Brampton is one of the fastest growing cities in Canada, and the third largest city in the Greater Toronto Area. The city has an average growth rate of 4.2%, which means that 14,000 residents make a new home here every year. Developers are building new projects to accommodate all of those people.
There are currently 36 new developments in Brampton, a mix of planned, under construction, or recently completed how-rise and high-rise apartments. 19 of them are single family home projects, 10 are townhouse developments, and 7 are condo developments that have no less than 257 units under construction.
Brampton is an ideal investment location because it’s close to Toronto but also has a strong economy and is home to several large corporations. This is a multicultural city. Its residents represent more than 170 different cultures and speak more than 70 languages. The city celebrates its diversity with cultural events and activities, such as the annual Carabram festival.
Even though it’s one of the GTA’s most popular cities, Brampton offers a unique feel in the metropolitan area, thanks to its layed back, small town atmosphere. Brampton is sometimes called “Canada’s flower city” thanks to its history, beautiful landscape, many trees, and foliage. The city offers more parkland than any other densely populated area in Ontario and other amenities, ensuring high quality living for its residents.
Brampton was founded in the early 1800s and had a population of only 500 individuals in 1853. It became a city in 1974 and its population is expected to reach 725,000 individuals by 2031. According to the 2016 census, Brampton has a population of about 600,000 people.
The average selling price for Brampton condos in 2020 was $662,269. The average price per square foot for a low-rise development in Brampton is $590, but prices continue to grow year-over-year.
Brampton pre-construction condos have an average price when compared to other units in the GTA.
Rentals are in high demand in Brampton. The average rental rate was $1,970 in 2020. The rental prices have a constant appreciation rate of 3.15 percent over the last 10 years. The vacancy rate in Brampton is only 1.0 percent, which indicates that condos in the city are sought after.
Brampton is home to the youngest community of residents in the GTA. The city had a median age of 33.7 in 2017. Young people find Brampton attractive because the city is in the proximity of Toronto and Pearson International Airport where they can find many potential jobs.
But Brampton itself also offers a lot of possible jobs, as the city is home to over 8,000 businesses operating in the manufacturing, retail, trade, and other industries.
The city hosts a wide variety of education facilities, such as the Sheridan College Institute of Technology, 18 trade schools, and more. As a result, the workforce in Brampton is highly qualified, as 50% of its residents have Post-Secondary degrees.
Brampton has an unemployment rate of 5.1%, slightly higher than other cities in the GTA.
Brampton is surrounded by major highway systems. The 410 and 107 highways transit along its eastern and northern boundaries, helping residents to reach downtown Toronto and other destinations in a short amount of time. It only takes about 55 minutes to drive from downtown Brampton to downtown Toronto.
Brampton also has an extensive public transportation system that helps residents travel anywhere within the GTA with ease.
The best time to invest in Brampton pre-construction condos was 10 years ago, when condos were cheaper and Brampton wasn’t so popular. The second best time is now, because Brampton is quickly becoming one of the most popular residential destinations for young people living in the GTA.
According to the city’s officials, Brampton’s population will increase by about 125,000 people in the following decade. All these new residents will need a place to live, turning real estate investments in the city profitable in a short amount of time.
The current pre-construction real estate landscape in Brampton is attractive for investors because it offers lower initial prices and the potential for high returns. And the earlier you invest, the higher the potential return, because pre-construction developments are sold in different stages, each with different prices and incentives.