A-Z List | Accessible Info | Careers | Contact Us

 
--
Images from Peel Region
Peel Data Centre Logo

Dashboard of Economic Indicators

Residential Resale Market

enlarge [+]
Data source – Toronto Real Estate Board

 

  • In January – March 2018, a total of 3,443 units were sold in Peel’s residential resale market.
  • This was 32.1 per cent below the 5,072 units sold in January – March 2017 and the lowest level of residential resale activities in Peel in any first quarter since 2009 when sales totaled 2,800 units.
  • When compared with January – March 2017, lower activities in January – March 2018 was expected given significant changes in the housing market between the two periods.
  • In the first quarter of 2017, activities in Ontario housing market were buoyant with sales and average prices reaching peak levels.
  • 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.
  • The decline in the number of residential resale units sold was broad-based, occurring in all three Peel municipalities as follows:
    • City of Mississauga: down 32.3 per cent to 1,654 units;
    • City of Brampton: down 33.3 per cent to 1,608 units; and
    • Town of Caledon: down 17.0 per cent to 181 units.
enlarge [+]
Data source – Toronto Real Estate Board
  • The decline in activities also occurred across all regions in the Greater Toronto Area (GTA) and contributed to a 35.1 per cent decline in the number of units sold in the GTA (to 16,391 units).
  • The declines across GTA regions were as follows:
    • York: down 50.0 per cent to 2,460 units;
    • Halton: down 32.6 per cent to 1,658 units;
    • Peel: down 32.1 per cent to 3,443 units; and
    • Durham: down 30.9 per cent to 1,918 units.
  • On a year-year-year basis, average prices in January – March 2018 were lower than those registered in January – March 2017.
  • In the GTA, the average price of a residential resale unit fell by 12.2 per cent from $873,631 in January – March 2017 to $767,271 in January – March 2018.
  • In Peel, average prices fell at a slower pace of 7.6 per cent to $693,829 during the same period, influenced by lower prices in the two larger municipalities as follows:
    • The City of Brampton: $682,089, down 6.8 per cent; and
    • The City of Mississauga: $678,214, down 10.0 per cent.
  • The average price of a resale unit sold in the Town of Caledon stood at approximately $940,829 in January – March 2018, 1.1 per cent higher than that registered in January – March 2017.
  • Despite registering a slower pace of decline relative to three GTA regions, the average price of a resale housing unit in Peel Region remained one of the most price competitive at $693,829.