Apartment

Brampton apartment prices jump nearly 20% as GTA home sales fall

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By Ryan Rumbolt

Published on October 5, 2022 at 1:43 p.m.

The average home price in Brampton rose across the board last month as overall sales in the Greater Toronto Area saw a drastic drop from September 2021.

According to the latest report from the Toronto Real Estate Board (TREB), the average price of a single-family detached home in Brampton rose 4.39% to $1,230,900 from September of last year.

Apartments saw the biggest year-over-year price increase to $599,900, up 19.87%, while the average cost of a townhouse jumped 9.24% to reach $741,600.

Brampton’s composite benchmark home price rose just over 5% year over year to $1,042,900.

There were a total of 809 new listings and 405 home sales in Brampton last month, with an average price of $1,007,324.

Single-detached homes averaged $1,178,736, while semi-detached homes averaged $939,496, and townhouses and townhouses averaged $887,637.

Condominium townhouses averaged $705,336, and condo apartments had an average price of $567,271.

TREB said there were some 5,038 home sales in the GTA in September, down more than 44% from September 2021.

New listings also fell 16.7% year over year to 11,237, the lowest number of new listings reported for the month of September since 2002.

With new listings down year-over-year and well below historical norms, TREB says home buyers may experience tighter market conditions in some GTA neighborhoods.

“October typically represents the peak of the fall market, so it will be important to see where price trends are headed over the next month,” said Jason Mercer, chief market analyst at TREB.

In nearby Mississauga, the average price rose nearly 13% for all home types, from $1,010,204 in September 2021 to $1,141,419 in September 2022.

In the GTA, on a yearly basis, the MLS home price index increased 8.9% and the average sale price for all home types combined increased 0.9% to $1,079,500 , according to the TREB report.

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