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Brampton – Home Prices Best in Class for Affordability in GTA

 

Brampton - Flourishing in the Flower City

Brampton is a growing city just to the north-west of Toronto, known as the "Flower City.” Brampton is a unique city, home to a tight-knit community of family-oriented folks in a sprawling suburban area. There are an array of scenic parklands making up more than 6,000 acres of recreational area to enjoy. There is a high demand for housing in Brampton, which like many other GTA cities, is driving the cost of houses up. Young home buyers who have come to terms with leaving Toronto due to unaffordable prices are looking to Brampton for relocation. Those in the market are looking at aggregate pricing for houses. Aggregate pricing is the weighted average of the median values of homes for various property types. In Brampton, these prices rose by more than $52,000 in 2016 from $460,000 to $513,000. That’s a significant jump in one year. Despite this, one thing is clear in Brampton – home prices are far more attainable for first-time buyers and the middle class.

 

Brampton – Home Prices Best in Class for Value

According to MLS®market stats for 2016, in Brampton home prices are more within reach than more developed or affluent communities. One would assume that Toronto is the obvious choice for the most expensive, however Oakville takes that accolade over four property types – detached, semi-detached, town house and condominium.  Brampton sellers are among the best in class for days on the market for detached homes – coming in line behind Ajax (24 days on market,) and Toronto (34 days on market.) The average time spent on the market for a Brampton property is 35 days. Detached homes are the most coveted and in Brampton, home prices are an appealing alternative. Here is how the MLS® report presented Brampton’s average home pricing and time on the market in 2016:

  •        Detached homes - $673,893, 773 active listings, 35 days on the market
  •        Semi-detached homes - $414,794, 193 active listings, 25 days on the market
  •        Town houses - $393,703, 123 active listings, 26 days on the market
  •        Condominium - $291,832, 194 active listings, 32 days on the market

Home prices are only one part of the equation when deciding to purchase property, especially in a new area. Understanding Brampton’s unique charm is sure to intrigue potential buyers.

 

Diversity and Inclusion

Brampton is one of the most diverse communities in Canada. As of the 2006 census, more than 55% of the city’s population considered themselves a visible minority. Inclusion creates a friendly community and promotes equality for all. As Brampton continues to grow, new developments and amenities are available for commercial and recreational use. The Cassie Campbell Community Centre and a newly renovated Chinguacousy Park are two examples of the positive effect development has on Brampton. Lastly, and some may consider most importantly, Brampton is a short commute to Toronto via GO transit and a series of major highways.

 

Brampton has a lot going on for itself. If you’re looking to buy property in Brampton, then partnering with an experienced real estate agent or team who knows the city is your best bet. There are many agencies to choose from, but JN Asensio is a firm who has planted itself in the heart of the city. Located in historic downtown Brampton, the team of brokers and agents can help find the best place to buy property. And with all these advantages, Brampton is definitely a place to call home!