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June Market: Summer Heat
Posted June 18th, 2011 under market updates.
Normally, the market slows down in the summer, but this year the summer market in Brampton has been hot, hot, hot. The ratio of sales to listings has climbed above 70%, which indicates a high level of demand and a very strong seller's market. (A balanced market usually shows a ratio closer to 50%.)
The Bank of Canada's announcement that interest rates will be staying low for the summer has brought even more buyers into the marketplace. Couple this with the continued shortage of listings, and the result has been a sustained upward pressure on home prices.
It's hard to say how high prices will go, or when the pendulum will swing the other way (and how far). The activity of July and August will give us a clue, but for now it's a seller's market without question.
Want to know more about the state of the market? Just ask me, I'll be happy to help.