In recent years, Brampton, Ont., has played a major role in the Toronto-area housing market as one of the fastest-growing municipalities in the sprawling metro area. It is also among the areas hardest hit by the decline in real estate prices since the 2022 peak.<\/p>\n
According to the Toronto Regional Real Estate Board, the median price of a detached home in Brampton hit $930,000 in September, a 37.4 per cent drop from March, 2022, when median prices were $1.486-million. <\/p>\n
Brampton\u2019s struggles provide plenty of shocking anecdotes of value destruction. One Reddit thread, entitled \u201cHouseSigma blunders\u201d cited the example of the detached home at 79 Templehill Rd., purchased for $1.875-million in late February, 2022, and sold in late September, 2026, for $1.135-million \u2013 a $740,000 change of fortune and a 39.5 per cent loss.<\/p>\n
So, what kind of house can you find for prices almost 40 per cent less than four years ago?<\/p>\n
Open this photo in gallery:<\/a><\/p>\n This updated four-bedroom house in Brampton’s centrally located Peel Village is listed for a lower price than the owners paid for it.Duende Media<\/p>\n 31 Core Cres., Brampton, Ont.Asking price: $929,000 <\/p>\n Despite its list price, this updated four-bedroom house in the city\u2019s centrally located Peel Village is probably going to sell for less than the city\u2019s median price.<\/p>\n \u201cThese guys, they are selling for loss,\u201d said Nav Takkar, a broker with Re\/Max President Realty. \u201cThey bought this house last year; it looks like it will sell for less than asking price.\u201d <\/p>\n Open this photo in gallery:<\/a><\/p>\n The current owners are looking to upgrade to a newer, larger home, one with more than 3,500 square feet of living space.Duende Media<\/p>\n Mr. Takkar is blunt about the reality facing sellers in much of the city. Mortgage costs, falling rents and economic worries are keeping prices depressed, he said. However, for these sellers, there is also opportunity. With good incomes, he said they can afford to take advantage of the situation and are looking to upgrade to a newer, larger home, one with more than 3,500 square feet of living space.<\/p>\n A few years ago, what they are looking for would have cost close to $2.5-million. Today? \u201cThe prices in those areas, they are listing for $1.8 to $1.9-million, but actually selling for $1.5 to $1.6-million,\u201d Mr. Takkar said.<\/p>\n Open this photo in gallery:<\/a><\/p>\n This bungalow is selling for the second time this year after a buyer failed to close on an offer for just under $1.2-million.RE\/MAX Realty Services Inc<\/p>\n 22 Oldham Cres., Brampton, Ont.Asking price: $1,199,000<\/p>\n Brampton\u2019s larger neighbours \u2013 Toronto and Mississauga \u2013 also saw median detached prices fall about 25 per cent, but from a higher level and not quite as far: from $1.6-million to $1.2-million. In that price range, inside Brampton, you get a lot more house than you do in Toronto, but it\u2019s also hard to find a buyer for those houses.<\/p>\n Take the example of 22 Oldham, which listing agent Sumit Sharda with Re\/Max Realty Services Inc. is selling for the second time this year.<\/p>\n Open this photo in gallery:<\/a><\/p>\n The home, while dated, has some real assets, including an in-ground pool.RE\/MAX Realty Services Inc<\/p>\n \u201cIt sold in July, and the buyer failed to close. So we had to relist it,\u201d he said. Just a few months after that offer for just under $1.2-million fell through, Mr. Sharda is finding the market decidedly slow. <\/p>\n The home has some real assets: A large lot next to a park and an in-ground pool. \u201cThe outside of that property is spectacular,\u201d said Mr. Sharda. \u201cInside it\u2019s kind of dated.\u201d However, he notes the upstairs has 2,200 square feet of living space, with another 2,200 square feet on the lower level that has a walkout at grade. If a buyer could get a basement suite legalized, there might be potential for rental income.<\/p>\n