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Average price of Brampton condos crossed $400,000 in May

The average sale price of apartment-style condominiums in Brampton has crossed the $400,000 threshold for the first time ever.

May was a good month for real estate across Brampton, with total sales for all types of dwellings breaking the 1,000 mark for the first time since April 2017 with 1,014 units exchanging hands.

Last month’s sale total represented a significant 42.2 per cent year-over-year increase compared to the 684 units sold the same month last year.

However, while the adjusted total of 3,577 units sold through the first five months of 2019 is a 11.2 per cent increase over the first five months of last year, sales so far this year are still 19.2 per cent lower than the 4,428 registered through the first five months of 2017 when the market peaked.

The average sale price of $723,421 for all types of dwellings was also the highest average recorded since May 2017, when a home or condo in Brampton would set you back an average of $733,590.

Townhouse-style condos also hit a new average price high in May at $498,535, just shy of the half-million mark.

Sales of detached homes increased from 372 in May 2018 to 523 — a 40.6 per cent year-over-year jump. The average price for a detached unit in Brampton came in at $845,085 last month, representing a modest 2.1 per cent increase over last year.

While industry insiders are pleased with the sales figures, they are resigned to the fact that sales are hampered by the OSFI mortgage stress test and other economic issues on peoples’ mind. -CINEWS

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