Residential Resale Price
The average price of an existing residential unit sold over a given time period.
- Despite the onset of the COVID-19 pandemic, average price in the residential resale markets in Peel and the GTA continued to increase, but at a slower pace.
- The average price of a residential resale unit in Peel increased by 12.0 per cent to $836,553 in January – June 2020.
- The average price in the Greater Toronto Area (GTA) increased at a slower pace of 9.9 per cent in January – June 2020.
- Peel maintained its price competitive position in the GTA market with its average price remaining below those of most other GTA Regions and the GTA average.
After recording sustained increases at the start of the year, the growth in the average price of a residential resale unit in Peel slowed down in the second quarter of 2020.
The COVID-19 response measures impacted the residential resale market during Q2 2020, as sales declined and year-over-year growth in average price decelerated substantially in April (6.6 per cent) and May (7.1 per cent) 2020.
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.
The average price of a unit sold in the GTA increased at a slower pace (9.9 per cent) than that recorded in Peel, but Peel maintained its place as one of the most price competitive locations among GTA Regions.
Changes in the residential resale market for the remainder of the year is uncertain given the following counterbalancing factors:
- The low interest rate environment will make home purchase more affordable for many;
- At the same time prices remain high and many Peel residents lost jobs; both likely to constrain the ability of many to purchase a home.