Where to buy real estate in Canada 2021: Peel Region

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City	Postal FSA	Neighbourhood name	Overall rank	Avg price 2020	1-year growth	3-year growth	5-year growth	Value score (out of 5 stars)	Neighbourhood economics score (out of 5 stars)	Neighbourhood accessibility score (out of 5 stars)	% Households with Children
caledon	L7K	mono mills	1	$1,020,175	40.7%	44.7%	105.0%	4.5	4.7	0.4	46.7%
caledon	L7K	alton	2	$1,029,796	32.3%	44.9%	134.4%	4.2	4.7	0.4	46.7%
mississauga	L5N	meadowvale	3	$744,968	15.7%	25.4%	66.2%	3.5	4.2	3.9	60.4%
mississauga	L5J	southdown	4	$636,979	25.0%	19.4%	47.2%	4.1	3.5	2.4	48.4%
mississauga	L5N	meadowvale business park	5	$801,567	17.4%	14.4%	59.2%	3.3	4.2	3.9	60.4%
caledon	L7E	bolton	6	$896,157	14.1%	16.7%	62.1%	2.9	4.6	2.5	60.8%
mississauga	L5W	meadowvale village	7	$970,538	13.6%	6.2%	50.6%	2.4	5.0	2.4	70.6%
mississauga	L5M	streetsville	8	$940,642	15.6%	16.8%	69.5%	2.8	4.5	3.0	62.7%
caledon	L7C	cheltenham	9	$1,222,214	30.0%	11.6%	76.5%	2.7	4.7	0.0	54.1%
brampton	L7A	northwest sandalwood parkway	10	$842,554	16.5%	17.9%	74.8%	3.2	4.1	2.2	66.8%
mississauga	L5M	central erin mills	11	$881,307	14.7%	16.7%	47.5%	2.8	4.5	3.0	62.7%
mississauga	L5M	churchill meadows	12	$883,764	13.2%	16.0%	49.2%	2.7	4.5	3.0	62.7%
mississauga	L5L	western business park	13	$741,454	14.8%	10.0%	59.8%	3.3	4.0	4.4	52.7%
brampton	L6Z	heart lake east	14	$766,636	14.9%	16.1%	70.8%	3.4	3.8	1.5	57.5%
brampton	L7A	fletcher's meadow	15	$851,076	14.2%	15.6%	69.4%	3.0	4.1	2.2	66.8%
brampton	L6X	downtown brampton	16	$670,120	21.6%	27.8%	41.6%	3.9	3.2	2.0	58.7%
brampton	L7A	northwest brampton	17	$851,985	12.7%	15.0%	72.5%	3.0	4.1	2.2	66.8%
brampton	L6Z	heart lake west	18	$778,018	12.5%	16.1%	71.8%	3.2	3.8	1.5	57.5%
brampton	L7A	snelgrove	19	$1,042,847	22.7%	18.4%	67.9%	2.9	4.1	2.2	66.8%
mississauga	L5L	erin mills	20	$955,356	22.7%	11.7%	61.5%	3.0	4.0	4.4	52.7%
brampton	L6S	westgate	21	$849,750	23.2%	31.4%	89.8%	3.8	3.1	2.7	54.2%
brampton	L6Y	brampton south	22	$742,262	30.0%	37.5%	79.7%	4.5	2.4	1.0	54.6%
brampton	L6S	northgate	23	$714,694	18.1%	22.0%	74.6%	3.8	3.1	2.7	54.2%
brampton	L6X	brampton west	24	$733,627	15.5%	21.5%	81.1%	3.6	3.2	2.0	58.7%
caledon	L7C	caledon east	25	$1,193,007	15.2%	23.1%	71.7%	2.1	4.7	0.0	54.1%
mississauga	L5N	lisgar	26	$892,561	9.9%	10.0%	56.6%	2.5	4.2	3.9	60.4%
brampton	L6S	central park	27	$658,132	11.5%	21.3%	81.8%	3.7	3.1	2.7	54.2%
caledon	L7C	rural caledon	28	$1,207,200	17.5%	13.9%	56.7%	2.0	4.7	0.0	54.1%
brampton	L6P	bram east	29	$939,671	17.2%	14.6%	47.9%	2.7	3.9	2.2	64.1%
mississauga	L5R	hurontario	30	$731,362	16.3%	20.4%	58.6%	3.5	3.1	3.3	53.0%
brampton	L6R	sandringham-wellington	31	$840,127	13.3%	16.0%	67.1%	3.0	3.4	2.7	62.9%
caledon	L7K	caledon village	32	$1,092,086	0.9%	20.3%	71.3%	1.7	4.7	0.4	46.7%
brampton	L6X	northwood park	33	$799,931	14.2%	17.3%	68.2%	3.2	3.2	2.0	58.7%
mississauga	L5V	east credit	34	$982,752	10.8%	8.6%	49.9%	2.2	4.2	1.9	67.8%
mississauga	L4W	rathwood	35	$842,645	9.6%	10.4%	47.5%	2.6	3.7	4.1	50.2%
brampton	L6X	fletcher's creek village	36	$801,824	9.0%	19.2%	69.3%	3.0	3.2	2.0	58.7%
brampton	L6Y	fletcher's creek south	37	$761,447	17.0%	20.1%	81.0%	3.6	2.4	1.0	54.6%
brampton	L6P	vales of castlemore north	38	$1,284,405	22.7%	13.8%	74.8%	2.1	3.9	2.2	64.1%
brampton	L6S	bramalea north industrial	39	$908,643	14.6%	17.3%	63.8%	2.9	3.1	2.7	54.2%
caledon	L7C	inglewood	40	$1,091,382	-0.3%	4.2%	47.2%	1.3	4.7	0.0	54.1%
caledon	L7E	palgrave	41	$1,511,161	22.7%	12.0%	68.7%	1.3	4.6	2.5	60.8%
mississauga	L5C	erindale	42	$856,904	13.3%	15.4%	51.9%	2.8	3.1	2.8	52.8%
mississauga	L5B	city centre	43	$547,967	12.5%	38.1%	84.8%	4.3	1.6	4.9	42.9%
brampton	L6P	vales of castlemore	44	$1,101,236	11.7%	11.1%	64.1%	2.0	3.9	2.2	64.1%
brampton	L6S	gore industrial north	45	$843,375	13.8%	4.1%	59.7%	2.8	3.1	2.7	54.2%
mississauga	L5B	fairview	46	$645,022	17.8%	36.3%	81.7%	4.2	1.6	4.9	42.9%
brampton	L6X	credit valley	47	$1,058,078	19.1%	15.2%	68.1%	2.6	3.2	2.0	58.7%
brampton	L6Y	fletcher's west	48	$834,084	16.3%	19.1%	75.8%	3.3	2.4	1.0	54.6%
mississauga	L5B	creditview	49	$668,919	17.8%	31.7%	52.3%	3.9	1.6	4.9	42.9%
brampton	L6T	queen street corridor	50	$471,662	18.0%	35.1%	115.3%	5.0	0.4	2.8	52.0%
mississauga	L5E	lakeview	51	$986,923	10.1%	14.2%	57.1%	2.3	3.1	2.6	41.3%
mississauga	L5J	clarkson-lorne park	52	$1,254,358	19.2%	12.0%	53.0%	1.9	3.5	2.4	48.4%
brampton	L6T	bramalea west industrial	53	$658,804	30.2%	42.8%	75.4%	4.8	0.4	2.8	52.0%
mississauga	L5K	sheridan park	54	$851,493	11.4%	7.6%	49.8%	2.6	2.6	3.5	53.0%
mississauga	L4Y	applewood	55	$726,887	11.4%	18.9%	54.3%	3.2	2.0	2.3	46.2%
brampton	L6V	madoc	56	$726,294	17.2%	23.7%	78.5%	3.7	1.4	1.9	52.7%
brampton	L6V	brampton north	57	$673,607	14.4%	20.4%	75.3%	3.7	1.4	1.9	52.7%
mississauga	L5B	cooksville	58	$764,570	10.7%	33.1%	68.9%	3.4	1.6	4.9	42.9%
brampton	L6Y	bram west	59	$1,001,605	17.1%	11.5%	57.3%	2.6	2.4	1.0	54.6%
brampton	L6W	brampton east	60	$749,100	16.7%	17.7%	64.5%	3.5	1.3	3.5	44.3%
brampton	L6T	southgate	61	$657,948	16.3%	23.2%	90.4%	4.0	0.4	2.8	52.0%
mississauga	L5A	mississauga valleys	62	$630,635	15.9%	24.7%	70.5%	3.9	0.5	2.7	45.9%
mississauga	L4T	malton	63	$698,216	14.8%	25.1%	68.0%	3.7	0.7	2.4	55.4%
mississauga	L5K	sheridan	64	$1,085,292	10.6%	-14.8%	20.8%	1.4	2.6	3.5	53.0%
mississauga	L5G	port credit	65	$1,292,767	16.0%	29.3%	62.8%	1.9	2.1	2.6	38.7%
brampton	L6P	toronto gore rural estate	66	$1,782,114	14.2%	21.9%	40.8%	0.0	3.9	2.2	64.1%
mississauga	L4X	dixie	67	$964,147	14.9%	79.4%	113.3%	3.9	0.0	2.9	52.1%
brampton	L6T	avondale	68	$696,440	11.5%	15.8%	75.3%	3.4	0.4	2.8	52.0%
mississauga	L5G	mineola	69	$1,695,628	28.4%	17.5%	59.4%	1.1	2.1	2.6	38.7%

Value: Measures how affordable the neighbourhood is compared to the surrounding area and the region overall
Momentum: Measures how quickly prices are appreciating in this neighbourhood, with an emphasis on long term appreciation

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Peel is a regional municipality located in Southern Ontario, consisting of three different municipalities: Mississauga to the south, Brampton in the middle and Caledon to the north. The region is part of both the Greater Toronto Area (GTA) and the Golden Horseshoe, and spans 1,247 square kilometres in Ontario. Peel Region has a population of 1.484 million and continues to grow. Between 2011 and 2018, the area’s population grew by 9%, helping Mississauga and Brampton maintain their rankings as the sixth and ninth-largest municipalities in Canada, respectively.

Why we’re watching Peel

Canadians from the GTA and further afield have been moving to Peel in search of more significant square footage for their budget, and this area does not disappoint. In Peel, you’ll find plenty of single-family homes with prices lower than those in the City of Toronto and quick access to green spaces and trails thanks to the close-by Oak Ridges Moraine and Niagara Escarpment.

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As well, those accustomed to big-city living won’t have to sacrifice amenities or transportation options. Both Mississauga and Brampton boast major urban centres accessible by highways or transit. Lester B. Pearson Airport, the largest international airport in Canada, is located in Mississauga, and is a major employment hub. Brampton is also home to Canada’s largest industrial and commercial corridor, ideal for job-seekers.

Pre-COVID real estate market

One of the initial reasons home buyers are drawn to Peel Region is its comparative affordability to the neighbouring Greater Toronto Area. With a lower price per square foot, you’ll get more bang for your budget. This is all the more attractive for remote workers with the flexibility to live further from business centres and who are seeking versatility in the way of neighbourhood options and home styles. Peel offers a plethora of buying destinations, from urban centres, to established residential neighbourhoods and even areas with a more rural feel. All this has stoked buyer interest, with home prices consistently on the rise in the region.

Impact of COVID-19

Like most of the GTA, real estate demand in Peel Region was steady prior to the global pandemic. Selling prices in February indicated that 2020 might have been one of the best years on record had the pandemic not hit, with detached homes, semi-detached homes and condos selling for an average price of $1,073,866, $774,353, and $528,851, respectively.

While prices have been steadily rising in Peel for many years, they are still comparatively lower than those in the City of Toronto, which has fueled the steady demand. For example, the average selling price in Peel in February 2020 was $861,537, which is about 13% lower than the average selling price in the City of Toronto during the same time period (homes in Toronto sold for $939,218 on average in February 2020).

The global pandemic brought with it a plethora of restrictions on the real estate market. The simple act of showing a home became a carefully orchestrated event, and home selling prices quickly began to reflect this reduced demand. In March 2020, prices dropped 5%, lowering the average cost of a home sold in the Peel region to $802,155. It didn’t take long for the real estate industry to adapt to the limitations imposed by COVID-19, and by June 2020, prices had recovered, posting a new high average selling price of $866,830.

Future outlook

Now that the real estate industry has navigated the challenges of selling homes in a pandemic, demand is surging in Peel Region once again, mainly fuelled by record-low interest rates, the need for more square footage for residents working and schooling from home, and additional buying power people have accumulated due to travel restrictions.

The strong demand in Peel is reflected in market statistics. In March 2021, price growth was up 3% month over month, with the cost of the average home rising to $1,061,015. The number of transactions reached a record-breaking high of 3,185 transactions during that time.

Homes in Peel are staying on the market for an average of just 18 days. As a higher number of days on market generally indicates conditions that favour buyers, this signals sellers have the upper hand in the current real estate environment. The 68% sales-to-new-listings ratio (SNLR) further bolsters this outlook. Typically, SNLR between 40% and 60% is considered a balanced market. SNLR above 60% favours sellers.

Overall, whether you’re looking for more space without sacrificing amenities or hoping for a smaller town feel, Peel Region has something to offer for all home buyers.

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Peel neighbourhoods

Mono Mills

Mono Mills is a small village on the outskirts of Caledon, located 15 minutes away from Orangeville. The village has a small, ageing population of approximately 800 people. Those who live in this small community generally like to stay put, and very few homes are put on the market each year.

The fact that the village doesn’t offer schools, new developments, or transit and has very little retail would typically be a detractor for many Canadians, but the pandemic has ushered in a new appreciation for this kind of space and tranquillity. Most homes are built on large lots with countryside views, with more distance from neighbours than what’s typically found in the GTA. The neighbourhood is situated along Highway 9, leading directly to Orangeville and Newmarket, where residents will visit for most of their everyday essentials.

Because this is such a small community, the number of houses is low, and so is the number of listings. Before the pandemic, there was very little sales activity in the community, with 2019 seeing only four homes sold in the entire year. But as lockdowns intensified, and buyers from the GTA started looking towards more isolated communities that offer extra space, sellers in Mono Mills found an opportunity to profit from this shift in demand. Twelve homes were sold in 2020, tripling the area’s sales volume, while prices increased 40.7% to an average of $1,020,175. Despite this steep jump in price, Mono Mills still remains the most affordable village to purchase real estate in Caledon.

“Being less than an hour away from Toronto, we’re seeing more middle-aged families and couples moving into Mono Mills. They’re drawn towards the abundance of space, endless options for hikes and outdoor activities,” explains Raza Rizvi, a Zoocasa Realtor. “We expect this demand to continue post-pandemic as more families are being drawn away from larger cities in search for more open space.”

Alton

For those looking to embrace small-town living, the charming town of Alton may be the perfect place to buy. As the tourism and entertainment hub of the surrounding neighbourhoods, residents will enjoy visiting the Alton Mill Art Centre, the Millcroft Inn and Spa, and the TPC Toronto at Osprey Valley Golf Course. The homes in Alton are detached and on large lots, with a few estate homes and custom homes having been built over the last few years. Alton has no public transit, grocery store, or family doctor in the town, but these services are available in Orangeville, only a 10-minute drive away. There is a small public school within the community, but high school students should be expected to bus to a neighbouring town for school. For parents looking for a private school option, the Hill Academy (which specializes in athletics) was recently relocated here.

Alton had earned a reputation as a desirable and trendy small town long before the pandemic drove people there. Over the last five years, prices in the neighbourhood have increased by 134.4%, the most out of any community in Caledon. After the initial shock of pandemic lockdowns faded, sales activity returned to yearly normals. During this time, pricing grew by 32.3%, bringing the average sale price in 2020 to $1,029,796.

“Alton has a great small-town charm with a host of historical and cultural sites, as well as a quaint downtown with boutiques, shops and restaurants” explains Rizvi. “Listings are hard to come by, but for any that do, there’s a sharp increase in the number of viewings and the homes are selling within days.”

Similar to Mono Mills, Peel’s number one best community to buy real estate in, Alton is one of the more affordable places to buy real estate in Caledon, ranked third out of all nine neighbourhoods. Although with limited inventory, listings are scarce, if you’re able to find a property Alton offers a chance to enjoy the peaceful Caledon at a fraction of the cost of nearby neighbourhoods.

Meadowvale

Meadowvale is one of Mississauga’s most sought-after communities, well-known for being a quiet and family-oriented neighbourhood. This established community in the city’s northwest has long been desirable for couples and young families and was home to more than 100,000 residents as of 2009. The streets are filled with older townhomes and detached homes on larger lots, with spacious back split and side split homes being common as well.

Although the neighbourhood feels distinctly suburban, there are a number of convenient amenities nearby, like the Meadowvale Town Centre for shopping, or the newly renovated Meadowvale Community Centre for staying active or visiting the library. Mississauga’s second largest MiWay station is also located in the area, which makes taking public transit easy for residents, and nearby Go Stations and Highway access provide plenty of other options for commuters.

Despite the neighbourhood’s charm, it maintained a mid-level price point, which has contributed to its appeal for young families and first-time buyers. Over the last five years, prices have jumped 66.2%, making it one of the top 10 growing communities in Mississauga. When the pandemic reached Ontario, like many GTA neighbourhoods, the real estate market entered a holding pattern of sales while buyers and sellers were hesitant due to the new lockdown measures. However, as the region adjusted to the new normal both sales and prices picked up – with Meadowvale pricing growing 15% year over year, to an average of $744,968 in 2020.

“Meadowvale is a mature, well-established community and the fundamentals are great,” explains Rizvi. “It’s easy to see why families have been placing Meadowvale at the top of their list and we expect this demand to continue well after the pandemic tapers off.”

Compared to other neighbourhoods in Mississauga, Meadowvale is still priced in the lower middle tier. Coupling this fact with its larger, spacious lots and split-level homes to meet the new needs of families looking for more space at home, it’s evident that Meadowvale is well-situated to meet the evolving need of buyers.

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