Here's How Much Home Prices Have Increased In Brampton Compared To The GTA
The price of a home in the GTA has increased again this year in the second quarter of 2019.
According to the Royal LePage House Price Survey, the aggregate price of a home in the Greater Toronto Area (GTA) increased 2.6 per cent year-over-year to $841,729 in the second quarter of 2019.
The median price of a two-storey home and bungalow in the GTA increased by 1.7 per cent and 1.6 per cent year-over-year, to $970,772 and $809,648 respectively in the second quarter. Condominiums within the region increased by 7.2 per cent to $542,203.
According to Royal LePage, the country’s leading provider of services to real estate brokerages, home buyers’ showed a healthy interest in homes under the one million dollar mark, which drove the market in the GTA and led to more active unit sales in some areas during the second quarter of the year. Homebuyers in the northern parts of the GTA witnessed a buyer’s market, putting the region’s market in balanced territory.
President of Royal LePage Signature Realty Chris Slightham adds that once the Ontario Government’s Housing Supply Action Plan unfolds, the forecasted additional housing supply for the region has the potential to take some pressure off prices for first-time buyers. He foresees a healthy summer housing market, as the province’s economy continues on a stable path.
Royal LePage also forecasts that prices will remain relatively flat across the board, with aggregate prices expected to increase 1.4 per cent from year-end 2018.
So, do we see the same price increase in Brampton?
According to Royal LePage, Brampton’s relative affordability continued to attract home buyers in the second quarter. The aggregate price of a home increased by 3.3 per cent year-over-year to $712,371. The median price of a two-storey home and bungalow saw similar price increases of 3.2 per cent and 3.7 per cent to $736,299 and $652,902 respectively. The median price of a condominium experienced strong appreciation, rising 6.8 per cent to $392,927.
The Royal LePage National House Price Composite shows that the price of a home in Canada increased by 1.1 per cent year-over-year to $621,696 in the second quarter of 2019. When broken out by housing type, the median price of a two-storey home rose 1.0 per cent year-over-year to $727,165, while the median price of a bungalow dipped 0.4 per cent year-over-year to $516,048. Condominiums remained the fastest growing housing type on a national basis, with its median price rising 3.8 per cent year-over-year to $452,451.
“We now have evidence of a sustained market recovery in the nation’s largest market, and signs of a price floor in other regions hit hard by the eighteen-month-old housing correction. Only in the West do we see a significant number of homebuyers remaining on the sidelines, depressing sales volumes and causing prices to sag,” said President and CEO of Royal LePage Phil Soper.
Royal LePage expects national home prices to increase by 0.4 per cent compared to the end of 2018.
What do you think about Brampton's housing market?