New housing rules may not be enough to slow down this bustling market, as international and home-grown developers set their sights on growth.
Developers are showing increasing interest in Brampton’s downtown core, according to the city.
“The demand for homes in Brampton is pretty high,” City of Brampton Expeditor Paul Aldunate, told MortgageBrokerNews.ca. “One of the things we’re targeting is more job growth to make it more investor friendly for office development and industrial development. Specifically in the office development, we’re pushing for the health and sciences sector.”
Aldunate says one of the city’s goals is to convert it from a commuter town to a live-and-work type community.
“You’re still going to start to see it grow outwards … but we’re going to be concentrating on developing the downtown (as well),” Aldunate said.
Brampton is already a popular and well-performing market, and with the increasing interest from developers it seems poised for even more growth.
The average price for a home in the city sold for $733,590 in May – that was up 31.7% from $557,009 a year ago.
And the city just opened its $530 million Peel Memorial Centre for Integrated Health and Wellness.
The city plans to build a sprawling health and sciences community around the centre, which will both create jobs and a surely spur further residential development and, indeed, interest from real estate investors.
Atlas Healthcare chose Brampton because it believes it’s an up-and-coming market.
Aldunate helped facilitate the building of the centre. He fills a newly created role that aims to work across all sectors and facilitate the cooperation of municipal services and the business community.
“We needed to find out the needs of this community and what the shortcomings were in order to better service the City of Brampton,” Domenic Trotta of Atlas Healthcare, said. “Through Paul’s role, he was able to bring this information to us, to help us better understand how our new medical centre can make up for these drawbacks, and play a role in providing better healthcare for Brampton.”
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