Brampton's Real Estate Market is Blowing Up
Monday Jun 05th, 2017Share
Toronto homes selling for way over asking has become the norm these days as home owners and realtors try to get a handle on just how much they can ask for in a real estate market that's scorching hot.
But you know something really wild is happening when the trend extends to Brampton and Vaughan.
Late last year, the latter city was the focus of much attention when a rather pedestrian home sold for $400K over asking after receiving roughly 50 offers over the course of just a few days.
Now something similar happened in Brampton, where the house at
73 Farthingdale Crescent just sold for $756,000 after hitting the market at $549,000. That's more than $200K over asking.
What's perhaps even more remarkable about the sale, however, is the interest the property generated and the speed with which the bidding war ensued. It was on the market for just eight days, and in that period the CBC reports that it received a whopping 82 offers.
Picking up a cheap home outside of the city's borders is quickly becoming an impossibility, as steep prices drive more and more prospective buyers out of Toronto and into surrounding areas.