Residential Resale Units
The total number of existing residential units that are sold over a given time period.
- Relative to Q1 2020, the total number of residential resale units sold in Peel increased by 67.8 per cent to 6,891 units in Q1 2021.
- Since Q3 2020, residential resale activities in Peel have recorded sustained growth.
- In the Greater Toronto Area (GTA), the number of residential resale units sold in Q1 2021 increased by 69 per cent relative to Q1 2020 to 33,503 units.
- Despite the reinstatement of COVID-19 restrictions since October 2020, residential resale activities in Peel and the GTA continued to increase as the prevailing low interest rates helped to support higher demand for housing.
In Q1 2021, a total of 6,891 residential resale units were sold in Peel, representing an increase of 67.8 per cent relative to the number of sales recorded in Q1 2020.
This was the strongest year-over-year first quarter increase in Peel’s residential resales since 2010.
Residential resale activities increased for the third consecutive quarter, after declining by 46.2 per cent in Q2 2020, when COVID-19 measures limited sales.
Monthly changes in the number of residential resale units sold in Peel rebounded and have increased every month since July 2020.
The monthly changes in the number of units sold during Q1 2021 were as follows:
- January: 44.6 per cent;
- February: 49.7 per cent; and
- March: 99.4 per cent.
The significant increase in sales since mid-2020 occurred in response to lower interest rates, a change in preferences from the downtown core to more spacious homes in the suburbs and change in demographics.
Residential resales are expected to continue to increase in 2021 as interest rates are expected to remain at historic lows.
Performance by municipality
In Q1 2021, higher residential resale activities in Peel were influenced by an increase in all three of Peel’s municipalities. Changes in Q1 2021, relative to Q1 2020 were as follows:
- City of Brampton: up by 71.3 per cent to 3,473 units;
- City of Mississauga: up by 62.9 per cent to 3,060 units; and
- Town of Caledon: up by 77.2 per cent to 358 units.
In Q1 2021, the number of residential resale units sold in the Greater Toronto Area (GTA) increased by 69 per cent relative to the comparable period of 2020.
This was also the largest first quarter increase recorded in eleven years.