Average house price in Brampton dropped nearly $45,000 last month
Published September 2, 2022 at 2:45 pm
The average sale price of homes in Brampton dropped nearly $45,000 in recent months as the total number of residential real estate sales across the GTA last month took a nosedive compared to the same time last year.
Data released by the Toronto Regional Real Estate Board (TRREB) for the month of August shows the average sale price of all homes in Brampton was $1,018,639, down from nearly $1,063,500 in June.
Detached homes in Brampton had the highest average price last at $1,188,060 with 487 new listings, down 41 per cent from 823 new listings in June, while condo apartments had the lowest average price at $559,274 with just 59 new listings.
The composite benchmark price of all residential properties in Brampton saw a year-to-year jump of 9.97 per cent compared to August of last year at $1,051,900, while the home price index composite benchmark across the GTA was up by 8.85 per cent.
TRREB says there were a total of 1,037 new listings and 5,627 home sales reported through its system across the GTA last month for a year-over-year dip in total sale of 34.2 per cent.
According to TRREB, sales represented a higher share of new listings compared to the previous three months. If that trend continues, it could signal some support for selling prices over the next few months.
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“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs,” TRREB President Kevin Crigger said in a release.
“There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer mortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically,” Crigger said.
Here are the average prices of homes in Brampton last month based on property type:
- Overall average: $1,018,639
- Detached homes: $1,188,060
- Semi-detached home: $933,130
- Attached/Row/Townhouse: $883,579
- Condo Townhouse: $712,480
- Condo Apartment: $559,274