- Over the past five years, the annual average number of housing starts in Peel Region was approximately 6,000 units.
- In 2018 the number of housing starts in Peel fell below 6,000 units as new housing measures and higher interest rates reduced demand for new housing units and lowered the number of starts.
- In first-half of 2019 (January- June 2019), the number of starts recorded in Peel Region continue to fall.
Over the past five years, the number of housing starts recorded in Peel Region showed an annual fluctuation around an average of approximately 6,000 units per year.
In 2018, the total number of housing starts was 4,978 units, down by 26.1 per cent from the level attained in 2017, and below the five-year average.
The decline continued into the first half of 2019 when the number of housing starts recorded in Peel Region declined by 13.3 per cent to 2,481 units relative to the first half of 2018.
Housing Starts by Segment
The shift in Peel’s housing starts towards the multiple segment of the market, which has occurred over the past decade, remained evident in the first half of 2019.
The decline in the housing starts in January – June 2019 reflected lower single starts, which outweighed the increase in multiple starts as follows:
- Singles: down by 50.7 per cent to a ten-year low of 343 units;
- Multiples: down by 1.3 per cent to 2,138 units.
With single starts declining in January – June 2019, that segment of the market lost market share from 24.3 per cent recorded in January – June 2018 to 13.8 per cent.
This was one of the lowest market shares for the single segment recorded in Peel.
The multiple segment of the market increased its market share to 86.2 per cent in January – June 2019.
Housing starts by Municipality
Of the three Peel municipalities, the City of Brampton consistently accounted for the highest number of housing starts in the January – June period since 2012; this was interrupted in 2018 and 2019.
The changes and distribution of housing starts by the municipality in January – June 2019 were as follows:
- City of Mississauga: up 26.2 per cent to 1,894 units.
- City of Brampton: down 45.5 per cent to 535 units; and
- Town of Caledon: down 86.3 per cent to 52 units.
The share of starts accounted for by the City of Brampton showed a sustained decline for three years, falling from 73.8 per cent in January – June 2016 to 21.6 per cent in January – June 2019.
The City of Mississauga accounted for a larger share of the market (76.3 per cent), while the Town of Caledon accounted for 2.1 per cent of the market in January – June 2019.
Housing Starts in the GTA and Toronto CMA
Market trends observed in the Toronto CMA and the Greater Toronto Area (GTA) were similar to those observed in Peel Region in January – June 2019.
The total number of housing starts in both the Toronto CMA (down 25.9 per cent) and the GTA (down 27.9 per cent) declined.
The declines were more broad-base affecting both segments of the market as follows:
- Toronto CMA: Single went down by 50.3 per cent to 1,684 units, and multiple went down by 21.1 per cent to 13,614 units
- GTA: Single went down by 51.5 per cent to 1,899 units, and multiple went down by 22.7 per cent to 3,745 units.