Huge Spike Seen in Brampton Housing Prices Over the Past Decade
Brampton is known for quite a few things - we have one of the fastest growing populations in Canada, we have the most expensive car insurance in Ontario, and now, our housing prices have undergone one of the highest pricing increases since 1997!
It’s official. Century 21 recently commissioned a survey about housing prices in Canada in 1997 vs. 2017, and while Brampton is not yet on the list of the most expensive areas to buy a home in the county, real estate pricing in Brampton has skyrocketed over the past decade based on Price-Per-Square-Foot (PPSF) growth.
The PPSF in Brampton in 1997 was a mere $93.33, a Century 21 representative told inbrampton.com. Ten years later, that number has increased by a whopping 321 per cent.
That means that the PPSF in Brampton currently sits just shy of $300.
In comparison to cities across the Greater Toronto Area (GTA), Ontario, and Canada, that’s not actually that bad.
In fact, according to the survey, here’s the GTA breakdown of the most expensive places you can buy a home:
The GTA marketplace is the “driving force of economics in our country, really, not just in Ontario,” said Century 21 Canada executive VP Brian Rushton. “So certainly, it’s a factor all by itself.”
Places across Ontario have seen jumps in housing prices across the board over the past decade, as well. Here’s a look at PPSF in some cities across Ontario, then and now:
Even more large-scale, there were some surprising results across the entirety of Canada.
Don’t worry, we in Brampton haven’t broken the charts on the five most expensive places to live in Canada just yet - but you might want to avoid buying a home in Vancouver:
That’s right, the most expensive place to buy a home in Canada is actually Vancouver West Side at $1210.00 PPSF, followed by downtown Vancouver at $962.75 PPSF, then West Vancouver at $816.61 PPSF.
Downtown Toronto - and its condos - ranked fourth at $818.86, with Oakville rounding out the final spot nationwide
On the flip side (if you’re looking to move, perhaps?), the cheapest place to buy in Canada is Windsor, Ont. with a $94.64 PPSF price tag, the report finds.
The second cheapest market is Moncton, N.B., with a cost of $99.84 PPSF, followed by Halifax at $130.70 PPSF.
St. John’s placed fourth at $166.67 PPSF, while Charlottetown ranked fifth at $175 PPSF.
So, while Brampton may not be the most expensive place to buy a home in Canada, prices in Brampton are on a steep incline.
Are you surprised by the results?
Graphics courtesy of Century 21