Homes prices drop as sales plummet ahead of winter in Brampton: report

A slowdown in home sales has prices coming down for an average detached house in Brampton last month, according to a new report.

The latest real estate report shows a decline in home sales across Mississauga, Brampton and Caledon in November, down some 17 from the previous month, according to Zoocasa.

In Brampton the total number of sales took a drop, but so did the average price of detached homes, which historically are the most popular properties in the city.

Detached home prices saw a slight dip of 0.3 per cent month-over-month as sales dropped by more than 10 per cent, Zoocasa says. With just 442 transactions, the average property price dropped to $1,016,260 in November, the report says.

Price drops were also seen in the condo apartment market with a 10.71 per cent decline in sales and an average price drop of 4.28 per cent to $511,316.

Zoocasa says the slowdown is normal this time of year as we move into the winter season, with buyers and sellers tending “to park their real estate plans when the frosty weather hits.”

Semi-detached homes were a slightly different story with sales decreasing more than 9.5 per cent while the average price climbed more than 3 per cent to $912,685. New listings in the semi-detached market fell 18.99 per cent.

“Overall, while townhouses and condo apartments faced slower activity, the condo townhouse segment had the strongest growth in terms of price and sales numbers,” the report reads.

Mississauga saw similar changes in the detached market with a more than 27 per cent drop in sales last month, but the average price dropped a staggering 11.47 per cent to $1,425,730.

Looking across all of Peel Region, the average price for all property types dropped by 3.18 per cent to $1,042,887. Active listings also fell by 7.29% to 3,965 homes in November.