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Market for Luxury Homes in Brampton Remains Robust

More people across the Greater Toronto Area are investing in luxury homes. With an influx in foreign buyers, the luxury real estate market in Canada remains healthy and active. There has been a notable increase in the number of foreign buyers of luxury real estate across major Canadian cities. While the attributes of a luxury home haven’t changed very much over the past decade, the average value of these homes has risen significantly during that time frame. Luxury homes in Brampton and the greater Toronto area are selling at a faster pace than in previous years, with bidding wars now being seen for properties in the three to five million dollar range.
It is commonly believed that Toronto is poised to lead the country in high-end home sales for the third consecutive year. One recent report showed a seventy-seven percent increase in the sales of homes worth more than one million dollars, while sales of homes valued over four million dollars rose ninety-five percent year-over-year in the GTA.
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Foreign Buyers Investing in Luxury Homes
As the average price of property continues to skyrocket throughout the GTA, the luxury market has come within reach for many new buyers. A recent Luxury Property Report showed an increase in activity from foreign buyers across all major Canadian cities. The report noted that foreign buyers from China seem to be the most active in the market. The economy in Brampton is booming and with more homeowners opting to move west of Toronto, the market for luxury homes in Brampton has prospered. Detached homes are most commonly believed to be the most highly sought after luxury home type. Detached luxury home sales in the 905 region increased 11.2% as of April 2016.

Many businesses have also started to migrate to the area, taking advantage of the connectivity, emerging consumer markets, and consistent population growth. Brampton, Ontario is home to many corporate offices, which has also helped the luxury home industry remain robust.