Brampton Housing Market Sees Surge in Inventory, Prices Remain Stable

Team Parvasi – Inside

Despite several Greater Toronto Area (GTA) communities struggling to meet housing demand, Brampton witnessed a significant increase in the number of houses for sale last month. The supply of homes has been low in Brampton in recent months, resulting in accelerated sales compared to other parts of the province.

Data from Zoocasa.com, a real estate website, indicates a substantial rise in the number of houses listed on the market in June, while prices remained relatively stable. In May, Zoocasa reported a low housing stock in Brampton, with only a two-month supply available given the existing demand. This scarcity drove quick property turnover, with homes spending an average of approximately 20 days on the market.

However, June witnessed a surge of 1,517 new listings, representing a 41 percent increase in supply compared to the preceding month, which had only 830 active listings.

Similar stories
1 of 1,437

While the overall inventory of homes in the GTA reached a new low last month, Brampton’s market experienced positive developments compared to May. Although supply increased, home sales in Brampton slightly decreased from 660 in May to 604 in July. Sale prices remained mostly unchanged, with an average of $1,113,948 for all property types.

Zoocasa mentioned that a slowdown in sales during the summer months is typical, but June demonstrated higher sales compared to the same period the previous year across the GTA. Home sales reached 7,481 last month, reflecting a year-over-year increase of 16.5 percent and indicating strong demand.

“Toronto buyers this year are more eager and active, leading to significant increases in both sales and average prices compared to last June. Although the average price experienced a slight decline from May, at $1,182,120, it still rose by 3.1 percent compared to June 2022,” the report stated.

The report also revealed that Brampton buyers continue to show a preference for detached and semi-detached properties over condominiums. However, the market for detached homes has experienced a plateau, with the average price dropping to $1,307,542. Similarly, the average price for semi-detached homes decreased by just 0.60 percent month-over-month to $1,019,653.

NEWS

You might also like More from author

Comments are closed.