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Dashboard of Economic Indicators

Less positive changes in some indicators continued in Q2 2018

Residential Resale Market

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Data source – Toronto Real Estate Board

 

  • In January – June 2018, activities in Peel’s residential resale market were below those registered in a similar period of 2017.
  • Over the two periods, the total number of residential resale units sold in Peel fell by 24.7 per cent to 8,392 units.
  • This decline continued to reflect significant changes in the housing market between the first half of 2017 and 2018.
  • In April 2017, new policies were instituted in Ontario’s housing market aimed at reducing risks and increasing the market stability.
  • The new measures included:
    • The introduction of a 15.0 per-cent “Non-Resident Speculation Tax” in the Greater Golden Horseshoe Region; and
    • A review of rules that allowed scalping.
  • In addition, Canadian interest rates started trending upwards in mid-2017, after remaining unchanged since July 2015.
  • Activities in Peel’s residential resale market moderated substantially in response to the changed environment which resulted to the decline observed.
  • The decline in the number of residential resale units sold in Peel Region remained broad-based, occurring in all three local municipalities in Peel as follows:
    • City of Mississauga: down 24.9 per cent to 4,096 units;
    • City of Brampton: down 25.5 per cent to 3,842 units; and
    • Town of Caledon: down 15.3 per cent to 454 units.
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Data source – Toronto Real Estate Board
  • Resale activities also continued to decline in the Greater Toronto Area (GTA) during the first half of 2018, when the number of residential resale units sold was 39,922 units, which was 27.2 per cent below the total of 54,813 units sold in the first half of 2017.
  • Lower activities were recorded in all five GTA Regions.
  • In addition, average prices in January – June 2018 were lower than those registered in the similar half-year period of 2017.
  • This was expected given that average prices peaked in April 2017.
  • The average price of a residential resale unit in the GTA fell by 9.2 per cent from approximately $870,000 in January – June 2017 to $790,000 in January – June 2018.
  • In Peel, the average prices of a residential resale fell by 5.8 per cent to approximately $712,600 during the same period because of the following changes across its three municipalities:
    • The City of Brampton: $693,982, down 5.2 per cent;
    • The City of Mississauga: $706,151 down 6.6 per cent; and
    • The Town of Caledon: $928,359, down 6.1 per cent.
  • At an average price of $712,600, the average price of a residential resale unit in Peel Region remained below the GTA average and continued to be one of the most price competitive locations in the GTA.
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Data source – Toronto Real Estate Board