As real estate prices surged across the GTA over the past year, home prices in Brampton weren’t able to escape the trend.
A new report from RE/MAX found that home prices in Brampton are up 18.3% year-over-year, with the average selling price hitting a whopping $1,136,280 in September.
“Price growth in September continued to be driven by the low-rise market segments, including detached and semi-detached houses and townhouses,” said TRREB Chief Market Analyst Jason Mercer. “However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers re-entered the ownership market.”
This trend has been ongoing for quite some time. In August, Brampton real estate prices were up 26% year-over-year, with the average price sitting at $1,060,277. According to Mercer, these rising prices are expected to continue.
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As prices have gone up, the number of sales in Brampton has dipped. In August, 883 homes were sold — a 26% reduction from August of the previous year. This follows the GTA-wide trend of low levels of inventory leading to fewer sales. In September, there was a staggering 19.1% decline in sales across the GTA compared to September 2020.
Both Brampton and the GTA’s real estate markets are expected to remain tight next year.