Peel Region Home Sales Report: August 2024

In August 2024, Peel Region experienced a year-over-year decline in home sales, while new listings saw a slight increase. Despite the market being well-supplied, average home prices dipped only marginally compared to August 2023.

A total of 934 homes were sold through TRREB’s MLS® System in Peel Region, marking a 4.1% drop from the 974 sales in August 2023. New listings rose by 2.21%, reaching 2,594. The average selling price decreased by 2.7%, from $1,050,925 in August 2023 to $1,029,214 in August 2024. Homes spent more time on the market, with the average listing duration increasing to 27 days, up from 20 days in August 2023.

Brampton’s average home price fell 2.9% to $984,544, compared to $1,013,744 in August 2023, with homes staying on the market for 24 days. There were 1,823 active listings in the area.

In Mississauga, the average home price decreased by 1.2% to $1,044,543, down from $1,057,232 a year ago. Homes in Mississauga stayed on the market for an average of 29 days, with 2,015 active listings.

Caledon saw a more significant price drop, with the average home price falling to $1,221,819, an 8.7% decline from $1,337,670 in August 2023. Homes in Caledon remained on the market for 29 days, with 58 home sales and 398 active listings.

Overall, Peel Region’s housing market saw a slight decline in home sales and a modest increase in new listings, offering buyers more choices and slightly lower prices. This trend was consistent across Brampton, Mississauga, and Caledon, with each area reflecting distinct market dynamics.