Huge spike in new listings as home buying competition heats up in Brampton
Published March 5, 2024 at 3:10 pm
An influx of new listings onto Brampton’s housing market last month didn’t bring a dip in prices amid stiff competition and a jump in the average cost of a home.
Across the Region of Peel, home sales saw a 20 per cent month-over-month increase in February along with a 41 per cent spike in new listings, according to data from Toronto Regional Real Estate Board (TRREB).
And even with that supply increase, home prices still took a jump in Brampton as demand continues to surge.
Some 892 new properties came on the Brampton market in February with 185 of those selling within the month for an average of 33 days active – that’s down 37 per cent from the previous month.
That increase has led to a 5 per cent spike in prices to bring Brampton’s average house cost to $1,033,673 in February, according to real estate website Zoocasa.com.
Detached, semi-detached, condo townhouse and condo apartment sales all saw increases last month, with the biggest jump in the condo townhouse market at 47 per cent (44 sales), while condo apartment sales increased by 29 per cent (31 units) with the average sale prices up 8 per cent ($717,072) and 4 per cent ($557,371) respectively.
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With housing supply increasing as demand remains, Zoocasa says motivated buyers looking for a home in Brampton or across Peel Region “should be prepared with a pre-approval so they can scoop up a property quickly.”
“Affordability is still key for buyers as the Bank of Canada’s overnight lending rate has yet to come down and although many fixed rates have decreased from the October 2023 peak, affordability is still tight for many Canadians and sellers are pricing accordingly,” Zoocasa said in the report.
Looking at regional numbers, the average house price for all property types increased just over 1 per cent to $1,037,245. And with a regional average of listings lasting just 39 property days on the market, Zoocasa says sellers may have the upper hand if competition continues to heat up.
To see some of the most affordable homes sold in Brampton last month click here.
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