Caledon described as a ‘buyers’ market’ as prices tumble

July 25, 2019 · 0 Comments

Written By JULIA LLOYD

It’s a buyers’ market in Caledon right now, with a 7 percent decrease in housing prices from the beginning of 2019.

“In the winter of 2018 after the Mortgage Stress Test was implemented, there was a surge of houses that went up on the market. But now what we’re seeing is a return to the norm,” explained Romana King, Director of Content for Zolo — the largest independent brokerage in Canada.

Caledon Mayor Allan Thompson commented that his family has lived in this area for “more than 199 years” and describes Caledon as his “forever home.”

According to statistics on Zolo.ca, from June 22 to July 20 the average house price was $922,792, however, if you go by the median price, the average house price is $828,000.

In the last 28 days, there have been 184 new listings on the market in Caledon.

“The spring market is hot and you see a run up in the prices and then come summer, you’re going to see a drop in prices and a drop in activity. The drop in prices is because of the drop in activity,” she continued.

In a month-to-monthchange, from May 24 to June 22, to June 22, to July 20, there has been a seven percent decrease in prices in the community. The town’s yearly change from summer 2018 shows an increase of 0.6 percent.

“We know based on absolute data, the last 30 days compared to the 30 days before that, there’s been a 7 percent decrease in pricing. We know we’re in the summer months, and historically, summer months have been lower, so we think it’s going to go down a little bit more,” King said.

The data collected by Zolo employees for the time of June 22 to July 19 shows two bedroom detached house prices increased by 16 percent

Because Caledon is so sparse, many people who are interested in buying usually purchase detached homes, compared to townhouses or condos that you might see more frequently in Brampton and Mississauga.

In the last 28 days, 90 homes have sold, according to King’s statistics and findings on Zolo. One and two bedroom townhouses have not been on the Caledon market for the last 6 months. However, data shows that two bedroom condos have been and are on the market for $638,000.

Out of 23 towns and cities within the GTA, Zolo ranked Caledon as the sixth most expensive community to live in, the 18th fastest growing community and the 11th fastest selling community for houses on the market.

Caledon currently has a price growth of 0.6 percent, which highlights the change in sale price from this same time last year. That ultimately means the market increased in price overall by 0.6 per cent since last year.

Right now it is a buyers market, but it won’t be for long.

“We’re predicting that activity and prices are going to fall again, coming in July and August. Then coming in September there’s a flip upwards again, but if you’re a buyer, right now is a good time to be out searching,” explained King.

Caledon and Brampton brokerage Evelyn Lopez explained that prices for homes in the area are usually on the higher end because it has such a beautiful landscape with great community engagement.

The most common style of real estate sold and bought in Caledon is detached homes, with 81 out of 110 sales for June, she explained.

In June, there were 210 new listings and 164 of those were detached homes, 12 were semi-detached and 29 townhouses.

From data collected, it shows home transactions for the first quarter of 2019 and rural Caledon had 85 sales out of a total of 168. According to Lopez, Caledon East and Bolton are very popular areas for buyers.

“Caledon is a desirable area for a number of reasons; what stands out the most for me is the quality of life we enjoy. I hear residents tell me all the time that there is a sense of community care here. You just have look at all the volunteers we have, to know Caledon cares,” said Mayor Thompson.