Home sales up 5% as prices drop below $1M makes ‘prime opportunity’ for buyers in Brampton: report

The average home price dropped below $1 million and prices are expected to keep going down as sales saw a boost in Brampton last month, according to a new report.

While many Ontario real estate markets saw cooler conditions in August, data from Zoocasa shows sales saw a  5.1 per cent spike in Brampton while the average price of a property dipped from $1,010,000 to $984,544 for a difference of 2.5 per cent.

With sales tracking up and prices headed down, the fall season could give potential Brampton buyers “a prime opportunity to secure a deal before competition intensifies,” Zoocasa says.

The average price for detached properties in Brampton dropped by 2.6 per cent from July to $1,137,293, while condo townhouses decreased by 5.7 per cent to $653,276. Sales of semi-detached, townhouses, and condo townhouse units all saw month-over-month increases, with semi-detached sales rising by more than 27 per cent.

The increase in sales “may indicate that Brampton buyers are feeling more positive about the market after the Bank of Canada’s interest rate drops,” Zoocasa said.

Both detached sales and condo appartment sales dropped by 1.4 per cent and more than 50 per cent in August respectively.

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Across the Region of Peel, the average home price for all property types also dropped by 3.4 per cent in August but remained over the $1 million mark at $1,029,214.

“The good news for prospective buyers is that average prices are still coming down,” the report reads.

Mississauga saw a cooler market compared to Brampton with an average home price of $1,044,543 and a 2.7 per cent drop in sales.

Unlike Brampton, competition has yet to rebound in Mississauga with both the number of days listings stayed on market and average property days on market increasing across the city last month.

Most of the GTA real estate market has remained sluggish despite the Bank of Canada lowered the key interest rate again this week, with a new report showing 70 per cent of homes purchased across the region in August sold for less than listed.