Brampton housing prices drop to just over $1M down nearly 6% compared to last October

Home prices in Brampton seemed to have flattened but it will still cost buyers around $1 million for a decent house in the city.

“The number of new listings and home sales is still down on a monthly and annual basis, but good news for prospective buyers on the sidelines – home prices have flattened,” the October report from Zoocasa states.

“With many waiting for the market to stabilize before making their move, the Toronto Regional Real Estate Board (TRREB) found that prices have remained steady for the past three months after constantly declining in the spring.”

The Brampton Real Estate Board puts the average home selling price at $1,089,428 for October 2022, which is a 5.7 per cent drop from October 2021. But only down only 0.4 per cent from August, according to Zoocasa.

The median price of a detached home in Brampton was $1,102,500 in October, a condo townhouse was $660,000, and condo apartment $545,000, according to the Toronto Regional Real Estate Board.

Homes are staying on the market much longer compared to this time last year. In October 2021, homes stayed on the market for an average of 18 property days on the market.

In 2022 that number has shot up to an average of 34 property days on market, but that is still two days less than the Peel Region average, according to Zoocasa.

The number of homes sold in October was way down compared to this time last year. In October 2021, 9,743 homes were sold and that number dropped 49 per cent to 4,961 sold in October 2022, according to the Brampton Real Estate Board.

According to Zoocasa, 809 new homes entered the Brampton market and there were 404 sales compared to 405 sales in August.

Buyers in Brampton are still looking for larger properties, with the most sales in the detached and townhouse property types, at 218 and 64 sales respectively, Zoocasa noted.