Average Brampton real estate price increases 63%, rent spikes 46% since 2014

The most recent monthly market tracking data from the Toronto Real Estate Board (TREB) for June showed the average sale price for all types of dwellings in Canada’s ninth-largest city came in at $744,590. In June 2014, TREB reported that average at $454,658.

According to TREB’s quarterly rental report, the average cost for a one-bedroom apartment listed with TREB agents hit a record $1,853 per month in the most recent fiscal quarter between April and June. That’s compared to $1,266 in the second quarter of 2014 — a 46.4 per cent spike in just 60 months.

A detached home in Brampton could be had for an average of $530,890 in June 2014, which has increased 61.3 per cent to an average of $856,338. Semi-detached units have seen an even bigger increase of 68 per cent to $674,629 last month, compared to $401,573 only five years ago.

Similarly, townhouse-style condominiums have increased 62.7 per cent over that time from $307,099 in 2014 to $499,635. The average cost for an apartment-style condo in Brampton has jumped from $233,681 to $413,419 over the past 60 months, representing a 77 per cent spike.

A recent study by the Canadian Centre for Policy Alternatives (CCPA) found a renter would need to earn at least $27.40 per hour to afford a two-bedroom unit in Brampton, while adding a single person earning minimum wage would need to work at least 78 hours per week at $14 to afford the same.

“The report recommends increasing the amount of affordable housing units as the best way to address rental affordability,” said the CCPA.

SOURCE: BRAMPTONGUARDIAN.COM

The most recent monthly market tracking data from the Toronto Real Estate Board (TREB) for June showed the average sale price for all types of dwellings in Canada’s ninth-largest city came in at $744,590. In June 2014, TREB reported that average at $454,658. According to TREB’s quarterly rental report, the average cost for a one-bedroom…