Home in Brampton Sells for $565,000 more than 2021

A Semi-detached house value in Brampton increased by 74% within one year, and the total value of the house increased by $565k within just one year.

That’s just the average price of the house in a city like Montreal or Calgary.

Is it a shortage of houses, I don’t think so? I think it’s more related to Bad practices in the real estate industry and investor frenzy are driving the housing price up with the bidding war.

We are going to see the semi-detached house price in 2021 and 2022 and how it sold for a crazy price in just one year.

House Listing without selling

House was listed two times before 2021 without selling and considering 2022’s price, this house was listed for a very low price earlier but without any renovations.

You can check all the details of previous listings on sites like https://www.properly.ca/

House SALE in 2021

In May 2021, this house sold for a very good price of $760,000 which was a really good price for a very outdated house. I believe it’s because of one of the biggest jumps in home prices in Toronto in 2021.

Flip

I strongly believe this house was bought for a FLIP, they did complete overhaul of this house and turned this into beauty.

I am estimating, the new owner spent close to $200-$235k on the renovations on this in 2021.

House Pictures

Let’s look at the house after the renovations. Now It’s a fully renovated open concept house

2 stories 4 bedroom, 2 Full washrooms + 2 Partial Washrooms

Between 1,600 to 1,800 square-feet

Huge Driveway with 6 parking.

They have spent good money on Kitchen and washroom. Floors look a bit basic.

House Sale in 2022

HOUSE LISTED FOR SALE in Jan, 2022 for 999,000 for exactly one million.

And it SOLD for $325K over asking for $1325,000.

TOTAL COST

Purchase Price: $760,000

Closing cost: $30,000

Builder Insurance: $10,000

Interest Payment: $10,000

Renovations: $235,000

Designs: $5,000

Total COST: 1,050,000

SALE

SALE PRICE: $1,325,000

REALTOR COMMISSION at 3%: $40,000

OTHER EXPENSES: $10,000

TOTAL: 1,275,000

PROFIT

WITHOUT CAPITAL GAIN TAXES: $225,000

AFTER CAPITAL GAIN TAXES: $150,000 – $175,000