2018 Real Estate Year In Review
Strong, Stable, & Growing Real Estate Market In Brantford & Brant County
Two thousand eighteen was an incredibly exciting year for real estate in Brantford, Paris, and the surrounding towns of Brant County. Starting in 2015 our region began to experience a significant increase in demand for homes in our area as home buyers were being pushed out of neighbouring communities to the north and east due to rising home prices in those areas.
Between 2015 and 2017 the average price for a home in Brantford rose over 45% with similar increases in Paris and Brant County also.
This past year we experienced a pull-back from the hysterical conditions of 2017 while maintaining a healthy stable market.
Overall demand for homes was down 22% in Brantford compared to 2017. Most of the reduction in sales was during the start of the year as home buyers to time to pause after the wildest year in history. By the beginning of summer, the demand for homes was back on track with historical numbers.
The median price for a detached home in Brantford this year was $398,000 while in Paris a typically detached house will cost you $470,000. In the county, prices rise even higher with bigger homes and lots; $592,000 gets you a typical detached home in the county.
Homeowners across the should be excited that their home's value has risen between 52%-65% over the past five years.
First time home buyers are most affected by the rising cost of real estate. The market has responded with new condo projects and higher density in in-fill projects.
Brantford and Brant County are still extremely affordable compared to our surrounding cities.
A home in Brantford is 24% more affordable than in Hamilton, and 60% more affordable than Toronto. This gap in pricing will keep our local market strong and growing for the future.
At the neighbourhood level in Brantford, median home prices range from over $400,000 around the perimeter of the city while homes can be purchased under $300,000 in the central neighbourhoods. The median dollar per square foot number ranges from $261/sqft - $370/sqft as you travel throughout the city.
Predictions for 2019...
Interest rates continuing to climb is an excellent fundamental indicator of our economic health. The Bank of Canada has made it clear that we should expect interest rates to continue to rise in 2019. If you are buying or refinancing your home this year, it would be wise to speak with us earlier in the year and get your rate locked in.
The 'spring' market will come early, and it will be very aggressive. The same conditions that made 2017 a historic year are showing up again in our charts.
Big condo projects, and smaller houses. The rising price per square foot is making affordability an issue in our city, and the solution is smaller homes, more attached homes, and large-scale condo projects. The look and feel of our city will change dramatically over the next five years.
Prices will continue to rise. The pricing differential between Brantford and its neighbours can't be ignored, and our city will continue to attract home buyers wanting to get a little more home for their dollar. Ironically this is the same force causing prices to go up.
For Home Buyers:
Get your pre-approval locked it
Shop and buy early in the year before prices rise again
For Home Sellers:
Pre-Spring will be an excellent time to sell with low inventory and buyers returning to the market.
Repairs, staging, and high-quality marketing will make a difference in selling this year
If you have owned your home for more than a couple of years, you are probably sitting on a couple hundred thousand dollars of equity in your home you can do work for you. Set a meeting with your Redline REALTOR® to discuss building your real estate empire through small and large projects.