Houses and Condos Selling for $100,000 Over Asking in Brampton
It's no secret that the housing market in Brampton and surrounding cities has never been hotter.
Recently, the Toronto Real Estate Board (TREB) revealed that detached houses in the 905 are officially costing buyers over $1 million. The wild escalation in prices, which TREB says is a result of low supply and increasing demand, recently prompted the Ontario government to propose a 15 per cent foreign buyer's tax and increased rent controls.
While it remains to be seen how the proposed legislative measures will cool the red hot market (if they put a dent in prices at all), anyone buying or selling property knows that some homes are selling for $100,000 or more over asking—even relatively ho-hum houses with no upgrades, small lots and modest square footage.
In terms of numbers, TREB reports that 2,949 freehold homes in Brampton have been sold between Jan 1 and now. In terms of smaller spaces, the real estate agency reports that 400 condos have sold in the same period.
According to Royal LePage Realtor Kim Kubath, TREB numbers reveal that 2,509 freehold homes were sold for 100 per cent of the listing price. As for homes that sold for more, TREB data reports that 261 homes sold for 120 per cent over asking and two homes sold for 150 per cent or more over asking.
In terms of condos, 335 condos sold for what they were listed for, while 48 managed to net 120 per cent or more of the listing price. Only three condos sold for 150 per cent or more over asking.
So, what did these big sellers look like?
One North Brampton semi-detached house, located on Hinchley Wood Grove, sold for $576,888 after being listed for $399,000.
A relatively dated detached bungalow on Jessie Street near the downtown area was listed for $425,000 and sold for $630,000.
Another detached bungalow, located on River Road in the Huttonville area, was listed for 499,900 and sold for $700,000.
As for condos, a three-bedroom condo on Lisa Street in the Queen Street corridor was listed for $249,900 and sold for $351,100.
Another Lisa Street condo, a two bedroom plus den was listed for $249,900 and sold for $363,000.
A condo townhouse on Fleetwood Cres. was listed for $349,000 and sold for $500,000.
While massive bidding wars aren't exactly the norm, they're no longer uncommon—and quite incredible to see in relation to a more mature Lisa St. condo.
What's most interesting to note, however, is that out of 400 condos sold between January and now, 386 sold at or above (sometimes well above) asking price. That means only a scant 14 sold for under asking—something very unusual in the condo market.
It'll be interesting to see how the market changes over the coming months and years.
So far, it shows no signs of slowing down.