Detached home prices up 5% in Mississauga and Brampton
Published June 1, 2023 at 11:10 am
Detached home prices are back on the way up in Mississauga and Brampton but other parts of the GTA are seeing bigger increases.
Detached homes continue to be one of the most popular options for buyers in the GTA, according to a new report from real estate brokerage and website Zoocasa.
And as interest rates have settled, buyers are getting back into the market, which means prices have started to go up again.
Starting in 2022, seven interest rate hikes from the Bank of Canada brought the lending rate up to 4.5 per cent. And since then, the record-high real estate prices in early 2022 began to fall. But Zoocasa notes this spring has seen those prices slowly starting to creep up again.
Zoocasa analyzed average detached home prices, sales, new listings and buying conditions between January 2023 and March 2023 in seven regions — Peel, Toronto, Dufferin County, Durham, Halton, York Region and Simcoe County.
Across those regions, the average detached home price grew from $1,468,651 to $1,489,258.
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In Mississauga, Brampton and Caledon, the average detached home price went from $1,303,429 in January 2023 up 5.72 per cent to $1,377,970 in March 2023.
This is a much smaller increase than Toronto, which saw prices increase 14.95 per cent to $1,708,373.
Dufferin County, however, dropped 3.08 per cent to $881,531.
Peel Region had the highest increase in home sales in the area. In January, only 241 detached homes were sold compared to 560 in March — an increase of 132.37 per cent.
Of the seven regions in the report, four of them, including Peel, are sellers’ markets. In spite of the number of new listings improving across the board, sales continue to rise and prices continue to increase as a result of fewer homes available.
Zoocasa predicts that with minimal supply available, it’s likely prices will continue to increase.
See the full Zoocasa report on detached homes here.
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