Average home price in Brampton jumps $20,000 for second month in a row

Published March 7, 2023 at 3:24 pm

The average price of a home in Brampton climbed again last month by more than $20,000, but there are still many buyers looking to get into the market despite higher costs and interest rates.

That’s according to a recent report from the Toronto Regional Real Estate Board (TRREB) that found the average price of all home types in Brampton jumped to $1,028,192 in February – a more than $26,000 increase from January’s average of $1,002,018.

The average house price in Brampton again cracked the $1 million-dollar mark in January, climbing more than $20,000 from the previous month to $1,002,018. The increase in prices is being felt beyond just Brampton with an average price of $1,095,617 across the GTA last month.

And while prices are up, the number of new listings continues to drop year-over-year in the GTA, according to TRREB. Even with a smaller supply, TRREB Chief Market Analyst Jason Mercer says a recent poll from Ipsos suggests buying intentions have picked up for 2023.

“This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers,” Mercer said in a release. “This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs.”

Real estate website Zoocasa also conducted a survey of its readers late last year and found some 60 per cent of respondents said they were still planning to buy a home despite eight consecutive interest rate hikes in the last year.

The Bank of Canada will be making its next interest rate announcement on Wednesday (March 8) and it is expected to hold rates at 4.5 per cent.

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