This is the hottest real estate market in living memory for the Town of Brome Lake.
Dip into your mailbox, and there are signs of the real estate boom with real estate agents boasting that a house sold in 17 days or another in 22 days.
“It used to take anywhere from a year to two years to sell a house,” says one agent. “I can remember one house in the centre of town being on the market for seven years.” Today that house would sell in a few weeks.
For single-family residences in the Town of Brome Lake, not including condos, there were 175 sales in the calendar year 2020, the year of the COVID-19 lockdown. That was up from 120 sales in 2019, a jump of 45%. These are official ‘Centris’ figures, the real estate agents’ system, and that does not include private sales.
Real estate agents estimate prices are up at least 50% year over year.
There were 40 sales up to the first ten days of April, up from 32 sales for the same period a year ago.
There would be more sales, agents agree but says one: “We are having a hard time finding anything for sale. If I am in your house signing a contract, I probably have a buyer as I am walking out the door.”
Many residents report that agents are approaching them asking if they want to sell. People deciding to stay put means even fewer properties are for sale. Economics 101: low supply and high demand drive prices higher.
This is not an isolated phenomenon. In the rich world, properties outside of cities are demanding higher prices. Record low-interest rates make mortgages more affordable. In the world of the Zoom call and closed offices, working from paradise is irresistible. The only trouble is paradise is increasingly out of reach as prices soar.