From the monthly archives:

May 2008

How did the Brampton real estate market do in April 2008?

May 22, 2008 · 0 comments

market.jpg

Here are the latest numbers for the real estate market in Brampton for April 2008. Sales remain moderate throughout the GTA, but prices are still steadily rising.

April 2008

In April of 2008, Brampton had 2477 active listings on the market, 1857 of which were new listings. There were 852 recorded sales in this month. Here is the break down according to areas in Brampton.

W23 (Any area in Brampton west of Highway 410)

Overall
Average sale price: $310,203
Median sale price: $302,000
Average number of days it took to sell a property: 28 days
Average % of listing price a property sold for: 98% of asking price

Detached Homes
Number of properties sold: 270
Average sale price: $344,372
Median sale price: $334,500
Average % of listing price a property sold for: 98% of asking price

Semi-Detached Homes
Number of properties sold: 113
Average sale price: $287,621
Median sale price: $291,000
Average % of listing price a property sold for: 98% of asking price

Condo Apartment
Number of properties sold: 17
Average sale price: $215,494
Median sale price: $219,000
Average % of listing price a property sold for: 98% of asking price

Condo Townhouse
Number of properties sold: 31
Average sale price: $226,439
Median sale price: $231,500
Average % of listing price a property sold for: 98% of asking price

Attached/Row/Townhouse
Number of properties sold: 51
Average sale price: $263,308
Median sale price: $256,000
Average % of listing price a property sold for: 98% of asking price

W24 (Any area in Brampton east of Highway 410)

Overall
Average sale price: $332,593
Median sale price: $323,000
Average number of days it took to sell a property: 29 days
Average % of listing price a property sold for: 98% of asking price

Detached Homes
Number of properties sold: 211
Average sale price: $395,516
Median sale price: $390,000
Average % of listing price a property sold for: 98% of asking price

Semi-Detached Homes
Number of properties sold: 62
Average sale price: $300,564
Median sale price: $301,500
Average % of listing price a property sold for: 98% of asking price

Condo Apartment
Number of properties sold: 26
Average sale price: $154,315
Median sale price: $143,350
Average % of listing price a property sold for: 97% of asking price

Condo Townhouse
Number of properties sold: 30
Average sale price: $169,833
Median sale price: $153,500
Average % of listing price a property sold for: 97% of asking price

Attached/Row/Townhouse
Number of properties sold: 25
Average sale price: $271,686
Median sale price: $277,000
Average % of listing price a property sold for: 98% of asking price

{ 0 comments }

This post has no comments yet

What is a status certificate?

May 1, 2008 · 2 comments

status.jpg

Condo apartments and condo townhouses are becoming increasingly popular in Brampton to accommodate the other spectrum of buyers that are not looking for large detached homes. If you’re in the process of buying a condo or am thinking of buying one in the near future, you will encounter something called a status certificate. What exactly is a status certificate and what does it do for you?

Every condominium complex is run by a management group. It’s this group’s responsibility to collect maintenance fees and oversee the maintenance and upkeep of the condominium complex. When you purchase a condo, your sale will likely be conditional upon the status certificate, which is a package of documents prepared by the management office. These documents will outline all the details of the condo complex, it’s rules and regulations, it’s financial status, how much money is in the reserve fund, what maintenance fees cover, the details of your unit, and much more.

Generally, the seller will order this certificate and pay for it on behalf of the buyer. A status certificate typically costs $100. The most important parts of the status certificate are those that pertain to your particular unit, how much money is in the reserve fund, and whether or not the condominium corporation predicts any changes to your monthly maintenance fee. A well run condo complex will have an excess of money in their reserve fund in case of emergency repairs or upgrades. A poorly run condo with little money in their reserve fund may require all residents to pay a special levy if something happens and large repairs are required to the complex. Your lawyer will be able to review the status certificate and tell you if the condominium is well managed.

Normally it takes between 5 – 10 days for a status certificate to be ordered, prepared, and delivered to the real estate agent. It’s important to carefully review the status certificate of any potential condo purchase, as it is a good indication of how well the complex is managed.

{ 2 comments }

This post has 2 comments
  • lang
    Hi Brian What type of additional information were you looking to find beyond the status certificate? That document essentially covers all the important and pertinent aspects of the unit and the building. Was there something else you needed beyond the scope of the typical real estate documents? Lang

  • Brian Farmer
    Does the the clause on page 13 of the standard form offer to purchase allow the prospective purchasewr to ask for information/docuemnts beyond those indicated in the Status Certifiate.