In many major Canadian markets, prices flattened through the winter, but in Peel they continued to decline, falling another 4.7% between November and December.
The average home price in Caledon hit a peak of $1,771,890 in April and fell to $1,180,922 by the end of December. Prices in Caledon tend to be the highest in Peel Region because the majority of homes are single-family, detached properties, which tend to be priced higher than condo apartments and townhouses. The average price in both Mississauga and Brampton fell below the $1-million mark by the end of the year.
What’s next for real estate in Peel Region?
Despite their decline in 2022, home prices in the GTA, including in Peel, have appreciated by 138% since January 2012. Although home prices have decreased since early 2022, they remain above pre-pandemic levels, and historically prices have always recovered over the long term.
“When we see these downturns like in the latter part of 2017, it may take a few years to turn around, but the market has always bounced back,” Van Loon says.
Mortgage affordability will determine whether some of Peel Region’s sideline buyers start looking for homes. Bond yields began to come down in January, which immediately affected fixed interest rates for the better. If affordability continues to improve in 2023, the market will likely see an uptick in demand.
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