New real estate listings dropped 38 per cent in October in Brampton
Published November 4, 2021 at 11:51 am
October featured the fewest new listings of homes for sale in Brampton so far in 2021.
According to the latest data from the Toronto Regional Real Estate Board, only 942 new listings hit the market in Brampton, a decrease of 38 per cent year-over-year.
Additionally, last month, the average price for a home in Brampton rose 25 per cent to $1,085,417, surpassing the average price for a home in Mississauga.
Further, Brampton saw only 863 home sales last month, a decrease of 21 per cent.
While homes in Brampton, specifically detached homes, aren’t seeing quite the same demand as they are in Mississauga, the Sales to New Listings Ration (SNLR) is still very much a seller’s market at 87 per cent.
According to the Canadian Real Estate Association, an SNLR below 40 per cent is a buyer’s market, while an SNLR between 40 and 60 per cent is balanced, and an SNLR above 60 per cent is a seller’s market.
In Brampton, competition was especially high for condo apartments—53 per cent of all real estate sales in October were detached homes, the average price of which hit $1,302,553.
The highest competition among real estate sales was for condo apartments—there were only 76 transactions last month, an increase of 43 per cent, which drove the SNLR to 106 per cent, and the average price to $529,862.
Moreover, the average price for condo townhouses increased 26 per cent to $738,918, and the average price for semi-detached homes increased 29 per cent to 1,001,595.insauga's Editorial Standards and Policies