Sales, prices booming in Brampton real estate

It’s been something of a wild ride for real estate in Peel so far in 2018.

According to the Toronto Real Estate Board’s July GTA market report, the average price for all types of dwellings in Brampton and Mississauga were nearly identical, with Brampton actually coming in a little higher.

The average sale price in July for all types of dwellings in Mississauga was $706,570, while Brampton posted an average sale price of $707,017.

Both markets posted yearover-year gains in average price and total sales last month. Brampton recorded a 10.3 per cent year-over-year increase in average price from the 12month market low of $640,946 reached in July 2017. Total sales in Brampton increased from 578 in July 2017 to 668 last month, a 15.6 per cent jump.

July year-over-year growth was much less pronounced in neighbouring Mississauga, which posted just a one per cent increase compared to the same month last year. Month over month, Mississauga actually saw a decline in average price between June and July.

Year-over-year total sales growth in Canada’s sixth largest city also lagged behind its Peel counterpart, growing 8.8 per cent from 670 sales in July 2017 to 729 last month.

“Home sales result in substantial spinoff benefits to the economy, so the positive results over the last two months are encouraging,” Toronto Real Estate Board (TREB) president Garry Bhaura wrote in his monthly analysis.

“The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, provincewide,” he added.

After a long slump to start the year, the markets in Mississauga and Brampton have experienced year-over-year growth in each of the past two months. However, while prices have stabilized somewhat in both markets compared to the market peak seen last spring, sales in 2018 are still very weak compared to recent years.

“Home sales result in substantial spinoff benefits to the economy, so the positive results over the last two months are encouraging.” GARRY BHAURA TORONTO REAL ESTATE BOARD