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.
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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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