Brampton Housing Market Report
- Brampton’s benchmark home price in August 2024 was $991,100, down 5.4% year-over-year.
- The average Brampton home sold price is now at $984,544 down by 2.9% compared to last year.
- Detached home average price decreased by 7.3% year-over-year to $1.14M.
- Semi-detached home average price decreased by 3.4% year-over-year to $897k.
- Freehold townhouse average price decreased by 1.5% year-over-year to $870k.
- Condo townhouse average price decreased by 8.2% year-over-year to $653k.
- October 11, 2024 Update: Today’s Lowest mortgage rates in Brampton is 4.24% for 5-Year Fixed
Brampton Housing Market Overview
Brampton Housing Market: Price Movements for August 2024
Benchmark Home Price | $996,900 | -0.6% 1-Month Change | -5.4% 1-Year Change |
Average Home Price | $984,544 | -2.5% 1-Month Change | -2.9% 1-Year Change |
Median Home Price | $940,000 | -2.6% 1-Month Change | 0.0% 1-Year Change |
The average home price in Brampton’s housing market has dipped below the $1 million level in August 2024 and is now near a three-year low. For August 2024:
- The average home price in Brampton now stands at $984,544, down 2.5% from the previous month and a 2.9% decline from the same period last year. It hasn’t been below $1 million since January 2024.
- Benchmark prices have decreased by 0.6% since last month and 5.4% since last year, currently at $991,100.
- Brampton’s median home price has declined 2.6% monthly to $940,000, but it’s unchanged year-over-year.
Here’s a breakdown by property type:
- Detached homes were sold for an average of $1,137,293, decreasing by 2.6% from the previous month and decreasing by 7.3% from the previous year.
- The average for semi-detached properties has fallen to $897,268, a decrease of 4.2% month-over-month and a decrease of 3.4% year-over-year.
- Freehold townhouses have seen their average price decline to $869,859, a monthly change of just -0.1% and a change of -1.5% compared to August 2023.
- Condo apartment units were sold for an average of $541,063, showing a 3.7% increase from the previous month and a 1.6% decrease on an annual basis.
Sales Statistics
There were 410 residential sales in Brampton in August 2024, a decrease of 3.5% compared to August 2023 yet up by 5.1% monthly:
- Detached home sales registered at 210, which is 1.9% higher than last year.
- Semi-detached property sales of 93 is a 19.2% increase from August 2023.
- Sales of freehold townhomes are down 1.6% year-over-year to 60 sales.
- Condo apartment sales experienced a larger decline, down 57% year-over-year with 16 sales.
Market Conditions
Brampton is currently in a bear market, defined as a decline in prices of over 20%. The city’s average home price is 28% lower than its peak in January 2022. In fact, Brampton has been in a bear market for every month since June 2022, except for May and June 2023.
New listings in Brampton’s housing market numbered 1,248, a 3.8% year-over-year increase. Compared to Brampton’s 410 sales in August 2024, this brings about a sales-to-new-listings ratio (SNLR) of 33%, signalling a market favouring buyers. That’s higher than August 2024’s SNLR of 28%, although it is lower than the GTA’s 39.7% SNLR and Mississauga’s 39.9% SNLR. Meanwhile, Brampton’s average home price is close to the lowest point that it has been in the past three years, when it reached $981,920 in December 2022. This month’s average price in August 2024 is just 0.3% higher than that low.
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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.