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.
I would've given six stars if I could but this thing only let's me give 5 stars. Excellent brokerage in town Harry gives you the right advice, you can count on him for all your financing needs.
Exceptional customer service. Very friendly and caring people to work with. They reaiect your time and your hard earned money so you will be getting honest advise that protects you and your wealth.
Working with Harry was an absolute pleasure. Our mortgage approval was a bit of a process, as we were selling our present home and then using it as our down payment. But unfortunately, the market didn’t allow us to do so and Harry helped us through all of it. He went above and beyond to answer any questions we might have. What we appreciated the most was how hard he worked for us and made our purchase happen.
In today’s market not a lot of brokers can work on a deal like ours. We did our homework to find originators of our debts, but it was a daunting task and we were just going in circles until we called Harry at Majestic Mortgage. Harry answered all our questions in a professional and prompt manner and worked on our debts, he was focused 100% on providing us the best solution. Thanks Harry for all the effort and making the process quick and painless. We couldn't be happier with the service we received, and will definitely be returning to Harry.
-A. Baliswadi & K. Mahabir
It was great to have Harry Saund as our mortgage broker as first time buyers. He was very professional and everything went very smoothly with him. I would definitely recommend him to people looking to get a mortgage.