New condo listings up 137% as average price drops in Brampton

The number of new condos up for sale in Brampton more than doubled last month as prices took a tumble by nearly 5 per cent.

The real estate market in Peel Region saw the most month-over-month sales in January, and Brampton led the way with 395 homes trading hands according to real estate website Zoocasa’s breakdown of the latest Toronto Regional Real Estate Board (TRREB) numbers.

But Brampton also saw an overall spike in new home listings of more than 80 per cent last month, including a huge 137.5 per cent jump in the number of new apartment condos.

Apartment condos were the only property type in Brampton to see a month-over-month drop in the average price, down 4.8 per cent to $535,608.

New Brampton detached home listings rose by 70.5 per cent in January compared to December, while the average price of a detached home saw a slight increase of just 0.3 per cent to $1,157,763.

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Condo prices may have dipped but the average cost of a townhouse increased by 5.2 per cent month-over-month, making for the largest price jump in Brampton among all property types.

Looking at the region as a whole, the average price of all combined property types increased to $1,024,926, up just 0.5 per cent from $1,020,187.

The number of new listings went up across Mississauga, Brampton and Caledon with an increase of 82.4 per cent while active listings were down by 10 percentage points.

With an uptick in sales on the Brampton market, the city had around 2.3 months’ worth of real estate stock at the end of January.

And with data from TRREB showing more buyers starting to come off the sidelines, Zoocasa says inventory in the region will likely only get tighter.

To see more listings in Brampton you can visit www.Zoocasa.com.