Detached homes still selling for more than $1 million in Brampton
Published August 9, 2021 at 6:22 pm
Fewer homes changed hands last month in the red-hot 905 housing markets, but prices are still high and competition is still fierce.
The latest data released by the Toronto Regional Real Estate Board (TRREB) show that while housing sales dipped a bit in Brampton last month, homes in the city cost an average of $1,006,049 (up 17 per cent from July 2020).
TRREB said that even though the overall GTA housing market was a bit cooler last month than it was in July 2020, almost 9,400 sales were reported and demand for ownership housing remained well-above average for the time of year.
According to TRREB, sellers are still favoured over buyers and lower-priced home types–such as condos and townhouses–are attracting more interest.
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth,” said TRREB President Kevin Crigger in a statement.
“Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place,”
According to TRREB, GTA realtors reported 9,390 sales last month–down 14.9 per cent compared to July 2020 (when 11,033 homes changed hands).
July sales were down by two per cent compared to June.
Prices, however, are up year-over-year.
As far as Brampton is concerned, prices are high for sales are down. Zoocasa said that homes in the city cost an average of $1,006,049 and that 958 dwellings changed hands in July 2021 (a decrease of 18 per cent year-over-year). A total of 1,113 new listings were brought to market (down 35 per cent from last year).
In Brampton, detached house sales fell 27 per cent from last year with 492 sales. That said, at a price of $1,214,841 (up 23 per cent year-over-year), the detached house segment is showing the highest pace of price growth out of all home types in the city.
Semi-detached house sales decreased 25 per cent with 159 transactions, at an average price of $902,503 (up 18 per cent). Townhouse sales were up 25 per cent with 91 sold at an average price of $660,747 (up 14 per cent), and condo sales rose 22 per cent with 60 sold at an average price of $514,865 (up 12 per cent).
According to TRREB, the average price for all home types combined in the GTA was $1,062,256–up 12.6 per cent compared to July 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto.
On a seasonally adjusted basis, the average price was up by 0.9 per cent compared to June.
“The annual rate of price growth has moderated since the early spring, but has remained in the double digits,” said TRREB Chief Market Analyst Jason Mercer in a statement.
“This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022.”insauga's Editorial Standards and Policies