Although condo prices dropped in Brampton and Mississauga, it is still a seller’s market in the region according to real estate experts.
The real estate market has been volatile with prices surging at the beginning of 2022 and steadily dropping in the fall across Canada.
And demand for condos surged throughout most of 2022 before eventually slowing down at the end of the year, according to a report from real estate brokerage and website Zoocasa.
Condo prices in Peel Region dropped by 1.89 per cent to $606,159 in March compared to $617,867 in January. Only Peel and Halton saw condo prices drop in the GTA in the first quarter of 2023.
Sellers were enjoying slightly more favourable conditions in the region as both sales and new listings were up during this time, Zoocasa notes.
Only 129 condos sold in Peel Region in January of 2023 but that number jumped to 256 in March. This marks a 98.45 per cent increase in sales.
There were 396 new listings that came to market compared to 316 in January. The sales-to-new-listing ratio of 65 per cent in Peel puts the region in a sellers market for condos.
Peel Region, Halton Region, and Dufferin County all experienced price decreases between January and March.
But that isn’t the norm. Overall condo sales grew by 1.8 per cent month-over-month in April 2023 and the average condo price increased from $703,566 in March to $724,118 in April 2023.
It seems likely that condo prices will continue to increase.
“With affordability being a top priority for many homebuyers, it’s likely condo prices will continue to be pushed upwards,” the report notes.
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