Brampton homes sales down for November as prices drop
Published December 6, 2022 at 10:46 am
The price of homes for sale in Brampton dropped last month, but so did the number of overall sales as the GTA housing market saw a nearly 50 per cent drop compared to the same time last year.
The latest report from the Toronto Real Estate Board (TREB) shows the average house price in Brampton for all property types last month was $999,631, a slight decline from October’s $1,003,263 average price.
There were only 283 Brampton house sales in November according to the report for a 30 per cent drop from the 404 sales recorded in the city in October. TREB says house sales across the GTA were down by nearly half in November compared to the same time last year.
Condo apartments had the lowest turnover last month at just 20 sales, while detached homes had the most with 142. The limited supply of homes for sale helped keep average prices in the GTA between $1.08 to $1.09 million since August, TREB said.
“Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring,” the report reads. “New listings were also down substantially from last year, and at a very low level historically.”
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The median price of detached homes for sale in Brampton was $1,150,000 in November. A condo townhouse was $650,000 last month, and condo apartment $520,000, according to the Toronto Regional Real Estate Board.
TREB Chief Market Analyst Jason Mercer says selling prices have “flatlined” along with the average monthly mortgage payments since the summer, and the marked downward price trend experienced in the spring has come to an end.
The average selling price for all home types last month across the GTA were down by 7.2 per cent year-over-year, TREB said. The annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.
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