If you are like most people who are looking for houses for sale, you are struggling to find a home within your budget. With the average price of a detached house for sale in Toronto being well over $1,000,000, home buyers feel as if they are being pushed out of the market. This is causing many new trends to develop in the real estate market. Some of these trends include: buying a condo, townhouse, or semi-detached home instead of a detached house; renting instead of buying, and looking for houses for sale outside of the big cities.
Looking for houses for sale outside of a big city like Toronto has become very popular among home buyers. Many simply cannot afford to purchase a home in Toronto so they look elsewhere. For those who work in the city, they need to live close enough to maintain a reasonable commute to work, so they extend their home search to include the suburbs of Toronto.
One of those suburbs that is becoming more and more popular is Brampton. The price of houses for sale in Brampton has yet to catchup to the exorbitant prices in Toronto, and it is still within commutable distance of the big city. Other reasons why Brampton is becoming so popular for home buyers include: real estate, location, and diversity.
Prices of Houses For Sale
As mentioned earlier, the prices of houses for sale in Brampton are much lower than similar houses for sale in Toronto. This makes it a hot destination for buyers who cannot afford to live in Toronto. The average selling price of a home in Brampton is $783,000, compared to $916,567 in Toronto. This, coupled with the 42% increase in price compared to last year, also makes Brampton a hot spot for investors looking to earn a sizeable return on their investment.
Another reason why buyers are searching for houses for sale in Brampton is because of the location. Brampton is surrounded by multiple cities, making it very convenient to get around. Brampton is close to Mississauga, Vaughan, and Toronto as well as the major highways and bus routes which is a big reason why people want to live in Brampton. It is close enough to Toronto for commuting, which is great for people who work downtown, but do not want to live in such a big city like Toronto.
Brampton has developed into one of the most diverse places in Canada over the years. According to census data, visible minorities represent over 65% of the population, with a large portion being South-Asian. What does this mean for people looking to move to Brampton? For any visible minority, it means they can seamlessly transition into their community. For others, it means they will be exposed to a wide array of different cultures that are not prominent in other areas. They will be able to go to numerous ethnic super markets and international festivals. Canada is known for being culturally diverse, and Brampton is about as diverse of a city that you can find in Canada.
If you’re a buyer and you cannot afford to purchase a home in Toronto, but want to be close by, you may want to consider looking for houses for sale in Brampton. Many people are following this trend and the population continues to rise every year. Brampton offers houses for sale at a lower price than other big cities which can help save hundreds of thousands of dollars. Brampton is also conveniently located near Toronto, Mississauga, bus lines, and major highways which makes commuting less of a nightmare. Finally, Brampton has unparalleled cultural diversity which is what Canada is all about. In the past, Brampton was not a very desirable location to look for houses for sale, but new trends have led to a spike in demand in this area.