Real Estate Market Report
March 16, 2019
Spring Real Estate Report: Brantford, Paris, and Brant County
The local real estate market is off to an aggressive start for 2019, and we expect strong conditions to continue through the spring months.
Three hundred forty-two residential homes were sold between Jan 1 and Mar 15. Sales activity in Brantford is down 8% compared to the same period last year, while demand for homes in Paris is up 19%. Demand for homes in the county is down 43% from the same time period in 2018.
In Brantford, there have been 376 homes listed for sale this year - down 25% from 2018. Homeowners in Paris have been rushing to the market earlier than usual this year - 43% more homes have been put up for sale in Paris this year than the same time last year.
The average price for a detached home in Brantford is $409,000 in 2019. In Paris, it's significantly higher at $538,000. The cost of a detached house in the county is the most expensive at $632,000.
The time to sell a property is up across the region. This year the average time to sell a home in Brantford has been 31 days, compared to 46 days in Paris, and 72 in the county.
Brantford remains as one of the most affordable communities in Southern Ontario. The average price per square foot for detached homes has been $326/sqft in Brantford - compare that to a massive $702/sqft in Oakville.
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For more information on how this information impacts your real estate decisions, please connect with a member of our team.
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.