We have officially reached the point where no one can reasonably deny that Brampton–as well as other major Canadian cities–is facing a housing affordability crisis.
The once affordable alternative to Toronto has become increasingly more expensive. As the city has grown and urbanized (and there’s nothing wrong with either urbanization or growth, to be clear), it’s become virtually impossible for residents to find a low-rise home for under $500,000.
According to data from the Toronto Real Estate Board, sales are on a tear, rising 22.8 per cent with 824 transactions, while the supply of new listings declined by 3.7 per cent. That’s pushed the average home price to $734,362, an increase of 3.4 per cent, as buyers find themselves competing for fewer available listings.
Homes aren’t just expensive either—they’re rare. In fact, real estate website and brokerage Zoocasa says recent data indicates that Brampton is officially a sellers’ market, as new listings aren’t keeping up with demand.
The situation isn’t any better for tenants, either.
Data from the recently released August 2019 Rent Report, produced by Rentals.ca and Bullpen Research & Consulting, indicates that Brampton continues to be expensive for renters as the city placed 11th of 37 cities listed for average rent for a one-bedroom at $1,728 and an average monthly rent for a two-bedroom at $1,863.
The rental situation–compounded by low inventory and ferocious competition between prospective tenants–does not appear to be improving (although Brampton is working to implement a plan that will, ideally, spur the creation of more rental units).
But while homes—and even condos—are unlikely to become affordable (meaning shelter costs will only amount to 30 per cent of a household’s takehome pay) in the future, there are some neighbourhoods that boast less costly real estate.
Nikhil Oberoi, a sales representative with Cloud Realty, recently supplied insauga.com with some data that shows just how expensive some neighbourhoods are compared to others.
Here’s a look at the average house price (all home types combined) in various Brampton neighbourhoods:
You can see a graph with a little more data here:
Not unexpectedly, the neighbourhoods with the highest average home prices are Huttonville, Toronto Gore Rural Estate, Credit Valley, Vales of Castlemore North, Vales of Castlemore, Bram East, Snelgrove, and Bram West.
More affordable neighbourhoods—where average home prices currently sit around or below $600,000—include Goreway Drive Corridor , Queen Street Corridor, Brampton South, Central Park and Southgate.
But while the average home prices might not look too intimidating in some neighbourhoods, buyers should note that some home types are significantly more expensive than others. In Brampton, the average detached home costs $836,385. Semi-detached homes are more affordable, coming in at $664,970 on average. Condo townhouses typically cost $488,711, while condo apartments cost $397,240. A row/townhouse costs about $625,679, which isn’t that much less than a semi.
This was our third property purchase and we have been using Harry’s expertise on all occasions with our mortgage needs. We have found Harry very professional, very thorough and when needed very discreet. He was able to put in action a plan that enabled us to improve our situation. He is non-judgmental and is able to make you feel comfortable and confident. He was very accurate with his paperwork and most importantly he did what he promised at all times.
Thank you again, Harry & Simran, you went above & beyond to help my parents and sister to secure a mortgage at an incredibly low rate. Your knowledge, along with your compassion and patience is above & beyond anyone else. Thank you, thank you, thank you.
Harry is outstanding. He was responsive to our needs, he worked hard & fast on a time-crunch! We live in Shelburne and getting the paperwork to them and having to deal with the over the phone was extremely easy and he even came to a place of our convenience to get the paperwork signed. He got us an excellent rate and we are very pleased. If you are looking for someone to help with your mortgage he is your guy!
I am very pleased to write this note in appreciation of what Harry did for me recently. He struck me as a professional who is very knowledgeable and very resourceful. He was very helpful right from the time of our initial contact. I was having difficulty getting a mortgage due to my bruised credit but he reassured me that there is always a way. He’s very warm and friendly and this combined with his professionalism made me very comfortable and less anxious. The mortgage was approved without any difficulty or obstacles. During the process, he was always there, available 24/7 for any questions. Harry is a one-stop shop for anyone shopping for a mortgage.
Harry’s expertise, professionalism and exceptional customer service made my refinancing process timely and efficient. I had a fairly new job and had a challenging credit, Harry consistently provided me great advice on how I can bring up my score. Even after all this he made the deal happen with an A lender! I believe anyone who uses his services will quickly see the value he provides to his customers.