Average Brampton home price over $1,000,000 as market cools

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Published July 22, 2022 at 10:57 am

From detached houses to condo apartments, the overall average price of a home in Brampton is well over $1,000,000 as higher borrowing costs hit home sales across the Greater Toronto Area last month.

According to numbers released by the Toronto Regional Real Estate Board (TRREB), the total number of sales in the GTA was down 41 per cent last month compared to the same period last year, but prices are on the rise.

The average sale price of all homes in Brampton last month was $1,063,479, with detached homes coming in with the highest average price last at $1,245,243 with 823 new listings in Brampton.

Brampon saw a year-to-year jump of 21.95 per cent to the benchmark price of residential properties, while the home price index composite benchmark across the GTA was up by 17.9 per cent year-over-year.

Home prices this June stayed at just over 5 per cent higher than the same month last year, but continued to trend lower on a month-to-month basis.

TRREB President Kevin Crigger said home sales have been impacted by mortgage rate hikes, and home buyers who can afford higher borrowing costs are holding off to see where home prices end up.

“Expect current market conditions to remain in place during the slower summer months,” Crigger said. “Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs.”

Despite the short-term impact of higher borrowing costs, TRREB says that housing demand will remain strong over the long-term so long as there is enough supply.

Here are the average prices of homes in Brampton last month based on property type:

  • Overall average: $1,063,479
  • Detached homes: $1,245,243 with 823
  • Semi-detached home: $985,305
  • Attached/Row/Townhouse: $898,656
  • Condo Townhouse: $746,776
  • Condo Apartment: $593,633

With the Brampton real estate market cooling recently, it’s becoming less common for homes to sell over the asking price.

A Brampton detached home recently sold for nearly $250,000 under asking, and earlier this month a home in Brampton’s Mayfield Village community listed at $1,799,900 sold for nearly $300,000 under asking.

HouseSigma has rated Brampton’s real estate market as “balanced” between a buyer’s market and a seller’s market.

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