{"id":2695,"date":"2020-06-15T16:45:36","date_gmt":"2020-06-15T20:45:36","guid":{"rendered":"http:\/\/paradisedevelopments.com\/blog\/?p=2695"},"modified":"2023-08-23T13:56:28","modified_gmt":"2023-08-23T17:56:28","slug":"brampton-housing-market-overview-and-trends-in-2020","status":"publish","type":"post","link":"https:\/\/paradisedevelopments.com\/blog\/communities\/brampton-housing-market-overview-and-trends-in-2020\/","title":{"rendered":"Brampton Housing Market Overview and Trends in 2020"},"content":{"rendered":"\n

What a year 2020 has been so far. The COVID-19 pandemic has prompted change in a number of areas, not the least of which is real estate. In this post, we\u2019ll take a look at the Brampton housing market and discuss how recent events have shaped it. If you\u2019re in the market for a new home in Brampton<\/a>, this should shed some light on what you can expect while shopping around.<\/p>\n\n\n\n

Brampton Housing Prices in 2020<\/h2>\n\n\n\n

Brampton remains one of the Greater Toronto Area\u2019s most sought-after housing markets. A quick look at the city\u2019s history and culture<\/a> will make the reasons for that exceedingly clear; people enjoy living and working in Brampton.<\/p>\n\n\n\n

As such, housing prices have not been as heavily affected as you might expect. According to Zolo<\/a>, the average house price in Brampton between May and June was $767,000. That represents a 6.7% increase compared to the same time last year. The figure is down just 2.5% compared to the previous month.<\/p>\n\n\n\n

While this means buyers aren\u2019t receiving much in the way of a \u201cCOVID discount,\u201d it also instills confidence that Brampton\u2019s housing market can hold up against even the most turbulent of economic times.<\/p>\n\n\n\n

This should come as no surprise. After all, Brampton\u2019s economy is substantial, with local businesses contributing $900 billion to the nation\u2019s GDP<\/a> in 2016. The stability of Brampton housing prices reflects the high demand for housing in the city, which is one of Canada\u2019s most economically productive.<\/p>\n\n\n\n

Despite the steady growth of Brampton housing prices, it remains a very competitively-priced city compared to nearby Toronto. There, the average detached home price is $1.04 million.<\/a> Even in the suburbs, you can expect to pay an average of $843,637. Your money goes a lot further in Brampton, too, buying a nicer (potentially brand new) home versus some of Toronto\u2019s older yet still expensive housing.<\/p>\n\n\n\n

Brampton Real Estate Market Trends<\/h2>\n\n\n\n

As of writing, Zolo statistics show that detached houses remain the most commonly-sold in Brampton, followed by townhomes. Condominiums make up a much smaller percentage, with only 40 having been sold in April compared to 223 and 220 for detached properties and townhomes, respectively.<\/p>\n\n\n\n

This preference for houses rather than condos reflects Brampton\u2019s continued \u201csuburban\u201d vibe, despite it having a population comparable to cities like Portland and Baltimore.<\/a> The city\u2019s population density<\/a> is relatively low, meaning that residents can get a decent chunk of land all to themselves.<\/p>\n\n\n\n

Time Spent On Market<\/h3>\n\n\n\n

Perhaps one of the most unsurprising Brampton real estate market trends is that properties are spending much more time on the market than they were this time last year.<\/p>\n\n\n\n

In May 2019, homes in the $250,000 to $500,000 range spent an average of 18 days on the market according to Zolo. That\u2019s shot up to an average of 34 days this year. Homes in the $500,000 to $750,000 range show the largest disparity, with last year\u2019s 15-day average turning into a 39-day average this year. Properties in the $1.5 million to $2.5 million range are also sitting on the market considerably longer, with the 21-day average having become 38 days.<\/p>\n\n\n\n

Overall, homes are now sitting on the Brampton real estate market for an average of 38 days.<\/p>\n\n\n\n

Inventory<\/h3>\n\n\n\n

While homes in even Brampton\u2019s best neighborhoods<\/a> are sitting on the market for longer, that doesn\u2019t mean there\u2019s a whole lot of extra inventory to go around. In fact, May saw just 935 new listings compared to 1,472 in June of last year.<\/p>\n\n\n\n

This reflects the fact that, while demand for real estate in Brampton has not cratered, it has experienced a decline.<\/p>\n\n\n\n

How Brampton Compares to Other Cities in the GTA<\/h2>\n\n\n\n

Toronto\u2019s housing market saw a major boom in April<\/a> that Zolo\u2019s statistics suggest has yet to reach Brampton, even now in June. Toronto is, of course, a much bigger market in terms of population and residences but the disparity is still somewhat staggering, even if it\u2019s not unexpected. While homes in Brampton are by no means on a \u201cfire sale\u201d of any sort, the recovery has been more measured, giving those currently in the market an opportunity to buy at lower prices than usual.<\/p>\n\n\n\n

At Paradise Developments, we\u2019ve been taking all the precautions to ensure that you remain safe while shopping for a property during this time. Check out this article<\/a> for more information about how virtual tours can keep everyone safe. Be sure to check out our market overviews for these cities as well:
– Ajax<\/a>
– Pickering<\/a>
– Whitby<\/a> <\/p>\n\n\n\n

Brampton Housing Market Outlook<\/h2>\n\n\n\n

Where does Brampton\u2019s housing market go from here? Economically-speaking, things appear to be improving rapidly throughout Canada. Different sectors of the economy are reopening and many real estate experts in Canada are predicting a multi-stage recovery for the property market.<\/p>\n\n\n\n

RBC, for example, expects<\/a> the nation\u2019s housing market to see a 30% decline in home resales, which would put it at a 20-year low. According to the report, it may take up to a year for buyers to reach levels seen prior to the pandemic. Experts are still not expecting<\/a> a full collapse of the housing market.<\/p>\n\n\n\n

RE\/MAX, meanwhile, has suggested<\/a> that the current price declines are more of a \u201cleveling off\u201d of previously \u201cunsustainable\u201d growth rather than anything to be particularly alarmed about.<\/p>\n\n\n\n

What This Means For Homeowners<\/h2>\n\n\n\n

There\u2019s no denying that the current economic environment is unnerving for prospective real estate buyers, even in hot cities like Brampton. While you should definitely consult a reputable advisor before making a decision, few Canadian real estate experts are predicting a long-term collapse for the market. At Paradise Developments, we partner with Scotiabank Specialists to provide our clients with top-notch advice. The fact remains that getting a mortgage in Canada requires significant mortgage stress testing<\/a> and those approved can be confident in their ability to weather the current situation.<\/p>\n\n\n\n

In other words, if you\u2019ve been planning and preparing for your home purchase for a while, it doesn\u2019t automatically become a bad idea based on the current, temporary, situation.<\/p>\n\n\n\n

We hope this guide has been helpful to you and we trust you\u2019ll check out one of our fine new homes in Brampton if you\u2019re in the market!
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