Brampton’s real estate market hit a record last month. According to monthly tracking data from the Toronto Real Estate Board (TREB), the average price for a Condo in the city hit $401,776. This is the first time that it’s ever crossed past $400,000.
Real Estate in Brampton proved to be impressive in May as the total sales for all homes surpassed 1,000 for the first time since April 2017 with 1,014 units. Compared to May of 2018 which only saw 684 units sold, last month’s sale total was a huge increase by 42.2 per cent.
Townhouse-style condos reached an average price high last month at $498,535 while the average sale price was $723,421 for all types of houses which was the highest average since May 2017.
Detached homes sold a lot more from 372 units in May 2018 to 523 units this year. The average price for a detached unit was $845,085 last month.
“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing,” says TREB president Garry Bhaura. “However, sales activity continues to be below the longer-term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales.”