Home prices jumped over 90 per cent of income in Brampton in 2022
Published April 12, 2023 at 2:39 pm
Homes in Brampton earned almost as much as the people who own them last year, going up by a median price of nearly $90,000.
That’s according to a new report from Zoocasa which looked at how much home prices increased in all of 2022 compared to the yearly income of the average buyer. The Canadian real estate market saw ups and downs last year with prices in many markets hitting record highs before seeing a drop as interest rates rose.
Zoocasa looked at how those prices impacted real estate markets across the GTA and found Brampton had a median price of $1,066,958, an increase of $88,750 from the previous year.
And with an after-tax median income of $98,000 in Brampton, property owners who fall into the median range would have made around $9,250 more in the year than their homes went up in price.
Of the 30 markets Zoocasa looked at for the report, the Region of Peel had the largest price increase as a percentage of the median income. Home prices increased by 91.58 per cent of the income of $94,000 in the region, the report found.
Only three markets saw a household income that outpaced home prices – Caledon, King, and Uxbridge.
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“These were the only cities included in our analysis where prices actually declined year-over-year, contributing to the change in comparison to the income,” the Zoocasa report reads.
The smallest increase came in the Halton region, where the home price of $1,155,958 increased by 56.17% of the median income of $103,000.
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