Brampton\u2019s real estate market is seeing \u201cbuyer-friendly conditions\u201d as both supply and demand for properties were on the rise last month.<\/p>\n
A new report from real estate website Zoocasa shows sales spiked 21 per cent in March compared to February, up to 375 transactions.<\/p>\n
While the average sale price across all property types dipped by 0.5 per cent to $892,085, the average price of detached homes dropped 1 per cent to $1,030,673 in March.<\/p>\n
But supply is growing quickly in the detached market, with new listings spiking by 33 per cent to 640 properties last month. New listings across the city climbed about 30 per cent to 1,131 properties, \u201creinforcing buyer-friendly conditions across the market,\u201d Zoocasa says.<\/p>\n
Semi-detached homes and freehold townhouses were the next most active segments compared to the detached market, with 68 and 60 sales respectively. Prices in both categories increased by 3 per cent, up to $812,408 for semi-detached homes and $770,772 for townhouses.<\/p>\n
And with 158 new semi-detached listings and 130 new townhouse listings entering the market, Zoocasa predicts Brampton buyers will \u201ccontinue to benefit from a wide range of options, even as many still prioritize detached homes.\u201d<\/p>\n
Looking across Peel Region, the housing market is beginning to show early signs of the \u201ctraditional spring surge,\u201d with both sales and new listings trending upward in March, Zoocasa says.<\/p>\n
Sales jumped 24 per cent month-over-month, with 876 homes trading hands while new listings rose sharply by 35 per cent. But despite an increase in activity, prices remained relatively stable across Brampton, Mississauga and Caledon.<\/p>\n
The average selling price inched up 2 per cent to $956,714 while market pace improved, with homes spending 52 days on the market.<\/p>\n
\u201cThis uptick in demand has slightly tightened overall inventory, with months of inventory declining from 5.6 to 5.5,\u201d Zoocasa says. \u201cHowever, with a sales-to-new-listings ratio of 31 (per cent), market conditions in Peel Region continue to favour buyers, though the market is gradually moving toward more balanced territory as spring activity builds.\u201d<\/p>\n