Average home price drops below $1M, condos down to under $500K in Brampton

December saw the average price of all homes drop to below $1 million in Brampton for the first time in months as the number of house sales saw a nearly 40 per cent drop.

Real estate website Zoocasa says Brampton’s real estate market experienced “a notable decrease” in sales of 39.4 per cent last month with just 268 transactions while the average asking price for all property types decreased by 6.7 per cent to $948,170.

The drop is the first time the average home price in Brampton has dipped below the $1 million mark since the market began to slow down in the fall as the number of new listings is also lagging along with sales in the city, Zoocasa says.

Detached homes tend to be the most sought-after in Brampton, but that market saw significant declines with detached sales dropping by nearly 50 per cent.

The price for a detached home in Brampton was still above the $1 million mark with an average of $1,101,428, down slightly from $1,016,260 in November.

Zoocasa says a slowdown in sales is normal this time of year with some buyers and sellers choosing “to park their real estate plans when the frosty weather hits.”

With many buyers and sellers holding off during the holiday season, market activity across the Region of Peel slowed down in December.

There were 598 homes sold in the region in December, down from 964 in November.

But less competition can mean lower prices, with Zoocasa saying the average price in Peel Region decreased month-over-month by 5.8 per cent to $982,456.

Interest in condo properties also dipped in December despite an average asking price of $499,229, offering buyers “a rare chance” to find properties under $500,000 in Brampton, Zoocasa says.

But with new listings down 54 per cent month-over-month and housing inventory dwindling, finding available units “may become increasingly challenging.”

To see listing in Brampton visit www.zoocasa.com.