Located in Southern Ontario, Brampton sits in the Greater Toronto Area (GTA) and has a population of 593,000. The city covers an area of 266 sq.km, is bordered by Vaughan, Halton Hills, Caledon and Mississauga, and is located just 45 km from Toronto.
The climate in Brampton is similar to the rest of the GTA, with hot and humid summers reaching the mid to high 20s, and cold, long, snowy winters and weather that’s largely influenced by the Lakes. Named after a market town in Cumbria, England, Brampton was incorporated as a village in 1853 and has now developed into a thriving city with a multicultural populace. It’s home to a number of large corporations and headquarters, including Roger’s Communications, Canadian Tire Corp, and Coca Cola, which are among the largest employers in the city. Brampton is a very desirable place to live due to its proximity to Toronto and affordable housing market.
Brampton celebrates its heritage and has a number of galleries, along with parks and green spaces, and is very popular for its performing arts. 66% of its population is of a visible minority, with 38% of residents being of South Asian ethnicity, while 33% of the population are white. 51% of the population state that they speak English as their mother tongue while other common languages include Punjabi, Urdu, and Portuguese.
Popular areas in Brampton include: Avondale, Central Park, Credit Valley, Madoc, Downtown Brampton, Snelgrove and Westgate.
The Greater Toronto Area, including Brampton, has seen an uplift in recent years with buyers moving outside of hubs like Toronto and towards more urban areas. The recent implementation of the Foreign Buyer’s Tax in Vancouver has also led to this increase, as foreign investors are looking outside of BC and towards other areas such as Brampton with stable and popular property markets.
Brampton’s real estate market thrived in 2016, with average house prices averaging around $580,000 in 2016, up from $488,000 in 2015. Millennials and first-time buyers and move-up buyers have been dominating the market, and find Brampton’s property market more attractive than other areas of Canada due to affordability and larger houses. Investors from Europe and Asia are also turning to areas in the GTA for the same reason, and because the market is strong and growing. It’s thought that 2017 will be fairly stable for Brampton’s real estate market, with local buyers being the key purchasers. A condo can be found for around $220,000, with entry-level homes averaging around $370,000 which are very appealing prices for first-time buyers. Many first-time buyers are opting for single-family detached homes rather than condos, as they would rather pay a slightly larger sale price than monthly condo fees.
A number of developments are planned for Brampton in the coming years, including a new hospital, a university, and property developments. This is expected to attract new businesses, students, and professionals to the area, which will help to support Brampton’s growing economy and real estate market.
Brampton, along with the rest of the Greater Toronto Area, is experiencing a very well-performing luxury real estate market with single-family detached homes still high in demand. The key luxury buyer demographic is made up of families looking to upgrade their homes(they largely opt for detached homes), and baby boomers looking to downsize and go for high-end condos.
The Castlemore area of Brampton, also known as the L6P, is highly sought after and undoubtedly one of Brampton’s most affluent neighbourhoods. Of the most expensive homes that have recently been on the market, the majority were located in the North Brampton area, specifically Castlemore. Brampton’s high-end homes are very desirable, due to the generous offering of land that comes with them, often for an affordable price tag compared to similar properties in places like Vancouver. The luxury market is well within reach for many buyers, especially for those who are already on the property ladder, and low-interest rates and a strong economy all contribute to people being able to afford more luxury homes.