The Best Mortgage Rates in Brampton

Brampton Key Stats

• Population (2011): 523,911
• Population Forecast: 582,000 by 2016
• Dwelling units: 154,663 private dwelling units in 2011, an increase of 18.24 per cent from 2006 Census numbers.
• 2011 Average price, Detached: $447,680
• 2011 Average price, Semi-Detached: $337,158
• 2011 Average price, Condo Townhouse: $236,978
• 2011 Average price, Condo Apartment: $200,993
• Median Household Income: $72,402

Source: City of Brampton, Statistics Canada 2011 Census Results

Canadian Mortgage Rates to Moderate in 2013

Mortgage rates are expected to remain at historical lows for the first portion of 2012 before moderating later in the year. The CMHC forecasts that the 1-year posted mortgage rate will be within the 3.1 to 3.6 range, with 5-year posted rates in the range of 5.0 to 5.4 per cent. Rates are expected to rise in 2013 to 3.5 to 4.1 per cent for 1-year, and 5.1 to 5.6 per cent for 5-year mortgage rates.

Source: CMHC

Brampton Housing Market Outlook

Brampton is a diverse, multicultural centre located within the GTA. It is the ninth largest city in Canada and the fourth largest in Ontario. Its community is also among the youngest in Canada, with an average age of 34.7. 49.38 per cent of Brampton's population is male, and 50.62 per cent is female. From the last city census, conducted in 2006, Brampton's population increased by 20.8 per cent.

Due to its close vicinity to Toronto's International Pearson Airport, transcontinental highways and seaways, Brampton is considered an attractive region for business development. The city's economy is supported by the Transportation Equipment and Fabricated Metal Production sectors, followed by the retail industry. With $1,610,000,000 spent on construction in 2011, the city is among the top 10 Canadian construction markets.

There were 3,775,000 housing starts in Brampton in 2011, and the MLS average resale price for the "905" region thus far in 2012 is $$468,198.

*The CMHC does not report directly on Brampton's economic and housing factors. The following economic data is representative of the housing market outlook for the Greater Toronto Area, of which Brampton is included.

Greater Toronto Area Housing Market & Mortgage Rate Forecast

According to the latest census, Brampton's vital stats are found below:

Population

• Brampton latest population estimate: 433,806 (2006)
• Third largest City in the Greater Toronto Area (GTA)
• 11th largest City in Canada
• Second fastest growing City in the GTA behind Milton grew 71.4% between 2001 and 2006
• Bramptons reported growth between 2001 and 2006 represents a 33.3% population increase

Housing

• 120,865 families in Brampton, up 33.09% from 2001
• 71,700 families with children at home and 29,715 without children at home
• The average number of persons per census family was 3.3 in 2006, compared to 3.2 in 2001
• Number of private households in Brampton increased by 28,385 units to a total of 125,935
• 96,385 one-family households
• 11,400 multiple-family households
• 18,145 nonfamily households
• The average number of persons in private households was 3.4, up from 3.3 in 2001

Income

• The average household income in Brampton was $83,379 in 2005, up 6.8% from $78,063
• Above the national average of $69,548

Source: City of Brampton, Statistics Canada 2006 Census