Brampton Mortgage Rates
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More About: Living In Brampton
Brampton is an ethnically diverse city located within the Greater Toronto Area. Here are some fast facts about the city:
- Brampton has a population of about 600,000, making it the third largest city in the GTA and the 9th largest in Canada
- Roughly 60% of Brampton's population is comprised of visible minorities
- 80% of the city's businesses are small to medium sized, with 50 employees or less
- There are over 4,000 acres of park land in Brampton and it is nicknamed Flower City
- Brampton has been growing at a much faster rate than the rest of the province – which lends itself to issues with gridlock, high taxes, etc
5 Things You Need To Know About Buying In Brampton
- The average home price in Brampton is around $450,000 – which is higher than the national average of $398,000
- In 2014, homes in Brampton were on the market for an average of 23 days
- Home prices rose roughly 7% from 2013 to 2014
- The market in Brampton is a sellers' market – this creates competition between buyers and drives up prices
- On average, homes in Brampton sell for 98% of their asking price
Frequently Asked Question: What impact has rapid growth in Brampton had on the real estate market?
Rapid growth in Brampton has definitely impacted the real estate market in the area. Put simply, a spike in housing demand has increased competition among buyers and driven up prices. This is evidenced in the city's higher-than-average home prices, and the fact that homes generally sell for upwards of 98% of their asking price. Overall, the housing market in Brampton has strengthened as a result of the city's growth. This isn't to say that rapid expansion does not come with its own problems, though (higher taxes, gridlock) – but that's another story!
Brampton Housing Statistics
With such a diverse population, Brampton is a great city to live in for all that it has to offer in terms of opportunity and culture. Brampton is close enough to Toronto that residents can enjoy frequent trips to the big city without the added costs of living there. Brampton is largely influenced by the goings on of Toronto and as a GTA city it is more expensive than other parts of the country.
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Buying Property in Brampton – Important Links
Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Brampton:
Get Brampton regional housing statistics from the Canada Mortgage and Housing Corporation.
Ever wonder what everyday items will cost you in Brampton? You can compare the cost of living around the world here.
Get all the information you need about Brampton public transit on the Brampton Transit website.
For many families, nearby schools are a big factor in home buying decisions. Learn more about the Peel District School Board and school locations here.
Are you new to Canada? The Peel region is very ethnically diverse and has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.