Real Estate Market Report for November 2024


This Peel Region Market Report for November 2024 provides a comprehensive overview of the real estate market trends for various property types in the region, highlighting key statistics, year-over-year changes, and market dynamics. Below is a detailed breakdown of the data:

Key Market Highlights

  1. Benchmark Price:
    The benchmark price for all residential and condo properties in Peel Region is $1,014,500, representing a 1% decline compared to November 2023. This slight dip indicates a modest market correction or stabilization over the past year.

  2. Average Sold Price:
    The average sold price for properties across Peel Region is $1,042,887, reflecting a 1% increase year-over-year. Properties sold, on average, at 98% of their asking price, signaling a steady market where buyers and sellers are reaching realistic price agreements.

  3. Number of Sold Properties:
    A total of 964 properties were sold during November 2024, marking a significant 32% increase year-over-year from November 2023. This jump suggests heightened market activity, potentially driven by seasonal demand or improved affordability.

  4. Average Days on Market (DOM):
    Properties took an average of 30 days to sell, a 15% increase year-over-year compared to 26 days in November 2023. This indicates slightly longer selling times, which may point to more inventory or cautious buyer behaviour.

    Property-Specific Benchmark Prices

    1. Detached Homes:

      • Benchmark Price: $1,305,900
      • 3-Year Change: -7%
        Detached homes have seen a slight decrease in value over the last three years, reflecting a gradual shift in buyer preferences or affordability constraints in this segment.

    2. Semi-Detached Homes:

      • Benchmark Price: $944,400
      • 3-Year Change: -9%
        Semi-detached homes have experienced the most significant decline in benchmark prices over three years, indicating a softening in this segment’s demand.

    3. Townhouses:

      • Benchmark Price: $769,100
      • 3-Year Change: -2%
        Townhouses remain relatively stable compared to other property types, with only a slight price drop over three years.

    4. Condos:

      • Benchmark Price: $577,400
      • 3-Year Change: +1%
        Condos are the only property type to show positive growth over three years, reflecting increasing demand for affordable and low-maintenance housing options.

Trends Observed in Charts

  1. Average Price Chart:
    The chart shows fluctuations in average prices over the past year, with notable peaks in spring and fall. This seasonal pattern reflects typical buyer activity, with increased competition during these periods.

  2. Listings Chart:

    • Active Listings: A declining trend, with active listings dropping from approximately 4,277 in November 2023 to 3,965 in November 2024.
    • New Listings: A decrease from 2,712 to 2,226 year-over-year, suggesting reduced seller activity or fewer properties entering the market.
    • Sales: A strong upward trend, with sales significantly outpacing new listings, indicating high demand and reduced inventory.

  3. Average DOM Chart:
    The days-on-market metric shows an increase over the year, with properties taking longer to sell during the fall months, likely due to a shifting balance between buyer demand and available inventory.


Market Dynamics and Insights

The Peel Region market is showing signs of stabilization, with a slight dip in benchmark prices but an overall increase in sales activity. The rise in average sold prices coupled with properties selling close to asking prices highlights buyer confidence, despite slightly longer selling times. The reduced number of active and new listings suggests tightening inventory, which could keep prices stable or lead to modest increases in the near future.

The condo market continues to perform well, showing growth over three years, while detached and semi-detached homes have seen price corrections, making them potentially more accessible to buyers. Townhouses remain a balanced option, maintaining value with minimal declines.

Professional Guidance

Navigating these market dynamics requires expert advice. The report is compiled by Mani Mahitt, a trusted realtor in Brampton, as a resource for buyers and sellers in the region. With his deep market knowledge and dedication to client success, Mani can provide tailored strategies to help clients achieve their real estate goals.

For inquiries, Mani Mahitt can be contacted at:
📞 (647) 642-5001