BRAMPTON REAL ESTATE PRICE FALLS FOR THIRD STRAIGHT MONTH

House and condo prices in Brampton continued to cool in April in the wake of two straight interest rate hikes from the Bank of Canada.

The Toronto Regional Real Estate Board (TRREB) released its latest GTA market report for April on May 3 showing a 9.2 per cent decline in the combined average price for all dwelling types since hitting a record high in January.

The average price for detached and semi-detached houses, and townhouse and apartment condominiums dropped from $1,367,444 in January to $1,241,658, with all housing types seeing monthover-month price declines for a second straight month.

While prices have fallen in recent months, average prices for all home types remain up significantly year over year compared to last April.

"Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB's forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month," said chief market analyst Jason

Mercer in TRREB's April analysis.

The average price for detached homes in Brampton peaked in January at $1,652,088 and has fallen each month since to an average of $1,474,967 in April — a decline of $177,121 or 10.7 per cent in just three months.

Semi-detached homes hit a record high in February at a monthly average sale price of $1,262,256. Last month, semi-detached units sold for an average of $1,122,428, marking a $139,828 or 11 per cent in two months.

Price declines in the condo sector have been less pronounced with townhouse-style condos falling 8.4 per cent from a monthly average high of $910,184 in February to $833,411 last month.

Brampton apartment condos also set a record high in February at $693,955 and have declined 5.1 per cent in average price to $658,500 since hitting that high-water mark.

"Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase," said TRREB president Kevin Crigger.

The Bank of Canada has raised its overnight lending rate twice this year by a total of 0.75 basis points and has indicated more rate hikes could be coming with inflation still

uncomfortably high.

Total real estate sales in Brampton were down 46.2 per cent year over year from 1,331 in April 2021 to 716 transactions last month.