Home sales tumbled more than 11 per cent in Brampton last month as new listings saw a significant drop, but the average sale price stayed almost flat despite a lack of buyer activity.

Brampton’s real estate market saw a “seasonal slowdown” in August according to real estate website Zoocasa, with sales dropping 11.6 per cent month-over-month from July to 440 transactions.

The average selling time on market jumped from to 55 days in August compared to 47 days in July – a sign that buyers were “more cautious as market activity slowed” through the summer, Zoocasa says.

But despite the slow down in sales, prices remained steady with an average selling price dipping slightly by 0.1 per cent to $886,865 across all property types.

“The stability in overall pricing suggests that the reduction in buyer activity did not translate into significant downward pressure on values,” the Zoocasa report says.

And although August saw low sales, Brampton’s balanced inventory levels and steady prices “indicate a market that remains relatively stable, with buyers continuing to benefit from more time and flexibility during negotiations.”

READ MORE: Average condo price dips below $400K as sales drop 46% in Brampton

New listings fell more than 21 per cent to 1,006 properties, while active listings declined 7.8 per cent to 1,904 homes. Inventory edged down slightly to 4.8 months worth, showing that conditions were broadly balanced in August despite the lower sales activity.

Detached homes continued to dominate Brampton’s real estate market, even as transactions declined, while semi-detached homes saw a sales increase of 6.7 per cent.

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Home sales slowed across Peel Region in August, down 10.7 per cent month-over-month to 940 transactions. Prices remained largely stable across Mississauga, Brampton and Caledon, with an average selling price across all three municipalities edging down just 0.2 per cent to $908,415.

Zoocasa says the August numbers show “a seasonal cooling,” and not “a significant market shift.”

“Buyer demand weakened alongside new supply, while prices remained steady,” Zoocasa says. “With inventory still providing buyers with a healthy selection of homes and selling times continuing to lengthen, purchasers retain room to negotiate. However, the relatively stable pricing environment suggests sellers are not facing substantial downward pressure.”


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