Residential Resale Units
The total number of existing residential units that are sold over a given time period.
- There was widespread decline in activities in the residential resale market in Peel and the Greater Toronto Area (GTA) in Q2 2020 due to COVID-19 response measures.
- Declines in Q2 2020 lowered residential resale activities for the first half of 2020.
- During the period January - June 2020, the total number of residential resale units sold in Peel fell to 7,290.
- Declines were observed in all three Peel municipalities.
- The number of residential resale units sold in the GTA also declined to 35,972 in January - June 2020.
The number of residential resale units sold in Peel in January - June totaled 7,290 units, 22.6 per cent lower than in January - June 2019.
The decline in residential resale units in Q2 2020 occurred throughout the quarter reflecting the impact of the COVID-19 pandemic on activities.
After a steep decline in April, sales improved in May and June 2020, but remained below levels attained in 2019. The monthly declines were as follows:
- April: -73.0 per cent,
- May: -57.1 per cent, and
- June: -6.5 per cent.
The overall change in residential resale activities in upcoming quarters is uncertain as there is pent-up demand amidst low interest rates, alongside lower employment and a decline in new home listings in response to COVID-19.
Performance by Municipality
There were declines in the number of residential resale units sold across all three Peel municipalities as follows:
- City of Brampton: down by 19.8 per cent to 3,607 units;
- City of Mississauga: down by 26.0 per cent to 3,279 units; and
- Town of Caledon: down by 17.4 per cent to 404 units.
The number of residential resale units sold in the Greater Toronto Area (GTA) declined to 35,972 units in January – June 2020, or by 9.9 per cent relative to the comparable period of 2019.
Like changes in Peel, the number of residential resale units sold in the GTA recorded a year-over-year decline in the second quarter of 2020 and was the source of the decline for the January – June period.