pandemic, you would see a peak like that in May.
Investors and first-time home buyers in Brampton know that if they want to buy a house they need to start early. So, if you’re planning to sell your home, now’s the time! I can’t be any more serious about it.
Sell your home in Brampton before spring
As a potential home seller, your very first step is talking to a listing agent in Brampton. Find out what your property’s home worth and research on home improvements that can boost your listing price.
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