Brampton home sales are up, but so are the prices

The Brampton real estate market saw a bump in sales last month despite a more than $20,000 jump in the price of an average home in the city.

The latest report from the Toronto Regional Real Estate Board (TRREB) shows the average price of all home types in Brampton jumped to $1,002,018 in January, up from $981,920 in December.

And while average prices increased so did the number of sales. Real estate website Zoocasa says there were 286 homes sold in Brampton last month for a 6 per cent increase in overall sales compared to the end of 2022. That’s a slight edge over the 282 home sales in Mississauga last month.

The majority of Brampton’s sales in January were of detached properties at 143 sales, followed by 55 townhouses, 45 semi-detached homes, 21 condo townhouses, and 21 condo apartments.

TRREB says both the number of home sales and prices were down across the GTA in January compared to the previous year and highlights the
impact of higher borrowing costs on affordability.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months,” said TRREB President Paul Baron, adding that record population growth and tight labour market conditions “will continue to support housing demand moving forward.”

On top of having more sales than Mississauga last month, Zoocasa says homes are also moving fastest in Brampton compared to the rest of Peel Region with an average of 39 property days on the market.

Zoocasa said buyers in Brampton looking for a detached home should expect an average of price $1,192,492 – more than $100,000 higher than the city’s overall average price.