Sales and new listings down as detached home prices climbs again in Brampton

The average price of detached and semi-detached homes in Brampton saw a slight spike last month as the number of new listings and sales saw a drop.

The numbers come from real estate website Zoocasa and the latest Toronto Regional Real Estate Board (TRREB) report and show detached homes in Brampton are still the hottest commodity on the market with 166 trading hands in November.

But those sales represent an 8.79 per cent drop from the previous month while the total number of new listings across the city was just 811, down from 1,066 in October for a nearly 24 per cent dip.

The average home price for all property types in Brampton crept up slightly to $1,002,482 in November while detached and semi-detached properties jumped to an average price of $1,154,327 and $930,915 for an increase of 0.67 per cent and 1.59 per cent respectively.

“With tightened affordability and interest generally affecting larger property types, Brampton buyers are likely waiting for interest rates to drop to secure their next home,” Zoocasa said of the city’s housing market.

New listings were down across the Region of Peel by nearly 25 per cent, and Zoocasa says the dip in new listings has also caused the number of active listings to “plateau”, dropping from 3,529 in October to 3,001 in November.

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Zoocasa says the average price of homes across the GTA have “flatlined,” meaning that some markets have dipped below the $1 million mark like in Mississauga with 10 per cent month-over-month decrease with an average price of $993,352.

The average townhouse price has decreased year-over-year in both the 416 and the 905, down by 3.6 per cent and 0.7 per cent respectively.

TRREB Chief Market Analyst Jason Mercer says home prices have “adjusted from their peak in response to higher borrowing costs,” bringing some relief for buyers.

“As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply,” Mercer said. “This will eventually lead to renewed growth in home prices.”