Residential Resale Price
The average price of an existing residential unit sold over a given time period.
- In the nine-month period January – September 2020, the average price of a residential resale unit sold in Peel Region was $868,441, up by 16.3 per cent.
- The average price of resale units increased at a slower pace of 12.0 per cent in the Greater Toronto Area (GTA) during the same time period.
- Peel maintained its price competitive position in the GTA resale market as its average price remained below three of four GTA Regions and the GTA average.
As the COVID-19 measures continued to ease in the third quarter of 2020, activities in the residential resale market increased, resulting in a higher average price for residential units.
The monthly increases registered during the third quarter of 2020 were as follows:
- July 2020: up 18.5 per cent;
- August 2020: 20.3 per cent; and
- September 2020: 18.4 per cent.
In July – September 2020, the price of a residential resale unit in Peel increased by 19.1 per cent when compared with the similar period in 2019. This was an acceleration from 9.3 per cent observed in April – June 2020.
Higher average prices in July to September 2020 contributed to the acceleration in the growth in average price in Peel from 12.8 per cent in January – June 2020 to 16.3 per cent for the January – September 2020.
This pushed the average price of a residential unit sold in Peel to $868,441 in January – September 2020.
The average price of a unit sold in the Greater Toronto Area (GTA) increased at a slower pace of 12.0 per cent than the 16.3 per cent increase recorded in Peel.
A significant increase in average price was observed in Halton Region, resulting in the Region advancing above the City of Toronto and York Region to become the highest priced location in the GTA in January – September 2020. Peel maintained its place as one of the most price competitive locations in the GTA.