Home sales slow as all property types down more than 6% in one month in Brampton

Moving a home in Brampton was a harder sell for some listings last month according to numbers that show the number of properties changing hands took a drop.

Real estate watchers said a spike in new listings in April signalled that Brampton was headed toward a buyer’s market, and it seems many potential Brampton buyers held fast in May with a 6.4 per cent drop in home sales across nearly all property types.

New listings also dropped last month in Brampton according to data from the Toronto Regional Real Estate Board.

All property types in Brampton excluding condo townhouses saw a month-over-month decrease in sales, with condo apartments and semi-detached homes seeing a significant drop of more than 20 per cent.

Sales of detached homes, which are historically the most popular in Brampton, fell by 3 per cent to 254 sales. And with fewer buyers entering the market last month, average prices across all property types dropped with average detached home prices dropping by 3 per cent to $1,172,615, while condo apartment prices decreased by 0.8 per cent to $532,221.

The TRREB says Brampton buyers may get more confident in the coming months with the Bank of Canada’s lending rate dropping, meaning “sellers should be prepared to see increased interest and potentially more competitive offers.”

While the number of new homes on the market dropped in Brampton, Peel Region as a whole saw new listings spike month-over-month by 9.7 per cent. Active listings were also up month-over-month by 20.3 per cent, helping push Peel’s total  months of inventory up from 2.7 in April to 2.9 in May.

But with fewer buyers in the market month-over-month sales dropped by 2 per cent in May across the region, and less demand meant a drop in the average home price dropped by 3.1 per cent from May to $1,071,480.

“Despite month-over-month sales for the region decreasing, new listings were up by 9.9% in the GTA, giving buyers a chance to find more diverse options and potentially better deals,” the TRREB report reads.