Prospective homebuyers in Brampton should brace for heightened competition this spring as sales activity gains momentum.
While detached homes typically command high demand in Brampton, last month saw a notable 2.4 per cent drop in their average price, bringing the overall average price of all property types to $1,028,297.
Moreover, detached homes in Brampton spent a mere 15 days on the market in March, down from 23 days in February, indicating accelerated sales activity.
With properties moving swiftly, real estate platform Zoocasa advises buyers to anticipate an even more competitive spring market.
Demand for detached properties remained robust in Brampton, witnessing a 13.8 per cent month-over-month increase with 256 home sales. Townhouse sales also surged, rising by 37.5 per cent.
Across Peel Region, properties spent less time on the market, with the average days on market dropping by over 28 per cent from 39 days in February to 28 days in March.
Despite the surge in demand, the average home price in Peel Region saw a modest increase of 2.4 per cent to $1,062,171 in March, indicating sustained market stability amidst rising competition.