The average cost of all dwelling types in the Ontario city rose 68.8% from 2014
The real estate market at Brampton is heating up, with reports indicating that the cost of buying or renting housing in the Ontario city has significantly increased over the past five years.
The Brampton Guardian tracked data from the Toronto Real Estate Board (TREB) for June and found that the average sale price for all types of dwellings in Canada’s ninth-largest city came in at $744,590 – a whopping 68.8% increase from the $454,558 average reported in June 2014.
The average price of a detached home in Brampton was $856,338, an increase of 61.3% from the $530,890 reported in June 2014. Meanwhile, semi-detached units have seen an increase of 68 to $674,629 last month compared to the $401,573 average five years ago.
As for rent prices, the average cost for a one-bedroom apartment listed with TREB agents hit a record $1,853 per month in the fiscal quarter between April and June 2019 – an increase of 46.4% from the $1,266 average in the second quarter of 2014.
While this is good news for the housing market, this may be bad news for minimum wage earners in the city. The Canadian Centre for Policy Alternatives (CCPA) found a renter would need to earn at least $27.40 an 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.