Residential Resale Units
The total number of existing residential units that are sold over a given time period.
- In January – September 2020, the total number of residential resale units sold in Peel fell by 1.9 per cent to 14,247 units.
- The decline was the result of a sharp contraction in residential resale activities in April – June 2020 when the COVID-19 restrictions were pronounced.
- As the restrictions eased, sales of residential resale units in Peel rebounded in July, August and September 2020.
- In the Greater Toronto Area (GTA), the number of residential resale units sold increased by 1.6 per cent to 69,340 units in January – September 2020.
- Due to the re-introduction of some COVID-19 restrictions in October 2020, residential resale activities in Peel and the GTA are likely to slow in the last quarter of 2020.
In January – September 2020, a total of 14,247 residential resale units were sold in Peel, a decline of 1.9 per cent from that recorded in the similar period in 2019.
After a sharp decline of 46.2 per cent in residential resales in the second quarter of 2020, the number of residential resale units sold in Peel rebounded to register an increase of 36.0 per cent in the third quarter of 2020, as most COVID-19 response measured were lifted.
Monthly changes during the July to September 2020 quarter were as follows:
- July: 29.3 per cent;
- August: 34.6 per cent; and
- September: 44.9 per cent.
However, the 36.4 per cent increase recorded in the third quarter of 2020 was not enough to offset the 46.2 per cent decline recorded in the preceding quarter, resulting in a 1.9 per cent decline in the number of units sold over the nine months period January – September 2020.
For the remainder of the year 2020, residential resale market activities in Peel will likely slow, as COVID-19 restrictions are re-introduced.
Performance by municipality
Lower residential resale activities in Peel in January – September 2020 were influenced by a decline in sales in the City of Mississauga. Changes across Peel’s municipalities were as follows:
- City of Brampton: up by 2.2 per cent to 7,083 units;
- Town of Caledon: up by 15.2 per cent to 896 units; and
- City of Mississauga: down by 8.1 per cent to 6,268 units.
In January – September 2020, the number of residential resale units sold in the Greater Toronto Area (GTA) increased by 1.2 per cent relative to the comparable period of 2019.