Brampton Housing Market Report
- The average Brampton home sold price is now at $1,111,067, down by 3.1% compared to last year.
- Strong sales and declining new listings is causing a more competitive environment for homes, helping to push up prices.
- Detached home average price decreased by 2.7% year-over-year to $1.32M.
- Semi-detached home average price decreased by 0.2% year-over-year to $1.03M.
- Freehold townhouse average price decreased by 2.5% year-over-year to $952k.
- Condo townhouse average price decreased by 7.3% year-over-year to $747k.
- Condo apartment average price decreased by 7.5% year-over-year to $570k.
Brampton Housing Market Overview
May 2023 was a busy month for Brampton’s housing market, as the city buzzed with strong sales activity and rising home prices. With an average home sold price of $1,111,067 during the month of May 2023, Brampton home prices have increased by 11% since the start of this year. It’s also a 2% increase compared to just last month, even as prices remain 3% lower year-over-year. Brampton homeowners in 2022 have been hit particularly hard compared to other cities in the Greater Toronto Area (GTA) housing market, but the market appears to be rebounding.
In Comparison
Compared to other areas of the GTA, Brampton’s housing market is performing relatively the same as other GTA cities. Mississauga's average home price is down 1% year-over-year, while the City of Toronto is seeing an equal 3% dip in prices year-over-year. Halton Region is also seeing prices down 3% year-over-year. Based on prices alone compared to last year, Brampton isn’t missing out on any price gains.
Compared to neighbouring Mississauga, Brampton’s average home price of $1,111,067 is slightly lower than Mississauga’s average home price of $1,140,328. Mississauga’s home price has also increased by 6% compared to last month, while Brampton’s home price has only increased by 2% compared to last month.
Home sales activity in Brampton strengthened in May 2023 as homebuyers started to come off of the sidelines, which clashed with a slump in new listings coming onto the market. The 742 home sales in Brampton's housing market in May 2023 represent a 12% increase compared to last month and an 11% increase from last year. In comparison, April 2023 saw home sales down by 8% year-over-year. Meanwhile, new listings are down 21% year-over-year, and active listings have decreased by 34.5%.
Property Types
A tightening housing market, brought about by a slow pace of new listings contrasted with stronger sales, is putting upwards pressure on Brampton home prices. The effects of significant Bank of Canada rate hikes in 2022 continues to fade, as the market adjusts and takes in a pause in rate hikes for now.
In May 2023, Brampton's average detached home price was $1,319,150, down 3% year-over-year and up 5% from last month. Semi-detached homes saw a less severe price decline, with the average semi-detached home price down barely 0.2% year-over-year to $1,025,789. Semi-detached homes also had a more subdued monthly increase, with prices rising 1% month-over-month.
Condo townhouse prices are down 7% year-over-year to $746,691, while condo prices are down 7.5% year-over-year to $569,953.
Home Prices in Brampton
Brampton Housing Market Statistics for All Property Types
Average Sold Price
Total Transactions
Property Type Distribution
Free Home Value Estimator
Housing Markets Across Canada
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.