Residential Resale Market
- Residential resale activities in Peel have declined since the introduction of new federal and provincial housing policies beginning in 2016.
- In 2017 and 2018, the level of activity in Peel’s residential resale market fell, and for the first time since 2012, the average price per unit sold declined in 2018.
- The fall in average price in Peel was less than that fall in other Regions in the Greater Toronto Area (GTA), but Peel remained a relatively price competitive location among GTA Regions in 2018.
Following sustained growth between 2013 and 2016 the number of residential resale units sold in Peel fell in 2017 (-20.0 per cent ) and 2018 (-15.6 per cent).
The declines occurred after new housing policies were put in place between 2016 and 2018 to reduce observed risks in the housing market.
Impact of new policies on average price
With the institution of new policies, the year-over-year change average price of a residential unit sold in Peel moderated and contributed to the first decline in the annual average price in Peel in six years.
Performance by Municipality
Following three consecutive years of growth, the number of residential resale units sold in Peel fell in 2017 and 2018 as the housing policy environment became more stringent the periods.
The drop in the number of units sold in 2017 and 2018 occurred in all three local municipalities.
The drop in the number of units sold in 2017 and 2018 occurred in all three local municipalities as follows:
- Caledon: down 5.4 per cent to 856 units;
- Brampton: down by 15.7 per cent to 7,394 units; and
- Mississauga: down by 16.4 per cent to 7,746 units.