More move-in ready starter home condos available now in Brampton
Published April 30, 2024 at 1:01 pm
There’s a condo development in Brampton that may offer an option for first-time buyers even as the landscape of homeownership in Canada has become increasingly difficult to navigate.
A report last year found the price of an average starter home in Brampton was just shy of $538,000, as the price point for what qualifies as a “starter” home in Canada has increased from $200,000.
But there’s a recently launched condo community in Brampton that’s attempting to alleviate Ontarians of stressors that come with the condo shopping process.
The development is called OMG2 and is located right where Mississauga and Brampton meld into one another at Mississauga & Olivia Marie Roads. According to developers The Daniels Corporation, this placement is just one of several ways they intend to isolate the headaches of the move-in process.
The building — which was constructed last fall — includes units ranging anywhere from 600 to 850 square feet and comes with one to two bedrooms and bathrooms depending on the size. Additional amenities include move-in ready suites, easy access to transit/highways and minimized downpayment requirements.
According to OMG2’s official website, units are available for public inquiry, and as detailed in a recent report from CondoNow, costs range between $550,000 and $700,000 — a scope that falls within standard pricing for the Brampton region.
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The building is within driving distance of a number of popular attractions, including Downtown Brampton, The Rose Theatre, Gage Park, Bramalea City Centre and more.
Ontario home prices have doubled and in some cases nearly tripled in 10 years — some cities seeing bigger increases than others. In Ontario, London and St. Thomas had the biggest increase with the benchmark price of a single-family home price rising by 178 per cent from $221,800 in 2013 to $616,700 in 2023.
In Greater Toronto, the benchmark price of a single-family home increased by $685,500 from 2013 to 2023.
While there is no permanent solution for the stress that comes with looking for a home, it looks like OMG2 is trying to set a new standard for people in Ontario.
– With files from Ashley Newport and Ryan Rumbolt
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