Thursday, October 4, 2012

A Quick Brantford/Brant County Real Estate Update!

As a Brantford/Brant County real estate agent, one of my missions is to keep the entire community in the know about the state of the housing market. I feel that the more a buyer or seller knows about the current real estate trends, the easier it will be for them to make a decision about whether or not now is the best time to enter in to a transaction. My constant attention to what’s happening in Brantford/Brant County Real Estate is one of my biggest assets as an agent. People feel comfortable coming to me for advice about their housing situation because I’m knowledgeable about the existing real estate climate in Canada.

The third quarter saw an interesting mixture of activity in the Brantford/Brant County real estate market. To begin with, home buyer activity slowed down. This is largely due to the recent restrictions placed on lenders when giving mortgage financing. It has become more difficult for home buyers to be able to get the loans that they need to go through the transaction. As a result, the number of home sales dropped drastically in the third quarter, falling 9% year over year in August. First time home buyers have been especially hit by the recent restrictions, and since those transactions represent one third to one half of market activity, that strongly contributed to the slowdown in home sales.

Despite the lag in sales activity, home prices in the Brantford/Brant County area continued to rise, up anywhere between 1.8%-4.8% nationwide. The recent increase in price is another factor that is stopping the first time home buyer market from entering in to a transaction. Over the next few months, however, many industry experts expect that home sellers in the area will start to adjust their asking prices based upon buyer demand.

Despite the notion that home buyers will continue to suffer from the new mortgage lending restrictions, it is more likely that they will eventually adjust to the new rules and find a way to finance their homes around it. Overall, the Brantford/Brant County real estate market will remain strong over the coming year. The new lending restrictions are presenting an issue that has more to do with how people are transitioning to the new rules.

Overall, the strong sellers market that has been present throughout the Canadian real estate market is slowly transitioning into a buyer’s market. Once buyers become acclimated to the new lending restrictions, the activity will increase again and sellers will be able to continue to price their homes higher.

If you have any questions about buying or selling a home in the Brantford/Brant County real estate market, don’t hesitate to contact me! I’d be happy to help in any way that I can. I hope to hear from you soon!


Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage
Over 525 Closings!
515 Park Road North | Brantford, ON N3R 7K8
Direct:  (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400

Before You Buy or Sell Your Next Home, Visit My Website at:
www.FreeBrantfordHomeInfo.com for FREE Information!
 


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1 comment:

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