Why Should You Invest In Brampton Real Estate?
The City of Brampton has over 600,000 residents, and it is expected to rise exponentially in the next 25 years. The Province of Ontario has designated it as an urban growth area, and by 2031, the population is expected to grow to 725,000. It is one of Canada’s largest and fastest growing municipalities. It has the 2nd highest growth rate among the nation’s 25 largest cities. It is also ranked the 3rd-most populous borough in the Greater Golden Horseshoe Region, trailing Toronto and Mississauga. The average household income is $89,010. The area has seen a huge inflow of South Asian immigrants because of its proximity to the Lester B. Pearson International Airport, not to mention the exorbitant value of living, real estate and taxes in the neighbouring Toronto area. It’s known for having an incredibly high number of children, young kids, and car users. It is a diverse municipality noted for a wide variety of Punjabi, Hindi, Gujarati, Urdu, Portuguese and Dutch speakers.
This western municipality largely features detached houses, accounting for 54% of sales, accompanied by semi-detached houses at 21% and townhomes at 12%. Two storey homes are the most common trend and the majority of properties have three bedrooms. The average price in Brampton over the past year was $670.509, an increase of 26% over the same term last year. The average freehold cost over the last year was $713,388 as compared to the average condo premium of $378,043 over the same period.
Brampton has placed itself as a worldwide economic contender. Home to more than 8,000 businesses. The city’s principal enterprises consist of manufacturing, trades work, retail and wholesale trade. The manufacturing industry remains the most important and significant employer within its boundaries. In addition to a well-evolved economic base, its residents enjoy a high quality lifestyle. It combines conveniences with a conventional quality of life. It is the first city in the GTA and one of only 10 in North America to be nominated as an International Safe Community by the (WHO) World Health Organization.
It is a primary appointed growth area in the GTA and a vital regional node with institutional, civic, cultural and entertainment facilities as well as commercial and industrial employment opportunities within the residential region.
Average Price of Condos in Brampton
The average price of a resale condominium apartment for Brampton in 2017 was around $359,045 – up 36.76 percent compared to 2016.
The average index selling price for pre-construction condos continues to grow, rising 7% to 9% from a year ago to $410 per square foot. The average selling price rose annually to $233,000.
City of Brampton
Brampton is a suburban city in the greater Toronto Area in Peel region, it’s Canada’s “flower city,” a neighbourhood which portrays an imminent juxtaposition of the old meeting the new.
It has grown to become one of the GTA’s expansive commuter suburbs. With highways 410 and 107 jutting along its eastern and northern boundaries, this uber leafy suburban/urban metropolis centre extends up to the outskirts of Chinguacousy Road in the west and Queen Street East in the south. Brampton has a land area of roughly 266 square kilometers and is home to plentiful lakes, in addition to being surrounded by many major highway systems. The land is relatively flat, despite some hilly regions in certain locations.
Brampton gives a completely unique feel, distinct from the normal expediencies one has in a metropolitan area. It has a small town and relaxed feel - but still within a big city. The area is densely immersed in many trees and foliage, full of historic landmarks and heritage estates displaying its Victorian roots. Downtown is easily accessible from adjacent residential neighbourhoods with its integrated network of pedestrian and bike-friendly spaces, linking the Downtown Courtyards, Gage Park, Mississauga Creek Trail and Centennial Park. Sidewalks are also welcoming and laid back, and they provide spaces where you can walk while enjoying the many green spaces, paths, parks and trails, creating a truly unique environment of pedestrian spaces full of activity and spontaneity.
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Accessibility / Getting Around
The streets have a pedestrian friendly streetscape dressed with old fashioned street lamps and heritage street signs, as well as quick access to a plethora of community assets and amenities such as City Hall, the Rose Theater, multiple government and corporate offices, hospital services, shopping centres, educational facilities and places of worship. The Peel Art Gallery, as well as an abundance of nearby schools, eateries, cafes and bars, entertainment complexes, a diverse cultural offering, retail staples and fashion outlets are also nearby.
The YMCA, Brampton’s Public Library and the Heritage Complex are a few of the many countless notable attractions for the young and retired alike. The public transit is also reliable and convenient, which adds to the allure. Downtown Brampton is centred at Queen and Main Streets, which is the regional hub for all the major transit systems that include Brampton Zum Transit, a multi-modal GO station with a fleet of trains and buses, and Via Rail. Its proximity to highways 107, 410, 407 and 401 make it immensely accessible for drivers to get to other regions. Residents often walk to work or other amenities, given its high walkability score. This city is dynamic, active and connected.
A proposed cutting-edge light rail transit (LRT) project is on the forefront, which would put the city on the fast-track to significant economic growth. It will link Mississauga’s lakefront to downtown Brampton’s transit hub, alongside the Hurontario Street corridor. Having a strong transit network is the price of admission for any world-class, thriving and prosperous city. Upon completion, the 23-km line will feature a total of 26 stops. This service will run 7 days a week, and provide connecting routes to York Region Transit lines, Toronto Transit Commission lines, and the airport.
Brampton is a fun place to live with its year-round events, cultural downtown core and miles and miles of parkland. Don’t miss out on the opportunity to call Brampton home.
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Questions & Answers
What are the best neighbourhoods to invest in Brampton?
Brampton is a young city, but the fastest growing municipality in the GTA. The area has noticed record high sales in 2017. If you are contemplating of forging a move to Brampton this year, we have compiled two of the most coveted neighbourhoods that you may want to put at the top of your house-hunting checklist.
Heart Lake - is located in North Brampton, East of Hurontario and North of Bovaird. It is still a developing area, with many parks including Loafers Park, Conservation Park and The Heart Lake Conservation Area. Here, is where many families can enjoy a plethora of activities like fishing and swimming and much more. The houses are located in quiet streets which are in close proximity to shops, restaurants, schools as well as parks. These are favorable for young and growing families.
Fletcher’s Meadow - is one of Brampton’s emerging neighbours and has a wide range of affordable properties, from 2-storey detached spacious homes to newly developed condo townhomes and is situated between major commuter routes including Bovaird Drive, Creditview Road and McLaughlin Road. Some of the best secondary schools in Brampton are located in this community, including Fletcher's Meadow Public Secondary School and St. Edmund Campion Catholic Secondary School. There are several shopping areas, restaurants and parks nearby, making this a family-oriented location, that appeals to younger families and first-time buyers, by offering a wide variety of home styles and price points.
Are there any perks available to First-time Homebuyers?
Sure there is. If neither you or your co-purchaser have resided in a home that either one of you owned in the year you're purchasing your new home, or in any of the four preceding calendar years. You’ll qualify for the Federal first-time home buyers tax credit (HBTC) which may be claimed on your federal tax return. The tax credit averages out to about $750.00.
How do I receive the rebate?
To receive the rebate, your real estate lawyer will deduct the rebate amount(s) from the amount of LTT owing when completing the tax statements in the land registration system upon closing.
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