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Home prices climb in Brampton as buyers search for larger homes

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Home prices climb in Brampton as buyers search for larger homes

Houses in Brampton are not exactly affordable, but recently released data suggests that the average price point in the Region of Peel (which consists of Brampton, Mississauga and Caledon) dipped a little between September and October, even as demand for low-rise houses continued to soar. 

 

Several months into the pandemic—and just weeks into the second wave—it appears that people are still fleeing small, cookie-cutter urban condos in search of more spacious suburban homes with more outdoor space. 

 

“People want suburbia. They want that detached single home — or even townhome, semi-detached,” Freddy Mak, co-founder Ferrow Real Estate Inc., told The Canadian Press. 

 

“And that inventory is very, very limited.”

 

These diverging markets — one where buyers bid up prices for spacious homes at a record-setting sales pace, and another where buyers have their choice of downtown condos — shone through in a Wednesday report from the Toronto Regional Real Estate Board (TRREB).

 

The average selling price for homes across the Greater Toronto Area was $968,318 in October, 13.7 per cent higher than last October’s average of $851,877, the board said. But price-wise, the condo market has nearly flattened in the Toronto area, with prices 0.7 per cent higher than this time last year.

 

Compare that to the average prices of detached homes, which rose 14.8 per cent to $1,204,844. 

 

As far as Brampton goes, real estate website and brokerage Zoocasa says that home sales climbed 43 per cent, with 1,096 homes sold in the month of October. 

 

“Sales growth by property types were more evenly distributed in Brampton, save for the detached properties which rose a staggering 63 per cent compared to last year with 617 homes sold” says Jannine Rane, Zoocasa’s head of communications. 

 

“This is followed by the home sales of semi-detached properties which grew 23 per cent year-over-year and then townhomes and condos which both had sales growth of 18 per cent year over year.

 

The average home price in Brampton climbed to $865,509.

 

Detached houses inch closer to the million-dollar threshold, averaging at $996,584 and growing 15 per cent year-over-year. Rane says the average price of a detached house rose 13 per cent year-over-year to $778,099. 

 

The average price of a townhouse was $587,405 which is a 16 per cent increase and the price of a condo apartment in the city was $464,792 which is a 10 per cent increase since last year.

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