Houses selling faster in Brampton due to low supply: report
Published May 8, 2023 at 1:24 pm
A lack of housing supply in Brampton is leading to more sales as homes are changing hands more quickly compared to other parts of the province.
Brampton took the top spot again last month for the most number of homes sold in the Region of Peel with 660 properties changing hands in Brampton fo an increase of 9.27 per cent compared to March, according to real estate company Zoocasa.com and a report from the Toronto Regional Real Estate Board (TRREB).
But with just two months worth of supply, Brampton also has the lowest for-sale housing inventory in Peel for two months running.
That low stock is speeding up sales in Brampton, putting pressure on buyers and causing homes to move quickly at an average of 20 property days on the market – faster than Mississauga’s average of 23 days and Caledon’s at 29 days.
Of the 660 homes that sold in Brampton last month, more than half (362) were detached properties. The report found the average price of detached homes in Brampton stayed relatively flat in April at $1,261,074, up just over 1.5 per cent month-over-month.
Semi-detached were also in demand with 115 sales at an average price of $1,018,211, up 6.42 per cent from the average price in March.
The report found that the overall average price of residential properties across Ontario climbed some 4 per cent last month compared to March.
“Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year,” said TRREB President Paul Baron. “The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government.”
TRREB said that so far this year buyers have been keeping their eyes on affordable property types, especially condo apartments, but says that trend “may be coming to an end as detached properties made significant gains last month.”insauga's Editorial Standards and Policies advertising