House in Brampton goes for $1.8M under the asking price

In a new report, Brampton was named in the top 10 most affordable places to buy a home, and one place went for $1.8 million under the asking price in 2023.

Real estate brokerage Wahi compiled the 2023 Greater Toronto Area’s housing snapshot report looking at the most expensive and least expensive areas to buy a home, condo and areas where overbidding and underbidding are most common.

This year has seen some softening in the market. However, while there have been declines in the number of homes sold, prices haven’t dropped as much as buyers hoped.

Those who are “not desperate to sell are not accepting lower offers on their homes,” notes Benjy Katchen, Wahi CEO.

Like many real estate experts, Katchen notes how interest rates, affordability, and supply have been the defining issues for the GTA housing market in 2023.

Brampton doesn’t make it as the least expensive real estate market by median price — Brock in Durham, Old Toronto and Oshawa top that list, according to Wahi.

But Brampton does place ninth on the list of the most affordable places to buy a house (as opposed to a condo or townhouse). The median price for a Brampton house was $1,051,000 in 2023, according to Wahi.

Wahi also looked at overbidding and underbidding trends. It found areas of underbidding in Oakville and Burlington.

It also found three homes that were the “most underbid” and three that were the “most overbid.”

A Brampton home at 7734 Creditview Rd. topped the list as the “most underbid” home in the GTA in 2023, according to Wahi.

The home sold for $3,350,000 in April 2023, well-under the $5,199,000 asking price.

The custom-built 1970s home has three bedrooms and sits on 3.5 acres. It came with a massive barn with an indoor arena and 28 horse stalls.

Other homes on the most underbid list were a three-bedroom home that went for 33.3 per cent under asking, and a four-bedroom home in King that went for 25.3 per cent under asking.

This home at at 7734 Creditview Rd. in Brampton was listed as the most underbid on in the GTA in 2023. Photo: Re/Max Real Estate Centre Inc., Brokerage

See the full Wahi 2023 GTA housing snapshot report here.