Brampton’s Low Housing Supply Causes Faster Turnover and Increased Sales

Brampton is facing a shortage of housing supply, leading to increased sales and faster turnover compared to other regions in Ontario. According to a report by Zoocasa.com and the Toronto Regional Real Estate Board, Brampton had the highest number of homes sold in the Region of Peel last month, with 660 properties changing hands, representing a 9.27% increase from March. However, Brampton also has the lowest inventory of for-sale housing in Peel, with only two months’ worth of supply. This low stock is causing properties to move quickly, with an average of just 20 days on the market, compared to Mississauga’s 23 days and Caledon’s 29 days.

Of the 660 homes sold in Brampton, over half (362) were detached properties, which had an average price of $1,261,074, up slightly by 1.5% from the previous month. Semi-detached homes were also in demand, with 115 sales at an average price of $1,018,211, representing a 6.42% increase from the previous month. The report noted that the overall average price of residential properties across Ontario increased by 4% last month compared to March.

TRREB President Paul Baron stated that buyers are now accepting higher borrowing costs and taking advantage of lower selling prices compared to the same period last year. However, he also noted that the challenge moving forward would be meeting the demand for ownership housing with adequate supply, which is a policy issue that requires the sustained effort of all levels of government. According to TRREB, buyers have been focusing on affordable property types, especially condo apartments, this year, but the trend may be shifting towards detached properties, which made significant gains last month.