Data and analysis provided by ReMax.
The average Brampton home sale price dropped by 11% from 2022 to 2023, going from $1,187,358 to $1,057,077, while the number of sales decreased by 21.1%, falling from 5,985 in 2022 to 4,722 units in 2023. Expect average sale prices across all property types to be stable, while unit sales increase by 20% in 2024. The housing market will also shift from a buyer’s market to a balanced one.
The highest demand is expected for single-detached homes, with particular interest in duplexes and triplexes. First-time homebuyers consider the Brampton market because of entry-level home prices of just under $1,000,000.
Desirable neighborhoods in Brampton will include Sandringham-Wellington, Fletcher’s Meadow, and Northwest Brampton. Buyer trends lean towards accessibility to public transportation, amenities, and public services.
The influx of newcomers to Brampton has heightened pressure to construct new developments on limited available land. Slow approvals for new developments have compounded rising demand, and the lack of prioritization for purpose-built rentals over the decades has strained the housing market further. Developers and builders on new construction projects are increasingly seeking contributions from buyers to offset increased construction costs.
Key factors affecting housing market conditions in Brampton align with national issues, including higher interest rates posing challenges for first-time homebuyers. Homebuyers may be waiting for interest rates to decline, expected in the second and third quarters of 2024. Anticipated sales in 2024 are set to increase by 20%, while average home prices will remain stable at a three-year low.
Top Brampton Mortgage Broker Rakhi Madan looks forward to discussing your opportunities in the Brampton housing market and helping you with a successful mortgage application.
