How big of a home can $300,000 buy in Brampton?
Published October 11, 2022 at 2:58 pm
There’s not much bang for your buck when buying a home in Brampton according to a report which found $300,000 won’t even get you 500 square feet of living space in the Flower City.
The national median home price fell to just under $630,000 in August – a price point which is out of reach for many homebuyers, according to Point2Homes, a real estate company covering market trends and news.
The company looked at how many square feet of space Canadians could afford at about half that price, and found Brampton homebuyers should expect to get around 492 square feet for $300,000.
Canada has the third largest average home sizes in the world, and Point2Homes said that “copious size usually comes with copious price.”
Square feet per dollar is even worse in Mississauga compared to Brampton, where $300,000 will only get 395 square feet for a $300,000 price tag, the study found.
Oakville and Burlington didn’t fare much better, with buyers expected to get 383 square feet or 404 square feet respectively for $300,000.
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The least expensive place to buy in the area is Windsor where, at $306 per square foot, you could get 980 square feet of living space for half the national median housing price.
Across Canada, Vancouver, Toronto and Montreal are still the most expensive cities, with Ontario cities being the most costly to buy a new home.
But overall, Quebec offers buyers more bang for their buck. At just $178 per square foot, Saguenay and Trois-Rivières share the spotlight for the Canadian cities that offer the most space for the lowest price. $300,000 could get you 1,685 square feet in both cities.
According to the latest report by the Toronto Real Estate Board (TREB) last month, the average price of a single family detached home in Brampton increased 4.39 per cent to $1,230,900 compared to September of last year.
Apartments saw the largest year-over-year price increase to $599,900, climbing 19.87 per cent, while the average cost of a townhouse jumped 9.24 per cent to $741,600.
The composite benchmark price of homes in Brampton rose just over 5 per cent year-over-year to $1,042,900.
There were a total of 809 new listings and 405 home sales in Brampton last month, with an average price of $1,007,324.
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