The real estate market has reached an all-time high mark especially in the Greater Toronto Area. City of Brampton in particular has seen the craziest real estate among all cities in Peel Region.
The average price of homes for sale in Brampton surpassed $1 million for the first time in February 2021. Brampton is Canada’s ninth largest city and the real estate in Brampton continues to skyrocket at an alarming rate. Lack of inventory has resulted in this situation.
Top realtors in Vaughan and Brampton along with other parts of GTA are navigating the current real estate market. It is increasingly challenging to own a home or condo in Brampton. Prices are also catching up in neighbourhood cities of Brampton such as Vaughan and the surrounding regions.
Demand for homes for sale in Vaughan has increased with a lot of people preferring to stay in Vaughan considering its recent progress. A real estate agent in Vaughan can give you a good perspective on how the real estate market has changed recently in Vaughan and Brampton with house prices reaching an all-time high mark.
Homes for sale in Woodbridge were not priced as high as they are seen priced recently. Bidding wars have resulted in a price rise for homes for sale in Maple, Vaughan. People are leaving their downtown condos and looking for spacious homes for sale in Kleinburg during COVID-19.
Vaughan real estate is picking up rapidly as it is in close proximity of Brampton and well connected to other parts of GTA. TRREB’s recent data showed an average price of $1,014,232 for all different types of homes for sale in Brampton marking Brampton’s first record of surpassing seven digits.
It has been just a matter of one year since this drastic change happened as an aftermath consequence of COVID-19 lockdown when mortgage rates reached an all-time low. The average sale price in January 2020 was $764,826 which has increased with an average spike of $19,185 per month.
This has happened just within 13 months, despite of the COVID-19 pandemic and economic uncertainty along with it. Semi-detached homes for sale in Brampton, sold for around $895,546 which were $710,527 around the same time in January 2020. Similarly townhomes for sale in Brampton hit a record high mark of $669,670 last month.
The situation has majorly arose due to lack of inventory and the current demand and supply equation contributing to keep average home prices in double digit. Hopefully spring can see most listings coming up but for now, the situation continues to tighten in Brampton and the Greater Toronto Area.