The average home price crosses $1 million in Brampton

If you want to purchase a home in Brampton in the coming weeks (or perhaps even months), you might have to spend close to (or over) $1 million for a low-rise home.

According to data recently released by the Toronto Regional Real Estate Board (TRREB), the average price of a home in Brampton in February 2020.

In a news release, TRREB said that record home sales in the GTA continued in February with multiple buyers competing for a limited number of listings. The long-standing supply and demand imbalance–fuelled by low interest rates and a lack of available homes–continues to drive double-digit annual price growth in Mississauga and other GTA municipalities.

According to TRREB, GTA realtors reported 10,970 sales last month– a 52.5 per cent increase compared to 7,193 sales in February 2020. TRREB says the condominium apartment segment led the way with a 64 per cent sales increase.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties,” said TRREB President Lisa Patel in a news release.

“It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022.”

TRREB said that prices across the region rose 14.8 per cent year-over-year, with the average selling price rising by 14.9 per cent to $1,045,488. TRREB says the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

As far as Brampton is concerned, real estate website and brokerage Zoocasa said that home sales in the city were up by 51 per cent compared to last February with 1,135 homes trading hands. The average price of a home in Brampton hit $1,014,232, growing  23 per cent compared to $827,144 just a year ago. 

By property type, the average price of a condo townhouse in Brampton grew 25 per cent annually to $669,670, while both detached and semi-detached house prices grew 22 per cent to $1,185,341 and $895,546, respectively. Zoocasa said condo apartments experienced slower price growth of 9 per cent, reaching $484,554. 

Like other Peel Region markets, home sales growth in Brampton was dominated by condo-townhouse properties, with a 79 per cent increase year-over-year and 70 homes sold compared to 24 in 2019. This is followed by detached houses with 626 homes sold (up 57 per cent year-over-year), and semi-detached homes with 215 homes sold (up 41 per cent annually). Condo apartments had an annual sales increase of 27 per cent with 56 units sold in February. 

“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer in a statement.

“The pandemic has not stunted GTA residents’ appetite for owning a home. Once the economy opens further and immigration into the GTA resumes, there will be an even greater need for housing supply.