Residential Resale Units
- Between 2014 and 2016, Peel’s residential resale activities increased.
- In 2017 and 2018, the number of residential resale units sold in Peel declined in response to new housing measures.
- Activities on Peel’s residential resale market rebounded in the first nine months (January -September) of 2019 indicating that the impact of new policy measures may have run its course.
For the three years 2014 to 2016, activities in Peel’s residential resale market showed sustained increased.
In April 2017, new policies (including a 15 per cent non-resident tax) were put in place to reduce observed risks in the Ontario and Canadian housing markets.
In response, the number of residential resale units sold in Peel fell in 2017 and 2018.
In the first nine months of 2019, Peel’s residential resale market activities rebounded to record an increase in both the number of residential resale units sold and the average price of a unit sold.
In January – September 2019, the number of units sold increased by 15.5 per cent, when compared with the number recorded in January – September 2018.
Impact of new policies on numbers of units sold
As the impact of the new federal and provincial measures dissipated, the year-over-year change in the number of residential resale units sold in Peel accelerated to a high of 34.4 per cent, in May 2019.
Since then, year-over-year price changes have slowed but remain relatively elevated at over 20 per cent.
Changes in the Greater Toronto Area (GTA) were like those observed in Peel.
Performance by Municipality
Following two consecutive years of decline in the number of residential resale units sold, there was an increase recorded in January – September 2019, as the impact of new housing measures continued to dissipate.
Increases were observed in all three local municipalities as follows:
- City of Brampton: up by 20.1% per cent to 6,929 units;
- City of Mississauga: up by 11.1 per cent to 6,817 units; and
- Town of Caledon: up by 16.3% per cent to 778 units.
An increase (13.2 per cent) in residential resale activities was also observed in the Greater Toronto Area (GTA).
This followed declines of 18.4 per cent and 17.9 per cent in January – September 2017 and 2018 respectively.