More home buyers eyeing Brampton market as lack of supply leads to competition
Published September 8, 2023 at 11:20 am
Home buyers have started to return to the real estate market in Brampton, but a decline in new listings likely means fewer options and increased competition.
After a slow start to the summer, the housing market picked up again in August across Peel Region with 974 homes for a more than 9 per cent improvement compared to the previous month.
Some 425 of those sales were in Brampton, making for a month-over-month spike in sales of 17.08 per cent. But with just 1,202 new listings coming to market in Brampton in August (an 11.42 per cent drop from July), Zoocasa says the supply is still tight even though buyer demand is ramping up, signalling increased interest in the autumn months.
“Dwindling supply has long been an issue for the GTA, but the summer stall in housing market activity is allowing inventory to slowly build up, which will in turn give buyers more options in the fall,” the report reads.
Zoocasa found buyers in Brampton continue to favour spacious, family homes. Average prices for both detached and semi-detached property types remained relatively flat through August despite an increased number of sales, most notably for semi-detached homes, up 21.88 per cent.
In the detached market, 206 homes traded hands for an increase of 8.42 per cent from July, and the average price decreased by 1.03 to $1,227,110. For semi-detached homes, there were 78 sales in August with an average price of $928,641.
And while home prices are looking more favourable as summer comes to a close, the decline in new listings could mean stiff competition on the way for the Brampton buyers.
“As interest continues to grow for these property types, buyers are relieved to hear that prices are declining even ever so slightly, but as we move into the fall market, demand may continue to outweigh supply in Brampton,” Zoocasa said.insauga's Editorial Standards and Policies advertising