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If statistics and predictions hold true, this should be a banner year for potential homebuyers in this area. With low interest rates, a great supply of available homes, and various banks competing to offer the best mortgage rates, the time has never been better to look into home ownership in Brampton.
The current housing market and low interest rates not only make it the perfect time to look into buying a home in Brampton, but also make it possible for borrowers to shop around for the best mortgage rates. As of June 2019, the Real Estate Investment Network (REIN) put the best Brampton mortgage rates anywhere from 3 to 7 percent, depending on the type of mortgage.
Mortgage rates change daily, so always check current Brampton mortgage rates like the ones included in our mortgage rates comparison tool to ensure you’re sourcing the most up-to-date information. See what’s available today.
With a population of almost 600,000 people, Brampton is the 9th largest city in Canada and the 3rd largest in the Greater Toronto Area (GTA). Brampton has a thriving economy. This growing city welcomes families, retirees, couples, and singles to set up residence with all the most-wanted amenities like transit, schools, and parklands. Increased value in homes, low interest rates, and close proximity to downtown Toronto all contribute to making this area popular for homebuyers. Brampton has been designated, since 2007, an International Safe Community by the World Health Organization, making it a go-to choice for homeowners and especially families. The area also has many banks scrambling to take advantage of the growing housing market by offering competitive mortgage rates and terms.
Source: Stats Can 2016 Census
Housing Market Trends in Brampton, ON
The housing market in Brampton is doing very well and is predicted to continue on this trend moving forwards. According to a recent Real Estate Investment Network (REIN) study, the real estate market in the City of Brampton is expected to soar in the next couple of years. This includes both buyers and sellers. Additionally, Brampton ranked 5th in the Top Ontario Investment Towns report. This popular and reliable report ranks cities in order of potential for housing market strength in the coming five-year period. The City of Brampton, Ontario is developing making it a popular place for homebuyers to take the plunge and get a home mortgage.
When choosing a mortgage in Brampton, it's important to know that what’s best for one homebuyer might not be what’s best for you. Homebuyers have choice. There are open mortgages, closed mortgages, fixed rate and variable rate mortgages. The type of mortgage chosen usually is dependent on how borrowers intend to pay and how confident they are in the current low interest rates. With a fixed rate mortgage, you pay the same interest rate throughout the life of the loan, whereas with a variable rate mortgage, the interest rate changes along with the prime rate.
Not sure if a closed, open, variable or fixed mortgage is right for you? Unsure of the vocabulary, meaning and applicability? You aren’t alone. Visit our Mortgage Guides for a comprehensive list of guides to Canadian mortgage loans.
According to the Bramptonist, the best neighbourhoods in Brampton to live in right now are:
Bramalea – An older neighbourhood with lots of transit options and access to neighbourhood amenities such as Bramalea City Centre, Chingacousy Park, Professor’s Lake and various other local attractions.
Downtown Brampton – The downtown core has undergone major revitilazation in the past few years. Located near the Brampton Go Station and Gage Park, this part of time is more affordable than others with easy access to other parts of the city.
Gore Meadows – A newer neighbourhood with access to trails and other outdoor amenities such as the Wet’N’Wild Toronto (formerly Wild Water Kingdom) and the Riverstone Golf and Country Club.
Heart Lake – Another area of consideration or nature enthusiasts. Heart Lake has bike and hiking trails, Downey’s Farm, farmer’s markets and of course, Heart Lake itself.
Mount Pleasant – Another newer but rapidly developing part of the city, Mount Pleasant has access to Go Trains and is located near the local favourite, the Apple Factory.
The city’s largest employers are Loblaw Companies Ltd., Rogers Communications, Chrysler Canada Assembly Plant, Maple Lodge Farms, Canadian Tire Corp, Coca-Cola Bottling Company Ltd., Brita, and Clorox. Frito Lay Canada, Hudson’s Bay Company, Best Buy, Ford, MDA Space Missions and Amazon, according to the Toronto Sun.
Our easy-to-use Mortgage Payment Calculator can help you figure out how much you’ll be paying on your mortgage. Use the Mortgage Payment Calculator to explore various loan amounts, amortization periods and payment options to best manage your mortgage payments. With a few simple clicks, you can find the mortgage refinancing. products you need, whether you are a first time buyer or interested in information about renewals or refinancing.
The average residential resale in the City of Brampton is $696,965, according to Peel Region’s Dashboard of Economic Indicators.
The City of Brampton retains a Triple ‘A’ credit rating by Standard & Poor’s, reflecting its successful economy. Brampton has a diverse population; including a population of 209 distinct ethnic backgrounds speaking 89 different languages.
Brampton is known as the Flower City of Canada; housing more than 6,000 acres of parkland.
The City of Brampton is a direct 48 minute commute to downtown Toronto via the Gardiner Expressway. It is also an easy commute though mass transit travel.
The City of Brampton offers public education opportunities for primary, secondary, and post-secondary students. You have the choice of schools ranging from Conseil scolair Viamonde (francophone), Conseil scholaire catholique MonAvenir (francophone), Dufferin-Peel Catholic Distric School Board (English), Peel District School Board (English), as well as Sheridan Institute and Algoma University Brampton Campus.
Sources: City of Brampton, Region of Peel Dashboard of Economic Indicators, Statistics Canada 2016 Census, The Toronto Sun, Hamilton.ca