Peel Region Condo Market Report – 2024 Q2

In Q2 2024, the Peel Region condo market faced significant challenges due to higher borrowing costs, resulting in a marked decrease in sales compared to the same period in 2023.

Condo sales dropped by 21.2% to 594 units, while new listings rose by 27.5% to 1,750. This imbalance has led to a higher standing inventory, making the market more competitive for sellers.

The average condo selling price in Peel Region fell by 2% year-over-year to $618,641. In Mississauga, the average price decreased slightly by 1.4% to $633,676 with 492 sales, whereas Brampton experienced a sharper decline of 7.9%, with an average price of $535,663 and 98 sales.

Despite the higher inventory, prices have remained relatively stable, indicating potential opportunities for buyers as affordability is expected to improve in the coming year.