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Brampton Market Statistics during COVID-19
Posted August 6th, 2020 under market updates.
The graphs below show real estate market statistics for Brampton from January through July 2020, during the COVID-19 pandemic.
Looking at how COVID-19 affected the market, it’s clear that the relationship between supply and demand, more than anything else, dictates prices. It doesn’t matter why supply or demand are declining, if they balance each other out, prices will remain relatively stable. When the ratio between supply and demand changes, prices will respond, usually very quickly.
With the onset of the COVID-19 pandemic, new listings and sales both dropped. However, both quickly recovered to normal levels in time for the summer market.
The sales-to-listings ratio barely dipped below 50% at its lowest (in April). A ratio of 50% indicates a balanced (neither buyer's nor seller's) market, indicating that for most of the pandemic, we've remained in a seller's market. In March and April, when the ratio dropped, prices dropped as well. When the ratio rose again, prices quickly recovered, and the strong seller’s market was restored, with rising prices to match. As of the end of July, prices have already recovered past their previous peak in February.
Want to know more about current market trends? Just ask me, I'll be happy to help.