.
The average sale price in the Brampton housing market decreased by 11 per cent between 2022 and 2023 (from $1,187,358 in 2022 to $1,057,077 in 2023), while the number of sales decreased by 21.1 per cent (from 5,985 in 2022 to 4,722 in 2023). Average sale prices across all property types are anticipated to remain flat, while the number of unit sales will increase by 20 per cent in 2024. The housing market is also predicted to shift from a buyer’s market to a balanced market heading into the new year.
In 2024, the top three neighbourhoods in Brampton likely to be the most desirable include Sandringham-Wellington, Fletcher’s Meadow and Northwest Brampton. When it comes to liveability, accessibility to public transportation, amenities, and public services are trending among buyers and encouraging the growth of demand for single-detached homes in the region.
The influx of newcomers to Brampton has resulted in further pressure to build new construction developments on lands with extremely limited availability, and slow approvals for new developments have compounded rising demand. In addition, the construction of purpose-built rentals has not been prioritized in decades, which has led to further strain on the housing market.
The dominant factors affecting housing market conditions in Brampton echo some of the pain points felt across the nation like higher interest rates, which make it more challenging for first-time homebuyers to purchase properties as they become available.
“Potential homebuyers may be waiting for a considerable period before interest rates start to decline, however, we do expect this to change heading into the second and third quarters of 2024,” says Charles Park, Broker/Manager, RE/MAX Realty Services Inc. “Sales are anticipated to increase by 20 per cent in 2024, while the average price of homes will continue to remain stable at a three-year low.”
Top Trends:
- The Brampton region is expected to shift to balanced conditions in 2024.
- Single-detached homes are expected to see the most demand in the area, with particular interest in duplexes, and triplexes.
- First-time home buyers are considering entering the Brampton market because the average price for entry-level homes are stable and at a three-year low, priced just shy of $1,000,000.
- Developers and builders working on new construction projects are increasingly asking buyers for money to offset increased cost of construction.
______
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.
RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.
Forward looking statements
This report includes “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “believe,” “intend,” “expect,” “estimate,” “plan,” “outlook,” “project,” and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company’s results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company’s business, the Company’s ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company’s ability to attract and retain quality franchisees, (6) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company’s ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.