Rising rates took their toll not only on refinancing but on homebuyer demand for purchase loans in June, according to an analysis of rate lock data released Monday by Black Knight.

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Brampton is one of the preferred choices of Canadians when they decide to move to big cities, mainly because the city is constantly evolving. Whether you want to move alone or with your family, you will find many Brampton houses for sale, and one of them might very well be your dream home!

Housing in Brampton

When you decide to buy a home in Brampton, you should expect to pay considerably less than in downtown Toronto or Vancouver, BC. The city can be considered an excellent alternative to the busier and pricier cities of British Columbia and Greater Toronto. As of May 2022, the average home price is $1,146,449, a 14% yearly increase but a considerable 8% monthly decrease. 

In addition, Brampton has one of the highest homeownership rates in the Great Toronto Area at 80%, meaning that residents prefer buying homes instead of renting. Due to its massive development, Brampton’s real estate market has investments from all sides, with more houses and apartment constructions emerging yearly. 

Life in Brampton

Living in Brampton is anything but ordinary, as it is one of the country’s fastest-growing cities. Its population has grown around three times faster than Ontario since 2011. The city’s economy mainly relies on business, communications, life sciences, manufacturing, IT, and retail administration. Living costs are usually higher than in cities in the Maritime and Prairie provinces but lower than in Toronto. 

Brampton is home to 16 shopping centers and malls, but it also has many smaller shops and boutiques. Those interested in Brampton’s history may want to visit Peel Art Gallery, Museum and Archives, the Brampton Farmers Market, and Bovaird House. The City Hall offers a free self-guided walking tour. 

Although mortgage rates fell for a second successive week, it wasn’t enough to prompt more demand from potential buyers.

The Mortgage Bankers Association reported that mortgage rates fell 10 basis points last week and are now down 24 points over the past two weeks. However, demand for mortgages fell 5.4% last week.

The MBA said the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance of $647,200 or less fell from 5.84% to 5.74% last week.

Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said rates fell amid “growing concerns over an economic slowdown and increased recessionary risks” that kept Treasury yields lower.

However, those hoping for a rebound in the housing market were left disappointed, as the MBA said those concerns showed up in refinance applications, which fell 8% from the previous week. Refinance applications are down 78% from a year ago. Meanwhile, the share of refinancing in total mortgage activity fell to just 29.6%, down from 30.3% a week ago.

In new court filings in the Moehrl case, lawyers singled out hundreds of phone calls — far more than previously reported — in which agents steered business away from discount brokerage REX.

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The homeseller plaintiffs hope to show the need for change in how agents are paid, while NAR and major real estate franchisors aim to show the status quo is working just fine.