Housing market sees 40% spike in new listings in Brampton
Published July 10, 2023 at 3:17 pm
The number of houses for sale in Brampton saw a significant jump last month despite many communities in the GTA still struggling to keep up with demand.
Housing supply has been low in Brampton in recent months, leading to an uptick in sales as homes changed hands more quickly in Brampton compared to other parts of the province.
But data from the real estate website Zoocasa.com shows there was a huge increase in the number of houses on the market last month while prices remained relatively stable.
Back in May, Zoocasa found the housing stock in Brampton was low with only two months’ worth of supply given the current demand. That low stock was speeding up sales in Brampton, putting pressure on buyers and causing homes to move quickly at an average of approximately 20 property days on the market.
But an influx of 1,517 new listings entered the market in June, making for a 41 per cent increase in supply compared to just 830 active listings last month.
And while the overall inventory of homes in the GTA fell to a new low last month, Brampton’s market saw improvements from May.
Supply was up but sales in Brampton were down slightly compared to the previous month with 660 homes sales in May, down to 604 sales in July. As far as sale prices go, prices have remained largely unchanged in July with an average of $1,113,948 for all property types.
Zoocasa said it’s typical for sales to slow during the summer months, but June saw an increase in sales compared to the same time last year across the GTA. Home sales reached 7,481 last month for a year-over-year increase of 16.5 per cent, suggesting that demand is still strong.
“Compared to last June, Toronto buyers this year are more eager and active, bringing both sales and average prices up significantly. Though the average price was down slightly from May, at $1,182,120 it increased by 3.1 per cent from June 2022,” the report reads.
The report found that Brampton buyers continue to favour detached and semi-detached properties over condos, but conditions have flattened detached homes with the average price dropping to $1,307,542. The semi-detached market saw similar stats with the average price dropping just 0.60 per cent month-over-month to $1,019,653.insauga's Editorial Standards and Policies advertising