Best
5-Year Fixed
Mortgage Rates

Brampton Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for May 2024
Updated June 10th, 2024
  • Brampton’s benchmark home price in May 2024 was $1,018,300, down 7.5% year-over-year.
  • The average Brampton home sold price is now at $1,002,608 down by 9.8% compared to last year.
  • Detached home average price decreased by 11.1% year-over-year to $1.17M.
  • Semi-detached home average price decreased by 9.5% year-over-year to $928k.
  • Freehold townhouse average price decreased by 8.1% year-over-year to $875k.
  • Condo townhouse average price decreased by 6.8% year-over-year to $696k.
  • Condo apartment average price decreased by 6.6% year-over-year to $532k.
  • June 23, 2024 Update: Today’s Lowest mortgage rates in Brampton is 4.79% for 5-Year Fixed

Brampton Housing Market Overview

Data for May 2024
Avg. Sold Price:$1,002,608
All Property Types:$1,002,608
Detached:$1,172,615
Semi-Detached:$928,406
Freehold Townhouse:$875,206
Condo Townhouse:$695,696
Condo:$532,221
Transactions (Buy/Sell):484
All Property Types:484
Detached:254
Semi-Detached:82
Freehold Townhouse:66
Condo Townhouse:49
Condo:29
Best 5-Year Fixed Mortgage Rates in Brampton
Mortgage Term:
Fixed
Variable

Brampton Housing Market: Price Movements for May 2024

Benchmark

Home Price

$1,018,300

-1.0%

1-Month Change

-7.5%

1-Year Change

Average

Home Price

$1,002,608

-2.3%

1-Month Change

-9.8%

1-Year Change

Median

Home Price

$963,250

-2.2%

1-Month Change

-8.3%

1-Year Change

Brampton Market Condition
Buyer's Market
This Month’s SNLR: 34%
An SNLR below 40% indicates a market that favours buyers.

Home prices in Brampton’s housing market are inching lower as sales decline year-over-year. For May 2024:

  • The average home price now stands at $1,002,608, marking a decrease of 2.3% from the previous month and a more pronounced 9.8% decline from the same period last year.
  • Benchmark prices have also reduced by 1.0% since last month and 7.5% since last year, currently valued at $1,018,300.
  • Brampton’s median home price has declined year-over-year, down 8.3%, to $963,250.
wahi map

Here’s a breakdown by property type:

  • Detached homes were sold for an average of $1,172,615, decreasing by 3.0% from the previous month and 11.1% from the previous year.
  • The average for semi-detached properties has also fallen to $928,406, a decline of 2.9% month-over-month and 9.5% year-over-year.
  • Freehold townhouses have not been immune to the trend either, with values dipping to $875,206, a monthly change of -3.1% and -8.1% compared to May 2023.
  • Condo apartment units were sold for an average of $532,221, showing a smaller decrease than other property types, with only a 0.8% decline from the previous month and a 6.6% fall on an annual basis.

Sales Statistics

There were a total of 484 residential sales in Brampton in May 2024. This represents a decrease of 34.8% compared to the same period last year.

  • Detached home sales registered at 254, marginally less than last month's and a substantial 32.6% lower than last year.
  • Semi-detached property sales of 82 stand out, with a 24.1% month-over-month drop and a stark 46.8% decrease from May 2023.
  • Sales of freehold townhomes and condos have also seen notable declines. Only 66 freehold townhomes were sold, representing a 30.5% yearly drop, and condo sales plummeted to 29, accounting for a significant 48.2% decrease compared to last year.

Market Conditions

New listings in Brampton’s housing market numbered 1,412, a 9% year-over-year increase. Compared to Brampton’s 484 sales in May 2024, this brings about a sales-to-new-listings ratio (SNLR) of 34%, signalling a market favouring buyers. That’s lower than the GTA’s 38% SNLR and Mississauga’s 38% SNLR.

Home Prices in Brampton

Brampton Housing Market Statistics for All Property Types

Data for May 2024

Average Sold Price

Total Transactions

Property Type Distribution

Detached
Semi-Detached
Townhouses
Condo Apartments
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:
Fixed
Variable

Free Home Value Estimator

Enter the property address below
Loading...
Is it a condo?
Why are you looking for the home value?

Housing Markets Across Canada

Data for May 2024

Market Overview for Detached Homes

Data for May 2024

Average Sold Price

Transactions


Market Overview for Semi-Detached Homes

Data for May 2024

Average Sold Price

Transactions


Market Overview for Townhouses

Data for May 2024

Average Sold Price

Transactions

Market Overview for Condo Apartments

Data for May 2024

Average Sold Price

Transactions

Best 5-Year Fixed Mortgage Rates in Brampton
Mortgage Term:
Fixed
Variable

Greater Toronto Area (GTA) Breakdown by Region

Data for May 2024

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.