Brampton ranked among hottest construction markets in Canada

Brampton, April 22 (CINEWS):  No surprise here, but confirmation came recently that Brampton now ranks among the hottest construction markets in the country last year with more than 5,000 residential units built and is on course to becoming the hottest market.Mayfield-towns_Apr22
The City released its annual economic report, which provides an updated list of economic and population indicators.
It’s population is surging and stands at 523,911 according to the 2011 Census, but is estimated to be above 600,000.
Close to 208 new businesses set up shop last year and added 1,466 jobs, although new employment is down overall from previous years.
Brampton’s total construction value in 2015 hit $2.7 billion, (up roughly 20 per cent from 2014) making it the sixth largest construction market in the country.
Industrial construction activity increased nearly 100 per cent, while commercial construction activity was down 42 per cent, and institutional construction dropped 41 per cent.
With real estate booming, hundreds of investors and first-time home buyers are snapping up homes under construction faster than they are being built. “It’s a buying frenzy,” notes one real estate agent. The sizzling real estate market has caught the attention of investors from abroad. The real estate agent has one India-based client interested in purchasing ten units with the intention of flipping them within five years for a healthy profit. With immigration and strong demand, housing prices especially in Peel are expected to continue climbing north for a long time to come.

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