Average house prices in Brampton remain on the rise. Despite
changes in Canada’s mortgage rules and rising insurance premiums, the value of
homes in cities across the GTA continue to rise. While numbers for different
publications can differ, one thing is for certain: the value of property in the
GTA is going up. Canadian Real Estate Magazine estimates that the average price
of a detached home in Brampton sells for a median price of $588,900. According
to Zolo.ca, Canada’s leading tech powered brokerage, the average price for a
home in Brampton was at $644k, which actually ranks it #19 on its list among
cities in the GTA. Even the condo market in Brampton has been subject to
unprecedented price escalations due to the dwindling supply of low rise and
detached family homes. As inventory numbers continue to challenge all-time
lows, the price of homes around the Greater Toronto Area has continued to
increase.
Prices Remain on the
Rise
The Municipal Property Assessment Corporation conducts a
province-wide assessment update and mails a property notice assessment to every
property owner in Ontario. In May 2016, the Municipal Property Assessment
Corporation assessed that the value of residential properties in Brampton,
Ontario increased an average of 6.6% per year since 2012. Their assessments are
meant to reflect the state of the local real estate market. Overall, BILD
estimates that average prices for new low-rise homes, which includes detached,
semi-detached homes, and town homes, has increased 20% over the past 12 months
alone.
Listings Come and Go
Quickly
New mortgage rules have failed to slow the blistering pace
of home sales in the Greater Toronto Area. According to the Toronto Real Estate
Board, prices in November 2016 were up 22.7% from a year ago. Listings for new
homes tend to come and go rather quickly in Brampton. According to MLS® data,
the average listing in Brampton lasted only 20 days, which is tied for
seventh-fastest rate among all cities in the Greater Toronto Area.
Real Estate Market
Remains Red Hot
When looking to invest in a home, buyers are generally
looking for three things: infrastructure improvements, a higher than national
average income, and population growth. These characteristics are what make
cities like Brampton, Mississauga and Caledon such attractive locations.
According to Zolo.ca, Brampton has the highest turnover of any city in the GTA
at 77.6%, yet homes are not selling below their market value. With a selling to
listing price ratio of 101%, homes in the Brampton area are routinely selling
for more than the asking price. The
Durham Region has seen the biggest price hike with prices rising 25.4% in the
past year.
Average house prices in Brampton and around the GTA continue
to rise. There is no better time than now for people looking to invest in real
estate in the Greater Toronto Area. While listings come and go rather quickly,
hiring a qualified REALTOR®can give you an added edge when buying a new home. Hiring a REALTOR®will provide prospective homebuyers access to the Multiple Listings Service®,
which they can use to stay on top of the latest opportunities in the real
estate market.