The cost of purchasing a condominium in Brampton is breaking records.

Brampton is the ninth most populous city in Canada, tanking third in the Golden Horseshoe Region, behind Toronto and Mississauga.

The Toronto Real Estate Board (TREB) published its latest monthly market report for November, on December 4, indicating a 14 per cent growth rate in prices in a year, on a GTA-wide basis.

The report indicated a 16 per cent growth rate year over year for the average sale price for apartment-style condos of all sizes in Brampton, from $366,177 to $424,987. For townhouse-style condos, there is a 10 per cent growth rate in a year, from $471,100 to $518,953.

“Based on affordability, and stricter mortgage qualification standards,” TREB president, Michael Collins, says in the report, “many buyers have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase.”

“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for the greater share of the listings in November and throughout the second half of 2019,” TREB’s Chief Market Analyst, Jason Mercer, says in the report. “Expect the rate of price growth to increase further if we see no relief on the listings supply front,” Mercer adds.

For more information, have a look at TREB’s November market report.

See our featured articles for a perspective of the pricing growth for home buyers and renters.