Residential Resale Price
- The impact of the COVID-19 induced shutdown in mid-March 2020 did not significantly affect residential resale activities in Peel in the first quarter (January – March) of 2020.
- The average price of a residential resale unit in Peel increased by 16.2 per cent in the first quarter of 2020.
- Average price slowed significantly in April 2020 (post-quarter period) in response to the COVID-19 measures.
- The average price of a residential resale unit sold in the Greater Toronto Area increased at a slower pace of 14.8 per cent.
- Peel remains a price competitive GTA location.
The COVID-19 induced economic shutdown in March did not materially impact the price of a residential resale unit sold in Peel in the first quarter of 2020, when the average price increased by 16.2 per cent to approximately $834,696.
The average price of a unit sold in the Greater Toronto Area (GTA) increased at a slower pace (14.8 per cent) than that recorded in Peel, but Peel maintained its place as one of the most price competitive locations among GTA Regions.
Resale activity in the residential resale market is expected to slow in upcoming months due to physical distancing measures. The extent of the impact will likely depend on the duration of the pandemic.