Brampton apartment prices jump nearly 20% as GTA home sales plummet
Published October 5, 2022 at 1:43 pm
The average home price in Brampton was up across the board last month as overall sales across the Greater Toronto Area saw a drastic drop compared to September 2021.
According to the latest report by the Toronto Real Estate Board (TREB), the average price of a single family detached home in Brampton increased 4.39 per cent to $1,230,900 compared to September of last year.
Apartments saw the largest year-over-year price increase to $599,900, climbing 19.87 per cent, while the average cost of a townhouse jumped 9.24 per cent to $741,600.
The composite benchmark price of homes in Brampton rose just over 5 per cent year-over-year to $1,042,900.
There were a total of 809 new listings and 405 home sales in Brampton last month, with an average price of $1,007,324.
Detached homes were at an average price of $1,178,736, while semi detached homes averaged at $939,496, and row and townhouses went for an average price of $887,637.
Condo townhouses averaged at $705,336, and condo apartments had an average price of $567,271.
TREB said there were some 5,038 home sales across the GTA in September, down by more than 44 per cent compared to September 2021.
New listings were also down on a year-over-year basis by 16.7 per cent to 11,237 – the lowest number of new listings reported for the month of September since 2002.
With new listings down year-over-year and well-below historic norms, TREB says home buyers could be experiencing tighter market conditions in some GTA neighbourhoods.
“October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” said TREB Chief Market Analyst Jason Mercer.
In neighbouring Mississauga, the average price went up nearly 13 per cent for all home types from $1,010,204 in September 2021 to $1,141,419 in September 2022.
Across GTA, on a year-over-year basis, the MLS Home Price Index was up by 8.9 per cent and the average selling price for all home types combined was up by 0.9 per cent to $1,079,500, according to the TREB report.insauga's Editorial Standards and Policies advertising advertising