Situated in the Greater Toronto Area, Brampton is a Southern Ontario city with a population of 593,000. Positioned just 45km from Brampton, and bordered by Mississauga, Caledon and Vaughan, Brampton is in the heart of everything and is a desirable city for commuters, families, and young professionals. Brampton’s climate is similar to its surrounding areas – with hot, humid summers and long, often snowy winters – and the weather is often influenced by the nearby Lakes.
Since its incorporation in the 1800s, Brampton, which was named after a town in Cumbria, England, has become a multicultural, vibrant city with a strong economy and affordable housing. It’s home to major corporations such as Canadian Tire, Coca Cola, and Roger’s Communications, which helps to sustain the economy and create stability in the market. It’s located within a commutable distance to Brampton, making it an attractive place to live for those seeking homeownership but with access to the provincial capital.
Brampton embraces arts and culture, and has a number of green spaces, parks, galleries, and a thriving performing arts scene. Its population is diverse, with 66% comprised of visible minorities, including South Asian, Black, Filipino and Latin American, and 33% White. Just over half of the population state that English is their mother tongue language, while other widely spoken languages include Urdu, Punjabi and Portuguese.
Popular areas in Brampton include: Avondale, Bram West, Bram East, Madoc, Southgate, Northgate and Westgate.
Brampton’s real estate market has seen a significant uplift in recent years, largely driven by people moving away from saturated and expensive markets in Toronto and towards more affordable, urban areas. Another factor is the introduction of the new Foreign Buyer’s Tax in Vancouver, which has led to foreign investors focusing their attention on a different market and area of Canada. Brampton boasts a stable and affordable market, so is a desirable choice for first-time buyers, move-ups, and investors.
House prices in Brampton have been increasing, and shot up from an average of $488,000 to $580,000 from 2015 to 2016. The majority of buyers are local, comprising millennials and first-time buyers looking to enter the property ladder, and move-ups looking to trade their home for something larger and of higher value. Many people are opting for a single-detached property over a condo, and would prefer to pay slightly more up-front than pay monthly condo fees which vary by property. Brampton is considered a great area to buy property, due to its affordability, and upcoming developments including a hospital and university that will undoubtedly contribute to its growing labour market and economy, and attract more residents and buyers to the area.
Brampton is a great place to turn to especially for millennials and first-time buyers and renters looking for cheap properties. First-time buyers play a huge role in the GTA’s market and can find well-priced condos and multi-unit properties in areas like Brampton, which is a fairly short and easy commute to Toronto. Condo sales have been rising marginally, with the more in-demand condos being those close to transit lines and over 1,000 sq. ft of space, though they still remain affordable and are ideal for professionals and young families.
Condos in Brampton go for around $220,000, while an entry-level home can be found for around $370,000, which is very cheap compared to the market in other areas ofthe country. Condos have seen the least uplift in price, whereas detached properties are more sought after and are increasing in price more rapidly. It is thought that the market will remain very stable over the coming years, especially with Brampton’s upcoming plans to increase its infrastructure, expand local transit links, and make the daily commute much easier.