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Average House Prices in Brampton are Steadily Rising

Average house prices in Brampton remain on the rise. Despite changes in Canada’s mortgage rules and rising insurance premiums, the value of homes in cities across the GTA continue to rise. While numbers for different publications can differ, one thing is for certain: the value of property in the GTA is going up. Canadian Real Estate Magazine estimates that the average price of a detached home in Brampton sells for a median price of $588,900. According to Zolo.ca, Canada’s leading tech powered brokerage, the average price for a home in Brampton was at $644k, which actually ranks it #19 on its list among cities in the GTA. Even the condo market in Brampton has been subject to unprecedented price escalations due to the dwindling supply of low rise and detached family homes. As inventory numbers continue to challenge all-time lows, the price of homes around the Greater Toronto Area has continued to increase.

 

Prices Remain on the Rise

The Municipal Property Assessment Corporation conducts a province-wide assessment update and mails a property notice assessment to every property owner in Ontario. In May 2016, the Municipal Property Assessment Corporation assessed that the value of residential properties in Brampton, Ontario increased an average of 6.6% per year since 2012. Their assessments are meant to reflect the state of the local real estate market. Overall, BILD estimates that average prices for new low-rise homes, which includes detached, semi-detached homes, and town homes, has increased 20% over the past 12 months alone.

 

Listings Come and Go Quickly

New mortgage rules have failed to slow the blistering pace of home sales in the Greater Toronto Area. According to the Toronto Real Estate Board, prices in November 2016 were up 22.7% from a year ago. Listings for new homes tend to come and go rather quickly in Brampton. According to MLS® data, the average listing in Brampton lasted only 20 days, which is tied for seventh-fastest rate among all cities in the Greater Toronto Area.

 

Real Estate Market Remains Red Hot

When looking to invest in a home, buyers are generally looking for three things: infrastructure improvements, a higher than national average income, and population growth. These characteristics are what make cities like Brampton, Mississauga and Caledon such attractive locations. According to Zolo.ca, Brampton has the highest turnover of any city in the GTA at 77.6%, yet homes are not selling below their market value. With a selling to listing price ratio of 101%, homes in the Brampton area are routinely selling for more than the asking price.  The Durham Region has seen the biggest price hike with prices rising 25.4% in the past year.

 

Average house prices in Brampton and around the GTA continue to rise. There is no better time than now for people looking to invest in real estate in the Greater Toronto Area. While listings come and go rather quickly, hiring a qualified REALTOR®can give you an added edge when buying a new home. Hiring a REALTOR®will provide prospective homebuyers access to the Multiple Listings Service®, which they can use to stay on top of the latest opportunities in the real estate market.