Residential Resale Units
The total number of existing residential units that are sold over a given time period.
- In the first quarter of 2020, Peel’s residential resale market activities improved.
- Both the number of residential resale units sold (18.4 per cent) and the average price of a unit sold (16.2 per cent) increased.
- The negative impacts of COVID-19 on residential resale activities emerged in April (post-quarter period) when sales fell precipitiously.
For the second consecutive year, the number of residential resale units sold in Peel in the first quarter of the year increased, to reach 4,107 in the first quarter of 2020.
There were increased activities across all three Peel municipalities.
Early indication of the impact of COVID-19 on the residential resale market were evident in April 2020 when the number of resale units fell by 73.0 per cent.
The increase in average price of a resale unit slowed to 6.6 per cent in April, approximately a third of the 20.9 per cent observed two months earlier.
Current expectation is for a decline in activities in upcoming quarters.
Quarterly changes in the Greater Toronto Area (GTA) were like those observed in Peel.
The number of residential resale units sold in the GTA increased by 22.5 per cent in the first quarter of 2020, after declines in the two preceding years.
Performance by Municipality
The increases in residential resale activities in Peel reflected higher activities in all three local municipalities as follows:
- City of Brampton: up by 20.4 per cent to 2,027 units;
- City of Mississauga: up by 16.1 per cent to 1,878 units; and
- Town of Caledon: up by 20.2 per cent to 202 units.
Economic activity in the residential resale market is expected to slow in the second quarter of 2020.