In the Greater Toronto Area (GTA), the housing market is setting records, making a positive influence on real estate here in Brantford. As the pandemic continues, more and more people work from home, allowing buyers to sell their homes in Toronto and head west. This additional money has increased our local housing values, while at the same time adding some pressure to the market. In Brantford and the Brant County area alone, a house’s average price rose 32% year-over-year to hit an average home price high of C$591,615. Meaning, Brantford could be one of the nation’s hottest housing markets for 2021.
Number of residential sales in February 2020 vs. 2021 jumped from 154 to 215. 39.61% up from 20.54% in 2020. Prospective buyers see mortgage rates and prices continuing to rise and no economic backing (more lockdowns), leading to experts and media sending out warning signals to clients. Yet buyers, grasped with the fear of missing out, might see rising mortgage rates as a reason to crowd into this problematic residential real estate marketplace. The highest price gain was in the portion of $600,000 – $699,999. For which the median price was $655,000
Brantford Housing Market Trends 2021
Sales Price: The housing market in Brantford is expected to remain favorable for sellers in 2021 as well. Homebuyers are showing an increased interest in neighborhoods across the GTA. The increase in demand, along with a decrease in listed homes, would cause home prices to continue accelerating in 2021.
Listing Prices: BRREA report shows that in February 2021, the average list price of homes in Brantford was $767,028, trending up 46.20% from last year. Brantford continues to be a seller’s market, which means that more people are looking to buy than we have homes available.
Brantford Real Estate Market Forecast 2021-2022
Canada’s economy grew 2.3% in the 4th quarter of 2020. Though shutdowns continue to hamper the economy, it’s not stopping a homebuyer’s dream of owning a home.
Brantford-area home prices have risen more than 32% since the beginning of the pandemic. As Canada’s economy progresses to grow (along with the US economic rebound) plus an apparent lack of homes, it doesn’t make sense that a price drop is coming anytime soon. Improving incomes and employment could help fuel more demand, and by resuming immigration and vacation travel in Canada, demand would grow further. Canada Mortgage and Housing Corporation (CMHC) predicts Canada’s housing market won’t recover till mid-2022.
Brantford Real Estate Market:
Is It A Good Place For Investment?
Many real estate investors continue to ask themselves if buying a property in Brantford is a good investment. Whether you’re buying your first income property or just adding another one to the portfolio, the Brantford housing market is a great place to do so as it doesn’t get any better “positioned” than this.
The Brantford housing market has some great investment opportunities for all types of real estate investors. The majority of the housing stock of Brantford consists of townhomes and single detached houses; the remaining properties are mainly small apartment buildings.
Brantford is among those cities where renting is more reasonable than buying. One of the many reasons Brantford has been growing over the years is that young couples see Brantford as a great location to start their own families, and prefer starting with rental properties before buying their own home. The demand for rental units has increased 11.6% over the last year, so it’s the perfect opportunity to invest in Brantford real estate.