Brampton Real Estate Market Still Has Homes For Less Than $1M

HiBusiness.ca
Dec. 7, 2017
Solange Murielle

In the Greater Toronto Area’s high-priced real estate market, to own a single-family home is not given to everyone for prices are exorbitant. The city of Brampton is one of the rare areas where detached properties are still below the million dollar average.

But, Brampton is far from being affordable in its housing market and usually, prospective buyers still need a six-digit household income to land a property in that region.

Brampton has been repeatedly ranked on top of the list of best places to invest, hence has been the center of attraction of the RedPin which has analyzed the city as a whole and its housing market in particular.

Brampton has a huge detached home market for it is second in number in the GTA, behind Toronto.

So far in 2017, there have been a total of 2426 detached homes sold in Brampton. That is more than the combined sales of 1857 in Richmond Hill and Vaughan, and over 50 per cent more transactions than Mississauga in the same time.

About one in every 10 detached homes sold in the GTA is located in Brampton. 52% of Brampton residents live in single-detached homes while about 15% live in apartments.

The average price of a home in Brampton known since 2012, has a colossal 83% increase, a significant figure $336978 difference. Today, the average price for all home types is around the low-to-mid $700000’s.

Brampton, compared to Toronto, is nothing more than a sparsely populated bedroom community in terms of population. Brampton is the ninth largest city in Canada with its 593638 residents just after Vancouver which occupies the eight positions with 631486 residents.

Aside from Brampton, Toronto and Mississauga, no other cities of the GTA is ranked among the top 10 list according the 2016 figures.

Of Canada’s major cities, Brampton has one of the youngest populations with a median age of 36.5, four years less than the national average. The city’s population grows at a rapid pace. There was an increase of 13.3% in Brampton’s population between 2011 and 2016.

Brampton has a total estimate of 117 public elementary and secondary schools, which brings about a richly diverse population with over 170 cultures and over 89 languages.

Brampton has a total of 16 GO Stops in its bounds, three of which are GO Train stations (Bramalea, Brampton and Mount Pleasant stations). The most exciting transit development to hit the city is the upcoming Hurontario Light Rail Transit. The 20-kilometer, 22-stop LRT will stretch along the Hurontario corridor, linking the cities of Brampton and Mississauga. The transit is slated to open in 2022.