Brampton Sale Prices Have Rose by 16% Since Last Year
Monday Jun 20th, 2016Share
The first quarter of 2016 has been on FIRE in the Greater Toronto Area. Just the average residential sale price in the Toronto Area has increased by 14%. Looking at a 2016 Spring Trends Market Report from REMAX, it had this to say:
"High demand and low inventory for single-family homes continued to be the dominant theme in Toronto’s housing market in the first quarter of the year. As city planning shifts toward density and away from urban sprawl, the supply of ground-oriented homes is increasingly limited. Current owners are reluctant to sell as they are hesitant to become buyers themselves in a competitive market, and with rising home values, many are holding on for further price appreciation."
For our Brampton market, it has actually risen even more at 16%! Brampton is definitely catching up with the higher prices in Toronto and other areas such as Oakville and Richmond Hill.
"Brampton has usually been more affordable than other areas of Peel Region, but is starting to catch up as demand increases. Average price and sales activity increased year-over-year in the first quarter at a rate that outpaced the GTA average: Brampton’s average residential sale price rose 16 per cent and unit sales rose 26 per cent. Multiple offer scenarios have become more frequent, particularly in the lower end of the market and average days on market has dropped to 15. First-time buyers are increasingly prioritizing location and condition over square footage. Whereas previously first-time buyers would look for the largest home available within their price range even if needed some upgrading, buyers are now looking for move-in ready properties near transportation and amenities. Downtown Brampton’s growing condo market appeals to millennial buyers. Unlike many of Toronto’s suburbs, Brampton still has room to grow and new development is expected to bring more inventory onto the market. Improvements to public transportation and the potential development of a new highway are expected to increase the region’s appeal."