With the start of a new year here in Brampton, its uncertain if 2020 will be good for Brampton home buyers.
According to a recent price survey by Royal LePage, the average price for a house in the Greater Toronto Area went up by 4.8 per cent year-over-year to $843,609.
However, in Brampton things were different. The aggregate price of Brampton homes increased by 5.0 per cent year-over-year to $743,118. Median prices for condominiums increased by a very big 9.2 per cent to $412,868, while the median pricing for two-storey houses went up 4.9 per cent to $768,932 and bungalows went up 4.6 per cent to $672,076.
The report says that the main reasons behind the price increases are low interest rates, buyer adjustment to market cooling measures, and a lack of new housing supply.
“The Greater Toronto Area is at a pivot point where we are seeing signs that prices could begin to rapidly increase,” says Kevin Somers, Chief Operating Officer, Royal LePage Real Estate Services Limited. “The region has a very low supply of listings while we are seeing more potential buyers trying to enter the market.”
Below is a list of how much the aggregate price of housing increased last year for each city in the Greater Toronto Area (GTA)
- Toronto – $843,609
- Mississauga – $788,150
- Oakville – $1,096,588
- Vaughan – $995,792
- Milton – $765,395
Ajax and Oshawa are the only two regions that have shown a decrease in housing prices year-over-year by 1.2 per cent and 1.8 percent to $661,049 and $524,423 respectively.
The Royal LePage Market Survey Forecast predicts that the price of housing would continue to increase going into 2020, rising to $883,700. They say things could change for mortgage policies in order to attract potential buyers, however.
“The federal government has signaled that changes could come to the mortgage stress test mechanism in 2020,” says Phil Soper, president and CEO, Royal LePage. “The stress test pushed people out of real estate markets across Canada temporarily. For the most part, buyers have adjusted, yet it still represents a significant hurdle as families pursue the dream of owning their own home.”
If you want to get more details you can see the report PDF yourself right here.