Brampton condos profile

If you’re interested in buying or selling a Brampton condo please click here to contact me. I provide huge savings to both buyers and sellers while offering top quality service.

The MLS system divides up Brampton into two districts. w23 and w24. w23 is anything west of Hwy 410 and w24 is anything east of Hwy 410.
Most of the condos located in w24 are either by Queen st and Hwy 410 or close to the Bramalea City Centre. Most of the condos located in w23 are by Shopper’s World (Hwy 10 / Steeles Ave) generally.

Statistics for w24 condos:
- In 2008, a total of 307 condos were sold.
- Lowest priced condo was by Brampton City Centre and a 1 bedroom unit there sold for $103,000.
- Most expensive condo was located by Queen St / Goreway Rd and it went for $312,000.
- As of January 10th, 2009 there are currently 70 condos available for sale in this area of Brampton.
- $130,000 can buy you a 2 bedroom condo by Bramalea City Centre.

Statistics for w23 condos:
- There are currently 26 condos up for sale in this area of Brampton.
- In 2008, 130 condos were sold in this district.
- Lowest priced condo went for $130,000.
- Highest priced condo went for $369,000 and was located at 1 Belvedere court.

For questions on the Brampton condo real estate market drop me an email.

Brampton real estate update

January 10, 2009:
Currently there are  1,864 houses available for sale in Brampton (houses and condos included). 288 of those listings have come up since January 1st, 2009.
The lowest price is for a 1 bedroom condo by Bramalea City Centre at $119,000.

In Georgetown there are currently 274 houses up for sale. 38 of those were listed after January 1st of this year. I’ll be posting end of month statistics in the first week of February.

To see monthly and yearly statistics for the Georgetown or Brampton real estate market click on “Brampton real estate statistics”on the right hand menu.

Why choose Remax?

- In Brampton Remax has a 40% market share (based on an independant study).
- Remax receptionist are trained full time professionals and take great pride in their work.
- Remax administrative staff are highly educated and they make sure once the house has sold the the deal not fall through for any reason and that lawyers have all the documents they need ON TIME!
- Because has more signs on the lawns it generates more calls from prospective buyers
- More buyers search the Remax website then any other real estate company website.
Bottom line of this is that you are getting a company that is regarded as a premium brand in real estate. And with me you can get away with paying minimal.

More Remax facts:

Remax market watch

Global economic uncertainty weighed heavily on residential real state activity in most major Canadian centres during the latter half of 2008.  Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX. 

The RE/MAX Housing Market Outlook for 2009 examined residential real estate trends in 22 markets across the country and found that average price held up remarkably well in 2008, despite 13 centres reporting double-digit declines in home sales. Solid gains earlier in the year likely served to prop-up housing values at year-end.  The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given continued volatility in financial markets and the threat of recession, but as stability returns to the financial sector, housing markets are expected to recover. 

Nationally, 440,000 homes are expected to change hands in 2008, down 15 per cent from record 2007 levels. Canadian housing values are expected to hover at $300,000, a nominal three per cent decline from last year’s historic peak.  By year-end 2009, unit sales should match 2008 levels, while average price is forecast to fall another two per cent to $293,000.

“Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.  “Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored.   That said, we could see a bounce back as early as spring – if inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity.”

Major markets are evenly split in terms of housing performance in 2009, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels.  The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009.  Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009.

“Canada’s real estate environment is considerably more complex than it has been in recent years,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.  “The landscape is definitely changing — with most markets shifting into either balanced or buyer’s territory. The shut out is over.  Sellers no longer rule the roost.  Opportunities exist for purchasers like never before, including lower interest rates, greater inventory levels, the luxury of time to make decisions, and the upper-hand at the negotiating table.  Motivated vendors will need to take note of the new mindset and set their prices accordingly.”

Canadian sellers are slowly adjusting to new realities. For most markets, 2008 started in balanced territory and moved into buyer’s market conditions during the latter half of 2008.  The year ahead will prove challenging, especially for vendors.

“While the economy will dictate real estate performance next year, it’s important to remember that demand still exists in the marketplace,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec.  “In the midst of stock market turmoil, sold signs continue to appear on lawns across the country.  With affordable lending rates and increased selection, first-time and move-up buyers with good credit may choose to play their investment strategy safe and purchase a home. The comfort of a tangible investment like real estate goes a long way in tough times.”

 RE/MAX is Canada’s leading real estate organization with over 18,000 sales associates situated throughout its more than 670 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 35th year, is a global real estate system operating in close to 70 countries.  More than 7,000 independently owned offices engage more than 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management.

Source: Remax

for more information on the Brampton real estate market drop me an email.

Yearly statistics (Brampton and other cities)

          Year -    Number of sales -     Average price

1974               17,318            52,806

1975               22,020            57,581

1976               19,025            61,389

1977               20,512            64,559

1978               21,184            67,333

1979               23,466            70,830

1980               26,017            75,694

1981               29,625            90,203

1982               25,336            95,496

1983               30,046            101,626

1984               31,905            102,318

1985               45,509            109,094

1986               52,919            138,925

1987               43,475            189,105

1988               49,381            229,635

1989               38,960            273,698

1990               26,779            255,020

1991               38,144            234,313

1992               41,703            214,971

1993               38,990            206,490

1994               44,237            208,921

1995               39,273            203,028

1996               55,779            198,150

1997               58,014            211,307

1998               55,344            216,815

1999               58,957            228,372

2000               58,343            243,255

2001               67,612            251,508

2002               74,759            275,231

2003               78,898            293,067

2004               83,501            315,231

2005               84,145            335,907

2006               83,084            351,941
2007               93,193            372,236

 

 

 

 

Affordability chart

Based on 6.25 % 3 Year Fixed rate			CONVENTIONAL Lending 25 % Down Payment			HIGH RATIO Criteria 10 % Down Payment
INCOME LEVEL	Maximum Mortgage		Affordable Home	Down Payment		Affordable Home	Down Payment
$ 30,000	$ 110,731		$ 147,641	$ 36,910		$ 120,622	$ 12,063
$ 35,000	$ 129,185		$ 172,247	$ 43,062		$ 140,724	$ 14,073
$ 40,000	$ 147,641		$ 196,855	$ 49,214		$ 160,829	$ 16,083
$ 45,000	$ 166,096		$ 221,461	$ 55,365		$ 180,932	$ 18,094
$ 50,000	$ 184,551		$ 246,068	$ 61,517		$ 201,036	$ 20,104
$ 55,000	$ 203,007		$ 270,676	$ 67,669		$ 221,141	$ 22,115
$ 60,000	$ 221,461		$ 295,281	$ 73,820		$ 241,243	$ 24,125
$ 65,000	$ 239,916		$ 319,888	$ 79,972		$ 261,346	$ 26,135
$ 70,000	$ 258,372		$ 344,496	$ 86,124		$ 281,451	$ 28,146
$ 75,000	$ 276,827		$ 369,103	$ 92,276		$ 301,554	$ 30,156
$ 80,000	$ 295,281		$ 393,708	$ 98,427		$ 321,657	$ 32,166
$ 85,000	$ 313,737		$ 418,316	$ 104,579		$ 341,761	$ 34,177
$ 90,000	$ 332,192		$ 442,923	$ 110,731		$ 361,865	$ 36,187
$ 95,000	$ 350,647		$ 467,529	$ 116,882		$ 381,968	$ 38,197
$ 100,000	$ 369,103		$ 492,137	$ 123,034		$ 402,073	$ 40,208
$ 105,000	$ 387,557		$ 516,743	$ 129,186		$ 422,175	$ 42,218
$ 110,000	$ 406,012		$ 541,349	$ 135,337		$ 442,279	$ 44,228
$ 115,000	$ 424,468		$ 565,957	$ 141,489		$ 462,383	$ 46,239
$ 120,000	$ 442,923		$ 590,564	$ 147,641		$ 482,487	$ 48,249

This is a great guideline based on the rate of 6.25% with a minimum of 10% downpayment, since rates are always changing please contact your mortgage broker for up to date rates.

For more information on the Brampton or Georgetown real estate market drop me an email.

Credit scores explained

Credit Report / Credit File

Along with the credit histories of millions of other people, your credit history is recorded in files maintained by at least one of Canada’s three major credit-reporting agencies: Equifax Canada, TransUnion Canada and Northern Credit Bureaus Inc. – it is possible to obtain your credit file for free – please consult the agency’s website in order to obtain more information. These files are called credit reports. A credit report is a “snapshot” of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit .

Your credit file is created when you first borrow money or apply for credit. On a regular basis, companies that lend money or issue credit cards to you – including banks, finance companies, credit unions, retailers – send specific factual information related to the financial transactions they have with you to credit reporting agencies .

Summary of methods to request your credit report and their respective characteristics

Credit Score

Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers.

There are many different ways to work out credit scores and find out if you’ll qualify for that Brampton house you fell in love with. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay.

Credit Rating

Some credit-reporting agencies report the lenders’ rating of each of your credit history items on a scale of 1 to 9. A rating of “1″ means you pay your bills within 30 days of the due date. A rating of “9″ means that you never pay your bills at all or that you have made a consumer debt repayment proposal to the lender. A letter will also appear in front of the number: for example, I2, O2, R2. The letter stands for the type of the credit you are using.

• “I” means you were given credit on an installment basis, such as for a car loan, where you borrow money once and repay it in fixed amounts, on a regular basis, for a specific period of time until the loan is paid off.
• “O” means you have open credit such as a line of credit, where you borrow money, as needed, up to a certain limit and the total balance is due at the end of each period. This category may also include student loans, for which the money may not be owing until you are out of school.
• “R” means you have “revolving” credit, where you make regular payments in varying amounts depending on the balance of your account, and can then borrow more money up to your credit limit. Credit cards are a good example of “revolving” credit.

The most common ratings are “R” ratings. These are known as North American Standard Account Ratings and are the most frequently used. The “R” indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates “on time”, “one month late”, “two months late”, etc., into two-digit codes.

Source: Equifax

For more information on Brampton or Georgetown real estate drop me an email.

Pricing your Brampton house to sell

When the time comes to price your Brampton home for sale, you may be tempted to start with the price you paid for it, add a healthy markup and call it a day. Unfortunately, that strategy is unlikely to result in a true reflection of your home’s market value.

Here are six strategies to help you figure out how much your home is worth:

1. Abandon your personal point of view. How much will a ready, willing and able buyer be willing to pay for your home? Buyers don’t care how much you paid for the home, how many memorable moments you and your family shared in the home, how much cash you need for the downpayment on your next home or how much time and money you’ve invested in your home’s hardwood floors, fresh paint, lush landscaping or other improvements.

2. Get a couple of CMAs. Invite at least three real estate agents to visit your home and give you their opinion of its likely selling price. Ask for a “comparative market analysis” (CMA), which shows the prices of comparable recently sold homes, on-the-market homes and homes that were on the market, but weren’t sold. The on-the-market homes are the “competition” for your home. Ask the agents why each home was included in the CMA and whether any other comparable homes were eliminated from the CMA. Price recommendations based on CMAs aren’t gospel. Some agents will tell you to under-price your home in hope of sparking a bidding war. Others will suggest a flatteringly high price to “buy” your listing only to demand a price reduction a few weeks later. There are many really good agents in Brampton, finding 2-3 to interview wouldn’t be difficult.

3. Do your own market research. Go to open houses in your Brampton neighborhood and try to make an impartial assessment of how those homes compare to yours in terms of location, size, amenities and condition. Assuming all the asking prices were the same, would you buy your home or someone else’s? Also keep in mind that these homes are currently for sale and they haven’t really sold yet. The sold price is what you are after. Ask a local Brampton agent for sold prices of specific properties.

4. Calculate the price per square foot. The average price per square foot for homes in your neighborhood shouldn’t be the sole determinant of the asking price for your home, but it can be a useful starting point. Keep in mind that various methodologies can be used to calculate square footage.

5. Consider market conditions. Are home prices in your area trending upwards or downwards? Are homes selling quickly or languishing? Will your home be on the market in the spring home-buying season or the dead of winter? Are interest rates attractive? Is the economy hot or cold? Will you be selling in a buyer’s market or a seller’s market? Is the local job market strong or are employees fearful of staff reductions?

6. Sweeten the transaction terms. Some buyers have needs that go beyond the bottom line. If you’re willing to close quickly, you’ll attract buyers who want to move in right away. If you can offer seller-financing, your home will appeal to buyers who need to stretch their financial resources. A lease-option can help first-timers who need downpayment assistance. The more creative and flexible you can be in meeting the buyer’s needs, the more success you’ll have in pricing your home to sell.

For questions on the Brampton or Georgetown real estate market drop me an email.