Brampton home prices shot up a staggering 40% last year

Home prices skyrocketed all over the GTA in 2021, but gains of a staggering 40% were seen in one city in particular: Brampton.

The latest Market Watch report from the Toronto Regional Real Estate Board (TRREB) revealed that the average price across all home types in Brampton soared 40.1% last year to $1,217,819 in December 2021 — up from an average of $869,107 one year prior.

Every segment of the Brampton residential real estate market hit new highs at the year’s end. As to be expected, detached homes were the most expensive housing type, with the average price sitting at $1,465,763. This is up 40.9% from the $1,034,004 average seen in December 2020.

Semi-detached homes followed not too far behind with an average of $1,120,501. Townhouse condos and apartment condos came in at $802,486 and $585,225 respectively.

“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021,” said TRREB President Kevin Crigger. “Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for ground-oriented homes but also a resurgence in the condo segment as well.”

You might also like:
• Toronto bungalow hits the market with a $2.8 million asking price
• There are fewer properties for sale in Canada "than at any point on record"

Limited inventory — an issue that’s plagued markets all across Toronto — has been an issue in Brampton as well, with just 0.6 months worth of inventory on the market in December.

“Tight market conditions prevailed throughout the GTA, and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types,” said TRREB Chief Market Analyst Jason Mercer. “The result was intense competition between buyers, pushing selling prices up by double digits year-over-year.

“Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, have not been sustainable long-term solutions to housing affordability or supply constraints.”