Brampton is the third largest city in the Greater Totonto Area (GTA) and it is also the youngest community in the GTA, with the median age at 33.7. Looking at the 2015 real estate stats, Brampton continues to be one of the fastest growing cities in southern Ontario.
Brampton's real estate market started off strong this year; the average selling price was higher by 11% in January of 2015, and this upward trend is expected to continue throughout the year. The average days on market is lower than the previous year and many of the homes have sold for higher than 98% of the original asking price. Right now demand is stronger than supply and if you have been considering to sell your home now is the time!
There are many factors at play for the higher demand which include: the low interest rates and the arrival of more newcomers. Brampton is a very multicultural community and is home to many South Asian Canadians. Due to the city's demgraphics there is a higher demand for larger homes which are able to accommodate multi-generational and extended families. However, there is also a newer trend that Canada's family sponsoship program has brought about – it is not unccommon for senior sponsored parents to make use of their savings and put it up as downpayment to buy apratments and conominiums. This has also changed the perception of the definition of what it means to be a first-time home buyer. Moreover, due to the favorable lending conditions there are many homeowners who have invested in two properties. In terms of luxury home, luxury sales will remain robust. These are homes situated on one to two acre lots.
Move-up buyers continue to drive the real estate market in Brampton, and home prices are expeted to increase unless an unexpected event takes place such as the implementation of the land transfer tax similar to Toronto.