Before you say, “no, no, I can’t buy west of Hwy 400!” take a moment to consider Brampton. It has the GTA’s largest supply of serviceable land. That’s what you get in Brampton—big houses on big lots for small prices.
Reason 1: “Brampton has an abundance of residential land currently on stream. Because there’s an abundance of residential land there’s a lot of competition. Because there’s a lot of competition prices are quite competitive,” says Lou Grossi, broker and manager at Intercity Realty.
Intercity sells commercial, high-rise, low-rise, and resale homes in all areas of the 905, and is currently active from Oshawa to Burlington.
“The nice thing about Brampton is the full gambit of product,” says Grossi. Everything from townhomes to luxury mansions is available, most closing between three months and a year and a half.
And Grossi tells us some of today’s best deals are to be had in Brampton.
Good for Investors
Reason 2: One thing Brampton’s got right now is cash flow positive homes for purchase to rent out. And we’re not talking high-rise, but townhouses, which appreciate faster and do well on the resale market.
Heart Lake Village is located at Hwy 410 and Bouvaird, offering quick access to Hwy 401 and Hwy 407. Townhomes start from $341, 900 at 1,280 sq. ft.—that’s under $280 a sq. ft.
Similar townhomes rent now for a minimum of $1,500 plus utilities. The right interest rate and 20 percent down means it carries for around $1,150, keeping an investor cash flow positive.
There are an impressive number of large, three-bedroom townhomes with real backyards in Brampton in this price range.
Reason 3: When comparing Brampton to nearby Milton—in both location and price—Brampton is really a city, with all the amenities that implies, lots of jobs and a lower unemployment rate than Toronto, and solid plans for future transit and development.
For example, a partnership between Mattamy Homes and the City of Brampton called Mount Pleasant Village is a master-planned “transit oriented community” with hundreds of homes around a cultural and educational community centre, library, schools, and even centrally located “live-work units” for small business owners. The entire community has many parks and is connected by pedestrian walkways.
The idea is that all residents are a five-minute walk from their daily needs. A refurbished GO train station and hub for the Zum rapid bus transit system are also central to the project.
Something for Everyone
Reason 4: Let’s compare two projects by Mattamy. In Milton, a detached 30 ft. home is $450,000; in Brampton, a detached 30 ft. home is $394,990. Grossi says something similar in Vaughn costs $550,000—if you can find one.
Brampton’s near abundance of semis in the $400s are between $260 and $270 per sq. ft. Ballantry Homes Spring Valley Bridges has 1,530 sq. ft. semis for $399,990. Meridian Homes project Credit Valley Manor has semis starting at 1,700 sq. ft. for $425,990. Tribute’s Landscapes of Sandringham has a 1,543 sq. ft. semi for $416,990. Empire Communities Lakeside Brampton’s 1,668 sq. ft. semi for $429,990 ($257 sq. ft.), and the list goes on.
Reason 5: There are plenty of luxury homes. Sky Homes is building homes over 3,000 sq. ft. on massive ravine lots that back onto the West Humber River. Saberwood Homes and Redberry Homes have 50 ft. to 70 ft. lots in the $700s. Not big enough? Sky Homes’ 4,000 to 7,000 sq. ft. homes in Brampton’s upscale Castle has more community. If you have to ask the price you can’t afford it. They start at $1.2 million.