Meet Ray Petro | Petro Realty Team for Century 21 Grand Realty
My name is Ray Petro. I live in the North end of Brantford. I have 4 kids, 3 dogs, and my mother is my roommate. While I currently work for the Ray Petro Realty Team for Century 21 Grand Realty, I wasn’t always in real estate. I worked in the Casino industry until 2004, I didn’t see myself staying in the casino industry and wanted to try something new. I stumbled upon real estate and decided to give that a shot, and began working in real estate on January 6, 2004.
Real Estate Stats | Aug 2021
Compared to July 2020 in terms of sales and benchmark prices, home sales are down 35%, but July 2020 was a huge month for real estate, so I don’t find that too worrisome.
The stat on home sales is based on the number of sales and the summer of 2020 was great for real estate, so there is no wonder why it is down this year based on how many homes were sold during the summer of 2020.
However, if we look at the pricing of homes, they have gone up 35.9% over last year. There are people who will analyze this data until they are blue in the face, but at the end of the day, even if the volume comes down the pricing will not. There’s only so many houses that are going to be flipped over and sold. There’s only so many homes that can be sold to those who demand it. Now, with the lack of supply and the heightened demand, the prices will go up, as we are seeing right now.
Every year, since I’ve been working in real estate, I’ve come across someone who has wanted to sit and wait until the prices go down. In fact, many people I worked with at the casino in 2004, told me that they were going to wait until the prices went down to buy a home. It is now 2021 and some of them have still not purchased a home.
Where Real Estate is Headed | Aug 2021 and Beyond
If you follow any economic factors, immigration goals, or construction trends, there is no indication that the prices are going down. Furthermore, we are many years behind in catching up in terms of inventory. There is a lot of red tape halting our growth to allow other products on the market. Looking at all of this data we can safely say that prices will continue to go up.
We will start to see smaller condos and stacked townhouses, as well as regular townhouses to fill out the market in years to come.
Eighty-five percent of the inquiry on the new development at 1 Wellington in Brantford have been for Bachelor apartments. Just one room with a bathroom and a kitchenette. It is not entirely sure if it is driven by price or not needing a lot of space and accommodations, but it is a huge indicator for the real estate market in Brantford. It brings on the assumption that moving forward, developers will create smaller spaces. This will help people get into the market because the smaller the space you have, the lower the price will be.
It’s not going to be for everybody. Those who live in regular homes may walk in and think how can people live there, and think it’s too small of a space. Then there are those who just want out and have a place of their own and don’t need a lot of space, where this will work perfectly for them.