In recent years, Brampton, Ont., has played a major role in the Toronto-area housing market as one of the fastest-growing municipalities in the sprawling metro area. It is also among the areas hardest hit by the decline in real estate prices since the 2022 peak.
According to the Toronto Regional Real Estate Board, the median price of a detached home in Brampton hit $930,000 in September, a 37.4 per cent drop from March, 2022, when median prices were $1.486-million.
Brampton’s struggles provide plenty of shocking anecdotes of value destruction. One Reddit thread, entitled “HouseSigma blunders” cited the example of the detached home at 79 Templehill Rd., purchased for $1.875-million in late February, 2022, and sold in late September, 2026, for $1.135-million – a $740,000 change of fortune and a 39.5 per cent loss.
So, what kind of house can you find for prices almost 40 per cent less than four years ago?
This updated four-bedroom house in Brampton's centrally located Peel Village is listed for a lower price than the owners paid for it.Duende Media
31 Core Cres., Brampton, Ont.
Asking price: $929,000
Despite its list price, this updated four-bedroom house in the city’s centrally located Peel Village is probably going to sell for less than the city’s median price.
“These guys, they are selling for loss,” said Nav Takkar, a broker with Re/Max President Realty. “They bought this house last year; it looks like it will sell for less than asking price.”
The current owners are looking to upgrade to a newer, larger home, one with more than 3,500 square feet of living space.Duende Media
Mr. Takkar is blunt about the reality facing sellers in much of the city. Mortgage costs, falling rents and economic worries are keeping prices depressed, he said. However, for these sellers, there is also opportunity. With good incomes, he said they can afford to take advantage of the situation and are looking to upgrade to a newer, larger home, one with more than 3,500 square feet of living space.
A few years ago, what they are looking for would have cost close to $2.5-million. Today? “The prices in those areas, they are listing for $1.8 to $1.9-million, but actually selling for $1.5 to $1.6-million,” Mr. Takkar said.
This bungalow is selling for the second time this year after a buyer failed to close on an offer for just under $1.2-million.RE/MAX Realty Services Inc
22 Oldham Cres., Brampton, Ont.
Asking price: $1,199,000
Brampton’s larger neighbours – Toronto and Mississauga – also saw median detached prices fall about 25 per cent, but from a higher level and not quite as far: from $1.6-million to $1.2-million. In that price range, inside Brampton, you get a lot more house than you do in Toronto, but it’s also hard to find a buyer for those houses.
Take the example of 22 Oldham, which listing agent Sumit Sharda with Re/Max Realty Services Inc. is selling for the second time this year.
The home, while dated, has some real assets, including an in-ground pool.RE/MAX Realty Services Inc
“It sold in July, and the buyer failed to close. So we had to relist it,” he said. Just a few months after that offer for just under $1.2-million fell through, Mr. Sharda is finding the market decidedly slow.
The home has some real assets: A large lot next to a park and an in-ground pool. “The outside of that property is spectacular,” said Mr. Sharda. “Inside it’s kind of dated.” However, he notes the upstairs has 2,200 square feet of living space, with another 2,200 square feet on the lower level that has a walkout at grade. If a buyer could get a basement suite legalized, there might be potential for rental income.
A lack of overall curb appeal can affect a home's market value, says real estate agent Bradley Mayer-Harman.Century 21 Millennium Inc.
65 Primrose Cres., Brampton, Ont.
Asking price: $734,900
Brampton’s decline has been nearly twice as rapid as the fall of the median detached price across Canada in the same period, according to data from the Canadian Real Estate Association. In March, 2022, the national median price for a detached house was $932,900. It has since fallen 21 per cent to just over $730,000.
There are houses in Brampton at the national median, though at that price there can be demerits caused by curb appeal, according to Bradley Mayer-Harman, with Century 21 Millennium Inc.
“I will be frank, this street is a bit more high-density,” he said, describing the neighbourhood as a solidly middle-class area, one with lots of hard-working people living in it. “There are a lot of townhomes and semis on the street. If your house is one of the largest ones on the street, you’re likely to be on the lower average of similar size homes.”
The asking price of this house is around the national median, which has fallen 21 per cent since March, 2022.Century 21 Millennium Inc.
Mr. Mayer-Harman started working in real estate 16 years ago, and has recently spent a lot of time knocking on doors as he runs for town council in Mono, Ont. According to him, the mood of many homeowners is dark and getting darker.
“People had unbridled confidence that market values were always going to go up. Now it’s interesting to see how vividly that confidence has been shaken,” he said. “I’ve never experienced so many people moving based on fear rather than opportunity. Scared for their kids, scared of AI; it’s unbelievable. There’s a level of anxiety that goes beyond rational.”