Brampton real estate capped off a rebound year, finishing 2019 just shy of the record average price for all types of dwelling set at the market peak in spring 2017.
The Toronto Real Estate Board (TREB) released its monthly market report for December showing an average sale price of $747,417. That represented a 7.4 per cent year-over-year increase compared to December 2018.
It was also the highest average price registered in more than 32 months, falling just $17,739 short of the record average for the Brampton market of $765,156.
All market segments measured by TREB saw significant appreciation in average sale price over the final year of the 2010s.
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Detached homes in Canada’s ninth-largest city saw a year-over-year increase of 10.9 per cent from $806,121 in December 2018 to an average of $892,185 to close out 2019. Semi-detached units increased 8.6 per cent from $629,727 to $683,842 over the past 12 months.
The story was much the same for condominiums with townhouse-style condos increasing in market value by 7.8 per cent from $479,268 to $516,832 year-over-year compared to December 2018.
Apartment-style condos increased 6.9 per cent in 2019 from $395,912 at the end of 2018 to $423,188 last month to close out the decade.
“We experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said chief market analyst Jason Mercer in TREB’s monthly GTA market analysis.
Total sales in Brampton increased significantly compared to 2018, with 8,809 transactions recorded in 2019 compared to 7,394 the previous year, accounting for a 19.1 per cent year-over-year spike.
“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the marketplace starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said president Michael Collins in TREB’s monthly analysis.
