Here's Where Condo Prices are at in Brampton
The price of a condo in Brampton has skyrocketed.
And that isn't the best news for people looking to get in on the most affordable housing type.
In a recent press release, the Toronto Real Estate Board (TREB) President Garry Bhaura announced that the typical selling price for condominium apartments reported sold by Greater Toronto Area Realtors through TREB’s MLS System in the third quarter of 2018 was up by 8.4 per cent year-over-year to $552,269.
In the Region of Peel, the average price of a condo in 2017 was $381.295, this number jumped to $417,448 in 2018.
In September of this year, the MLS Home Price Index (HPI) Apartment Benchmark Price was up by 10.1 per cent year-over-year to $506,300.
So, what's driving prices?The short answer is demand, as condos are still more affordable than low-rise housing types, and therefore of greater interest to buyers.“Condominium apartments represent a relatively affordable home ownership option in the Greater Toronto Area, particularly for first-time buyers," Bhaura said in a recent press release.
"Looking forward, strong demand for condo apartments should continue as people move to the GTA to take advantage of quality job opportunities, including those jobs associated with recent investment announcements from well-known tech companies.”
Total condo apartment sales reported through TREB’s MLS System amounted to 5,781 in Q3 2018 - up two per cent from 5,667 sales reported in Q3 2017.
“Recent survey results from Ipsos revealed that the vast majority of young people in the GTA are concerned about home ownership," Jason Mercer, TREB’s Director of Market Analysis, said in a recent press release.
"Nearly 92 per cent of respondents agreed that the goal of home ownership is becoming more difficult for younger people in the city. With these insights in mind, it makes sense that relatively more affordable home ownership alternatives like condo apartments have been very popular with home buyers over the past year."
Photo courtesy of the Toronto Real Estate Board.
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