Brampton homes selling faster than in Mississauga, Toronto, even with lower demand
Published January 19, 2023 at 1:36 pm
Homes in Brampton are selling faster than in other parts of the GTA despite lower demand, a lack of inventory, and the need for more affordable housing.
Those are the latest finding from the real estate website Zoocasa, which say many homes in Ontario stayed on the market for longer than usual last month.
In Toronto, homes are currently listed for an average of 40 days, according to the Toronto Regional Real Estate Board (TRREB). But in Brampton, that number drops to 36 days on the market – only slightly lower than Mississauga’s 42 days, but a far cry from Caledon’s 60 days.
But Zoocasa says homes in Peel Region are less in demand than in other parts of the province, with cities like Whitby seeing an average selling time of 12 days faster than the TRREB average.
Caledon and Orangeville tied for the highest average number of days on the market at 60, while Waterloo Region had the lowest with an average of just 25 days.
A lack of inventory and the need for more affordable homes have contributed to a slowdown in the market, Zoocasa said.
“Overall, it’s become increasingly difficult for sellers and potential buyers to navigate the shifting landscape of real estate markets across Ontario,” said Abbey Cole with Zoocasa, adding that it’s good news for sellers that there are some in-demand markets where homes are moving more quickly.
The report also found the average home price in Brampton for December was $981,920 – a drop of more than $25,000 compared to the $1,007,324 average sale price in September.
Sam McDadi, owner of the largest real estate brokerage in Mississauga, says those looking to buy a home in 2023 can expect a “challenging year” in Mississauga and Brampton, as interest rates will make it tough for many people looking to get a new home and those who bought a home early in 2022 may struggle with mortgage payments.insauga's Editorial Standards and Policies advertising