The increase in real estate prices throughout the Greater Toronto Area (GTA) is nothing new. But how much have prices in Peel Region grown over the past 10 years?
According to sales tracking data from the Toronto Real Estate Board (TRREB), the average sale price all dwelling types combined in Brampton, Mississauga and Caledon has increased 135.8 per cent since August 2013, from $445,755 to $1,050,925 last month.
Breaking those numbers down, the average price for all dwelling types combined in Brampton between August 2013 and August 2023 grew 141.7 per cent from $419,452 to $1,013,744.
Similarly, in neighbouring Mississauga, the combined average real estate price over that same period increased from $459,768 to $1,057,232, or 129.9 per cent. In Caledon, the combine average rose 137.6 per cent from $563,025 to $1,337,670.
The graphic below breaks down the price growth for detached homes, semi-detached homes and apartment condominiums based on year-over-year average sale prices for the month of August dating back to 2013.
The average price for detached homes in Brampton, which peaked at $1,652,088 in January 2022, has increased 149.5 per cent over the past 10 years from $491,824 in August 2013 to $1,227,110 last month.
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Semi-detached units hit a record monthly average sale price of $1,262,256 in February 2022. As with detached homes in Brampton, the average price has declined since then, coming in at $928,641 last month. However, that still represented a 149.9 per cent increase compared to August 2013’s average of $371,553.
Condo apartments, meanwhile, saw a 153 per cent jump in average price over the past 10 years with an average of $549,632 in August compared to $217,266 the same month in 2013. Condo apartments in Brampton also peaked in February 2022 at an average monthly sale price of $693,955.
In Mississauga, the average sale price hit a record high of $1,964,077 in January 2022 and hit a two-and-a-half year low of $1,379,588 in January 2023. The average price for detached units increased somewhat since then to $1,563,717 last month. The average price has increased 134.6 per cent compared to August 2013’s average of $666,605.
In August 2013, semi-detached homes sold for an average of $449,588. Last month’s average of $1,046,247 marked a 132.7 per cent increase over the past 10 years. The average price climbed to a record high $1,314,703 in February 2022 and a 32-month low of $915,944 in January.
Mississauga’s robust condo market also saw massive gains in average price over the past decade. Last month’s average price for condo apartments was $629,894 compared to $258,480 in August 2013 — a 143.7 per cent increase. Mississauga condos hit a record high $736,006 in February 2022 and a 22-month low of $600,605 in December of last year.
Caledon’s detached home market peaked at an average monthly sale price of $2,187,158 in January 2022. After falling to a low $1,323,011 in February of this year — the lowest monthly average since November 2020 — the average climbed to $1,562,385 last month. That represented 152 per cent increase compared to an average of $619,983 in August 2013.
Semi-detached homes in Caledon sold for an average of $1,036,857 last month compared to $399,250 in August 2013, marking a 159.7 per cent increase over the past 10 years. The average sale price for semi-detached homes in Caledon reached a record high of $1,391,500 in January 2022. The average fell to a 32-month low of $864,667 in November 2022.
There is insufficient data for condo apartments for relevant statistical comparison due to very low condo inventory and sales in Caledon.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
