Brampton house prices drop nearly 2% as supply dwindles: report
Published January 6, 2023 at 2:21 pm
Home buyers in Brampton may have seen a bit of a price cut last month as the number of home sales across the GTA took a sharp drop compared to the same time last year.
The average price of a home in Brampton dropped by 1.8 per cent in December to $981,920, according to real estate website and brokerage Zoocasa, but the number of overall sales also dipped by more than 5 per cent compared to those in November.
“With only 409 new listings entering the market in December, inventory has become even tighter for prospective buyers,” the Zoocasa reports said while noting that properties in Brampton are moving faster compared to the rest of Peel Region. Zoocasa said Brampton properties are on the market an average of 36 days compared to 40 for the region.
The report found that while Brampton saw a 1. 8 average per cent price reduction, the average price for all home types across the entire region fell by 4.8 per cent. Caledon had the biggest month-over-month reduction, dropping 13.7 per cent from November to December.
According to the Toronto Real Estate Board (TRREB), 2022 saw the GTA housing market experience affordability issues due to a lack of housing supply and sustained interest rate hikes by the Bank of Canada.
“While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well. The number of homes listed for sale in 2022 was down in comparison to 2021,” said Toronto Real Estate Board Chief Market Analyst Jason Mercer. “This helps explain why selling prices have found some support in recent months.”
That lack of supply also impacted the rental market, Mercer said, with tighter rental market conditions translating into double-digit average rent increases.
Despite slow sales last month, there were some pricey pieces of real estate sold in Brampton in December. You can check out Insauga’s list of the five most expensive Brampton homes sold last month.insauga's Editorial Standards and Policies advertising