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January 2009: Price Statistics for 2008
Posted January 1st, 2009 under market updates.
Below are the 2008 price statistics for the Bramalea area of Brampton (south of Bovaird and east of Highway 410). Compared to 2007, price increases ranged from 0.9% to 3.9%, depending on the location and type of home.
| Lowest | Average | Highest | ||
|---|---|---|---|---|
| Apartment | 1-Bedroom | $103,700 | $138,000 | $181,500 |
| 2-Bedroom | $100,000 | $160,000 | $253,400 | |
| 3-Bedroom | $118,500 | $160,600 | $237,000 | |
| Townhouse | Base | $143,500 | $174,400 | $208,000 |
| w/Garage | $150,000 | $183,500 | $220,000 | |
| Luxury | $244,000 | $257,200 | $273,000 | |
| Semi-Detached | Base | $200,000 | $260,000 | $300,000 |
| w/Garage | $238,000 | $281,600 | $339,000 | |
| Detached | Base | $158,500 | $241,000 | $392,500 |
| w/Garage | $210,000 | $343,000 | $610,000 | |
These prices differ substantially from the newer areas of Brampton due to the age and size of the homes, and also because newer homes almost always have garages.
Market Update
The spring market is starting, but it is unclear whether it will take off or succumb to the all-pervading tumble of the economy. We will find out in February how the new government directions will affect the housing market. The upcoming cut in interest rates is of greatest importance to maintain confidence. However, all indicators are pointing to an adjustment in home prices. For many, this would be a good thing. Those who are upgrading will benefit, as well as first-time home buyers. The people left out in the cold are the “flip” investors and anyone who is selling without re-buying. Overall, it is probably a positive development for most people.
Want to know more about the state of the market? Just ask me, I'll be happy to help.
