Brampton home prices drop more than 26% since the start of the year
Published October 20, 2022 at 12:52 pm
Housing prices hit record-breaking highs earlier this year in some cities, but a new report says it might be the right time to buy in Brampton with prices dropping since January.
Real estate website and brokerage Zoocasa says home prices in Brampton have seen a 26.3 per cent decrease since the start of the year.
Some prospective buyers are choosing a wait-and-see approach to determine how the market will unfold, but many are questioning how long they should hold off.
“In some cities, the prices have come down and are staying quite flat indicating now might be the right time to buy,” the Zoocasa report said.
Home prices in Brampton peaked in January, reaching $1,367,444. In September those prices dropped 26.3% over eight months to $1,007,324.
Since the summer, prices have remained steady. August saw a dip of just 0.87% from July, falling from $1,027,535 to $1,018,639, Zoocasa said.
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September prices declined further to $1,007,324 – just 1.11% lower than August’s price – and Brampton saw 405 sales last month, with about half being detached homes.
“As the price continues to hover steadily around the lower end of the $1M mark, now could be the right time for prospective buyers in Brampton to make their move,” the Zoocasa report said.
With interest rates on the rise, Zoocasa says Canadian markets are adjusting to rising inflation rates and the cost of borrowing, putting downward pressure on the price of homes.
The Toronto Real Estate Board says 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.
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