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

 
--
Images from Peel Region
Peel Data Centre Logo

Dashboard of Economic Indicators

Changes in some areas of Peel’s economy were less positive in January – June 2017

Residential Resale Market

enlarge [+]
Data source – Toronto Real Estate Board

  • In the first half of 2017 (January – June 2017), a total of 11,145 units were sold in Peel’s residential resale market.
  • When compared with the number of units sold in the similar period 2016, this represented a decline of 12.1 per cent, the first decline registered in any half year period in four years.
  • The decline observed was influenced by a slowing in activities between April and June.
  • During the period January – March 2017, the number of units sold registered monthly increases as follows:
    • January: 3.2 per cent;
    • February: 2.2 per cent; and
    • March: 6.5 per cent.
  • However, beginning April 2017, activities in Peel’s residential resale market slowed considerably.
  • When compared with the similar periods of 2016, the changes turned negative as shown below:
    • April: -3.6 per cent;
    • May: -21.5 per cent; and
    • June: -39.4 per cent.
  • The less positive changes coincided with new measures announced by the aimed at stabilizing and strengthening the housing market.
  • The new measures included the introduction of a 15 per-cent “Non-Resident Speculation Tax” in the Greater Golden Horseshoe Region.
  • The measures were designed to arrest speculative real estate purchases; a factor which is estimated to have helped to fuel relatively strong price increases in the Greater Golden Horseshoe Region in recent periods.
  • The decline in the number of units sold in January – June 2017 was evident in all three Peel municipalities.
enlarge [+]
Data source – Toronto Real Estate Board
  • In the City of Mississauga, a total of 5,451 residential resale units were sold in the first half of 2017, a decline of 12.6 per cent when compared with 6,234 residential units recorded in first half 2016.
  • In the City of Brampton total sales amounted to 5,158 residential resale units during the same period, a decline of 11.9 per cent.
  • Sales in the Town of Caledon fell 10.5 per cent from 599 units in January – June 2016 to 536 units in January – June 2017.
  • The decline in sales in the residential resale market was not confined to Peel region.
  • In the Greater Toronto Area (GTA), the total number of residential resale units sold in the first half of 2017 fell by 8.9 per cent to 54,813 units.
  • Alongside lower sales, the change in the average price of a residential resale unit also slowed in the April – June quarter.
  • In the GTA, while average prices continued to rise, the change in the average price of a unit sold slowed from 29.3 per cent in the first quarter of 2017, to 18.6 per cent in the second quarter.
  • Notwithstanding the slowing in the rate of growth, average price remained relatively high in the GTA at approximately $870,000 in January – June 2017, up 20.9 per cent from approximately $720,000 in the first half of 2016.
  • In Peel Region, similar trends were observed.
  • The change in the average price of a residential resale unit slowed from 32.4 per cent in January – March 2017 to 18.5 per cent in April – June 2017.
  • For the January – June period of 2017, the average price of a residential resale unit in Peel stood at approximately $756,000, up 25.6 per cent from approximately $602,000 in January – June 2016.
  • At an average price of $756,000, Peel Region remained one of the most price competitive destinations in the GTA.
  • The average prices of a residential resale unit by GTA regions were as follows:
    • York: $1,126,149;
    • Halton: $955,549;
    • Toronto: $876,077;
    • Peel: $756,111; and
    • Durham: $665,211.
enlarge [+]
Data source – Toronto Real Estate Board
  • Average prices in all three Peel municipalities registered relatively robust price change during the first half of 2017 as follows:
    • The Town of Caledon: $988,237, up 28.8 per cent;
    • The City of Mississauga: $755,828, up 21.5 per cent; and
    • The City of Brampton: $732,288, up 29.7 per cent.