Residential Resale Units
The total number of existing residential units that are sold over a given time period.
- The total number of residential resale units sold in Peel increased by 6.9 per cent to 19,742 units in 2020, the highest in four years.
- After a contraction in sales in April – June 2020, residential resale activities increased in the last half 2020 as COVID-19 response measures eased.
- In the Greater Toronto Area (GTA), the number of residential resale units sold increased by 8.3 per cent to 95,151 units in 2020.
- Despite the reinstatement of COVID-19 restrictions since October 2020, residential resale activities in Peel and the GTA continued to increase.
In 2020, 19,742 residential resale units were sold in Peel, representing an increase of 6.9 per cent relative to the number of sales recorded in 2019.
Monthly changes in the number of residential resale units sold in Peel during Q4 2020 were as follows:
- October: up 30.1 per cent;
- November: up 36.2 per cent; and
- December: up 61.5 per cent.
After declining by 46.2 per cent in the second quarter of 2020 amidst COVID-19 restrictions, residential resales increased in the third and fourth quarter of 2020 by 36 per cent and 39.5 per cent, respectively.
The significant increase in sales occurred as interest rates fell to historic lows.
When COVID-19 restrictions were reinstated in Q4 2020, residential resales did not slow down, reflecting a number of factors including lower interest rates and increased demand for housing outside the downtown core.
Residential resales are expected to continue to increase in the first quarter of 2021.
Performance by municipality
In 2020, higher residential resale activities in Peel were influenced by an increase in all three of Peel’s municipalities. Changes in 2020, relative to 2019 were as follows:
- City of Brampton: up by 11.3 per cent to 9,804 units;
- Town of Caledon: remained relatively flat at 8,678 units; and
- City of Mississauga: up by 28.2 per cent to 1,260 units.
In 2020, the number of residential resale units sold in the Greater Toronto Area (GTA) increased by 8.3 per cent relative to the comparable period of 2019.