House Prices Soaring in Brampton
It's no secret that house prices in Brampton (and Toronto and its satellite cities) have risen exponentially and it doesn't look the trend is slowing down. While that's good news if you're selling, it's probably bad news if you're buying (and both good and bad news if you're selling and buying).
The Toronto Real Estate Board (TREB) recently released stats for November 2016 that indicate that house prices in Brampton and the greater 905 are continuing to rise.
TREB president Larry Cerqua recently announced that GTA realtors reported 8,547 sales through TREB's MLSsystem last month -- that's up 16.5 per cent compared to November 2015. For the region as a whole, all major home types experienced annual rates of sales growth and the strongest growth was actually seen in the townhouse and condo segments.
The persistent lack of inventory that is causing home prices in Toronto and the 905 to climb higher is still putting strain on buyers.
“Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth,” said Cerqua.
According to TREB, the MLS Home Price Index Composite Benchmark was up 20.3 per cent compared to last year. The average selling price for homes is also up, with the average home going for $776,684 (a 22.7 per cent rise on a year-over-year basis).
Right now, the average detached home in the 905 (which obviously includes Brampton) is selling for an astonishing $957,517. Semi-detached homes are going for $618,860 and towns are typically running buyers $571,581. Condos are selling for about $374,792.
While those numbers aren't terribly encouraging if you're trying to enter the market, you're a little better off than your 416 counterparts.
In Toronto, detached homes are going for a whopping $1,345,962.
With inventory and interest rates staying low, we can probably expect home prices to continue to climb or, at best, remain level for the foreseeable future.
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