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July Market: Still for Sellers!
Posted July 23rd, 2011 under market updates.
Last month's sales in the Brampton area were up more than 20% over last June (888 compared to 732). July has started to show the typical summer slow-down, but the ratio of sales-to-listings remains close to 70%, which implies a very strong seller's market. Prices continue to creep up.
The recent announcement that interest rates might rise this autumn will continue to fuel the upward pressure on prices, as buyers want to take advantage of the current low rates. With this continued pressure, prices may well rise beyond the level of affordability. Coupled with higher interest rates, that could lead to a stalled market as early as this winter.
But until that happens, the seller's market remains.
Want to know more about the state of the market? Just ask me, I'll be happy to help.