Average mortgage below $5,000 makes Brampton one of GTA’s most affordable housing markets: report

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Published July 9, 2024 at 10:39 am

Brampton mortgage below $5,000 one of GTA's most affordable housing markets

Even with an average mortgage rate that’s more than double what most renters pay, Brampton is still ranked as one of the GTA’s most affordable cities to buy a home.

A new report looking at the gap between what homeowners and tenants pay every month found the average Brampton mortgage payment was $4,556 in May while the typical rental payment was $1,921.

And despite average property owners footing a monthly bill more than twice that of renters, Brampton still has one of the most attractive markets for prospective buyers.

Real estate website Zoocasa found 10 of the municipalities in the report had an average mortgage payment below $5,000, giving home buyers “budget-friendly options” to more expensive markets, like King City which topped the list with an average mortgage payment of $8,848 and rents of $3,236.

Other cities on the list with pricier mortgages include Oakville at $6,943, Richmond Hill at $6,381, Aurora at $6,257, and Stouffville at $6,140.

According to the June 2024 Rentals.ca report, Canada’s average asking rental price reached a record high of $2,202 in May. The five most affordable rental locations in the GTA are Oshawa ($2,300), Simcoe County ($2,175), Innisfil ($2,107), New Tecumseth ($2,107), and Brampton ($1,921).

The average price for mortgage payments across the GTA in May was $5,049.

And while rising mortgage rates may induce some sticker shock, the average asking rental price across Canada reached a record high in May 2022 – a rate that’s comparable to the low-end of average rents in the GTA.

The report says that a rental rate of $2,300 or lower “is deemed affordable in the current GTA housing market.”

“Within all neighbourhoods in Toronto, it is more affordable to rent than buy, with some neighbourhoods having a more than $3,000 difference between average rent and the average monthly mortgage payment,” the report reads.

Some 489 homes traded hands in Brampton in June, up 1 per cent from May with an average price of just over $1,009,800.

Detached homes have long been the hottest sellers and most in-demand properties in Brampton, but June saw both semi-detached and townhouse sales jump more than 13 per cent compared to May.

Detached home sales increased by less than one point, up 0.8 from May, and detached listing days on the market jumped to 23 days – the first time since February they increased from 20 days.

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