Prices jump over 5% as GTA home sales see biggest drop in Brampton for start of fall season

Of all real estate markets in the Greater Toronto area, Brampton had the most significant drop in sales last month as home prices in the city saw a spike of more than 5 per cent.

The latest numbers from the Toronto Regional Real Estate Board show that Brampton saw the largest dip in sales across the GTA with a drop of 4.4 per cent from August with just 392 sales in September.

But while overall transactions were down, detached homes saw a spike of 9.2 per cent as the average price of a home in Brampton jumped 5.1 per cent month-over-month to $1,035,184.

Real estate website Zoocasa says the price jump is “likely driven by the increase in detached sales” and signals a change from Brampton sellers pricing properties more competitively to attract buyers.

The average price for a detached home increased month-over-month to $1,189,228 in September for an increase of 4.6 per cent, while the average price for semi-detached and condo-townhouse properties both climbed by more than 3 per cent.

The data shows that condo apartments were the only property type in Brampton that saw a decline in the average price with a dip of 3.7 per cent to $521,162.

Average home prices dropped below $1 million in August as sales saw a boost in Brampton as many Ontario real estate markets saw cooler conditions. With sales tracking up and prices headed down, real estate watchers predicted a fall season that could give potential Brampton buyers “a prime opportunity to secure a deal before competition intensifies.”

But with prices and sales again on the rise, Zoocasa said buyers “may be shifting their focus away from more affordable property types now that interest rates have come down.”

Prices were up while demand was down across Peel Region in September but Brampton had the biggest drop.

Mississauga led with 453 sales at an average price of $1,048,914, followed by Brampton with 392 sales and Caledon pulling up the rear with 62 sales and an average price of $1,273,708.

Zoocasa says the price increase indicates sellers “seem more confident” as new listings were up month-over-month by 21.4 per cent.