Are you looking to save money on your mortgage in Brampton? Rates.ca can help! Searching for the lowest mortgage rate doesn’t have to be time consuming. Rates.ca makes it easy to find, compare and save on the best mortgage rates in Brampton. Our rates are available for a new purchase, refinancing, pre-approval, debt consolidation and renewals.
Here’s a quick look at Brampton’s key mortgage and housing metrics.
* Data as of March 2020.
The best rates in Brampton are almost exactly the same as the best rates in Toronto. The economies are so intertwined that mortgage costs move together.
Given that, the forecast for Toronto also applies to Brampton. That is, economists expect rates to remain low through 2022 as the city recovers from the economic damage of the COVID-19 recession. Furthermore, at the time of this writing, analysts project no change in the Bank of Canada’s key lending rate until late 2022 or early 2023.
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.
Brampton’s population density, in addition to being located near to Downtown Toronto, allows for a greater concentration of mortgage providers in this market. In fact, Brampton is served by more lenders than almost any city in Canada apart from Toronto itself.
Besides lenders, Brampton mortgage brokers are a force. They’re known for offering some of the lowest mortgage rates on the market, as well as the most flexible lending terms. They’re particularly aggressive on default-insured mortgage rates.
The largest brokerages operating in the city include Dominion Lending Centres, TMG The Mortgage Group and M3 Mortgage Group, which consists of Mortgage Alliance, Mortgage Intelligence, Verico, Invis and Multi-Prêts.
Some of the top deep-discount online brokers servicing Brampton include:
The city’s biggest lenders include:
Brampton’s high home prices and large mortgage amounts are in high demand by lenders. That said, some mortgage underwriters tend to be a little more careful when underwriting loans in the city. For whatever reason, Brampton has developed somewhat of a reputation in the financing industry for above-average fraud rates. Although, mortgage loss rates in the city remain very low on an absolute basis.
Brampton’s mortgage market is heavily influenced by the Toronto economy and housing market. It is part of the Greater Toronto Area (GTA) and most adult residents work in other parts of the GTA.
Due to very high immigration levels, plentiful job opportunities and an overall housing supply shortage, Brampton’s housing and mortgage demand have remained strong for the last number of years. An interruption in immigration, however unexpected, would weigh heavily on the city.
Like everywhere else, however, the COVID-19 pandemic resulted in a large drop-off in demand in spring 2020. As of April 2020, it remains to be seen how much this and the immigration slowdown will affect Brampton’s housing market and mortgage rates.
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