By Zoocasa on June 3, 2022
Estimated reading time: 9 minutes

Where to Buy Real Estate in Canada 2022: Peel Region, Ont.

By Zoocasa on June 3, 2022
Estimated reading time: 9 minutes

With easy access to downtown Toronto and loads of properties with a ton of space, Peel Region is an area to watch for real estate in 2022.

*Photo by Onasill ~ Bill Badzo on Flickr*

Peel is a regional municipality in Ontario consisting of Mississauga in the south, Brampton at the centre and Caledon in the north. With a population of 1.5 million people, the region covers 1,247 square kilometres and is part of both the Greater Toronto Area (GTA) and the Golden Horseshoe. Between 2016 and 2021, Peel Region’s population grew by 8.4%, and Mississauga and Brampton are now the seventh- and ninth-largest municipalities in Ontario by population, respectively. People aren’t just moving there, they’re staying, too.

To give prospective buyers insight into hot housing markets like Peel Region, MoneySense partnered with Zoocasa—a full-service tech brokerage—on the 2022 edition of Where to Buy Real Estate in Canada. Zoocasa crunched local real estate data and considered long-term trends to reveal the Peel neighbourhoods that offer the greatest value and price-growth potential.

If you’re looking to buy a home outside of the Peel area, our guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other markets across Canada (you can find it by tapping or clicking the menu above). The rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April. Read more about our methodology.

Where to buy real estate in Peel Region
Why we’re watching Peel Region
Peel Region’s future real estate outlook
Peel Region’s top three neighbourhoods

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Where to buy real estate in Peel Region

To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV and PDF formats.

How to read the table:

Benchmark price 2021: The composite benchmark price as of Dec. 31, 2021. It represents all property types, including attached and detached homes, townhouses/row units and apartment units. Read about how benchmark prices are calculated.
1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of five, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit. To see how we determine these scores, read our methodology.

Children: The neighbourhood’s percentage of households with kids.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2021	1-year	3-year	5-year	Value	Economics	Accessibility	Children
1	1	Mono Mills	Caledon	$1,470,950	44%	126%	71%	4.5	4.7	0.4	47%
2	2	Alton	Caledon	$1,117,827	9%	59%	82%	4.2	4.7	0.4	47%
3	3	Meadowvale	Mississauga	$921,744	24%	57%	76%	3.5	4.2	3.9	60%
4	4	Southdown	Mississauga	$838,946	32%	71%	104%	4.1	3.5	2.4	48%
5	5	Meadowvale Business Park	Mississauga	$953,750	19%	27%	59%	3.3	4.2	3.9	60%
6	6	Bolton	Caledon	$1,122,462	25%	63%	79%	2.9	4.6	2.5	61%
7	7	Meadowvale Village	Mississauga	$1,194,947	23%	42%	76%	2.4	5.0	2.4	71%
8	8	Streetsville	Mississauga	$1,093,218	16%	50%	57%	2.8	4.5	3.0	63%
9	9	Cheltenham	Caledon	$1,446,938	18%	28%	95%	2.7	4.7	0.0	54%
10	10	Northwest Sandalwood Parkway	Brampton	$1,045,674	24%	51%	76%	3.2	4.1	2.2	67%
11	11	Central Erin Mills	Mississauga	$984,978	12%	43%	36%	2.8	4.5	3.0	63%
12	12	Churchill Meadows	Mississauga	$1,089,749	23%	46%	61%	2.7	4.5	3.0	63%
13	13	Western Business Park	Mississauga	$897,214	21%	31%	79%	3.3	4.0	4.4	53%
14	14	Heart Lake East	Brampton	$937,888	22%	47%	73%	3.4	3.8	1.5	58%
15	15	Fletcher's Meadow	Brampton	$1,050,481	23%	49%	75%	3.0	4.1	2.2	67%
16	16	Downtown Brampton	Brampton	$803,328	20%	47%	46%	3.9	3.2	2.0	59%
17	17	Northwest Brampton	Brampton	$1,104,837	30%	53%	83%	3.0	4.1	2.2	67%
18	18	Heart Lake West	Brampton	$989,395	27%	51%	86%	3.2	3.8	1.5	58%
19	19	Snelgrove	Brampton	$1,285,441	23%	49%	84%	2.9	4.1	2.2	67%
20	20	Erin Mills	Mississauga	$1,097,063	15%	43%	93%	3.0	4.0	4.4	53%
21	21	Westgate	Brampton	$1,069,158	26%	67%	95%	3.8	3.1	2.7	54%
22	22	Brampton South	Brampton	$844,175	14%	45%	83%	4.5	2.4	1.0	55%
23	23	Northgate	Brampton	$892,769	25%	56%	81%	3.8	3.1	2.7	54%
24	24	Brampton West	Brampton	$894,622	22%	48%	78%	3.6	3.2	2.0	59%
25	25	Caledon East	Caledon	$1,222,399	2%	45%	79%	2.1	4.7	0.0	54%
26	26	Lisgar	Mississauga	$1,110,695	24%	46%	63%	2.5	4.2	3.9	60%
27	27	Central Park	Brampton	$807,593	23%	48%	90%	3.7	3.1	2.7	54%
28	28	Rural Caledon	Caledon	$1,547,379	28%	76%	71%	2.0	4.7	0.0	54%
29	29	Bram East	Brampton	$1,204,274	28%	51%	68%	2.7	3.9	2.2	64%
30	30	Hurontario	Mississauga	$856,035	17%	43%	62%	3.5	3.1	3.3	53%
31	31	Sandringham-wellington	Brampton	$1,048,852	25%	50%	74%	3.0	3.4	2.7	63%
32	32	Caledon Village	Caledon	$1,381,330	26%	97%	65%	1.7	4.7	0.4	47%
33	33	Northwood Park	Brampton	$1,007,033	26%	53%	75%	3.2	3.2	2.0	59%
34	34	East Credit	Mississauga	$1,192,885	21%	45%	57%	2.2	4.2	1.9	68%
35	35	Rathwood	Mississauga	$1,022,322	21%	39%	58%	2.6	3.7	4.1	50%
36	36	Fletcher's Creek Village	Brampton	$996,555	24%	53%	82%	3.0	3.2	2.0	59%
37	37	Fletcher's Creek South	Brampton	$945,753	24%	59%	88%	3.6	2.4	1.0	55%
38	38	Vales of Castlemore North	Brampton	$1,562,630	22%	53%	74%	2.1	3.9	2.2	64%
39	39	Bramalea North Industrial	Brampton	$1,164,020	28%	61%	77%	2.9	3.1	2.7	54%
40	40	Inglewood	Caledon	$1,631,146	49%	55%	165%	1.3	4.7	0.0	54%
41	41	Palgrave	Caledon	$1,717,948	14%	89%	81%	1.3	4.6	2.5	61%
42	42	Erindale	Mississauga	$1,184,509	34%	59%	73%	2.8	3.1	2.8	53%
43	43	City Centre	Mississauga	$600,147	10%	39%	85%	4.3	1.6	4.9	43%
44	44	Vales of Castlemore	Brampton	$1,459,413	33%	55%	83%	2.0	3.9	2.2	64%
45	45	Gore Industrial North	Brampton	$1,089,613	29%	33%	69%	2.8	3.1	2.7	54%
46	46	Fairview	Mississauga	$697,728	8%	43%	93%	4.2	1.6	4.9	43%
47	47	Credit Valley	Brampton	$1,310,798	24%	50%	80%	2.6	3.2	2.0	59%
48	48	Fletcher's West	Brampton	$1,025,975	23%	50%	79%	3.3	2.4	1.0	55%
49	49	Creditview	Mississauga	$694,600	4%	37%	45%	3.9	1.6	4.9	43%
50	50	Queen Street Corridor	Brampton	$520,508	10%	44%	102%	5.0	0.4	2.8	52%

Why we’re watching Peel Region

Home buyers are attracted to Peel Region because of its affordability compared to other regions in the GTA. With homes at lower-than-average prices per square foot, buyers can potentially get more bang for their buck by living in Peel Region, rather than downtown Toronto. The area is especially appealing to remote employees with the freedom to live outside of corporate centres, but who are still seeking vibrant neighbourhoods.

Peel Region offers a range of different types of neighbourhoods, from metropolitan centres to established residential quarters; there’s even rural space for those who need more elbow room. Its neighbourhood diversity has definitely piqued buyer interest, contributing to a steady increase in real estate prices.

Many Canadians across the country have picked up and moved to Peel in search of value for their money, and this region does not disappoint. Peel’s single-family homes come in at lower prices than those in Toronto proper. Peel also offers easy access to green spaces and trails due to the nearby Oak Ridges Moraine and Niagara Escarpment.

That said, the greenspace doesn’t put Peel on an island. Those accustomed to city living don’t have to forego amenities nor transportation options. Both Mississauga and Brampton have major urban centres accessible by car or public transportation. Lester B. Pearson International Airport, Canada’s largest international airport and a major employer, is located in Mississauga. Brampton is also home to Canada’s largest industrial and commercial corridor, which is ideal for job seekers. Plus, being on the outskirts of Toronto, Peel is home to many commuters who travel to the city and back for work.

While prices in Peel Region have been growing for years, they remain lower than those in Toronto, which has fueled consistent demand. For example, in February 2020, the benchmark price of a home was $861,537, approximately 13% less than the average price in Toronto.

The global pandemic imposed a slew of constraints on the real estate industry. Home prices fell 5% in March 2020. However, by the following month, prices had rebounded, reaching a new benchmark price of $866,830.

Peel Region’s future real estate outlook

Coming out of the pandemic, the region’s real estate market now faces historically low inventory levels. In early 2022, demand in the Peel Region was booming, fueled by record-low loan rates, a desire to move farther from Toronto in search of home office space, and potential home buyers’ ability to save more of their disposable income (instead of spending it on activities and travel).

In February 2022, the benchmark price of a home was $1,752,303 in Mississauga, $1,282,408 in Brampton and $728,678 in Caledon.

“Until February, there was real growth in the area,” says Mina Chand, a sales representative with Zoocasa. “Semi-detached, townhouses and condo townhouses saw the most growth, particularly in the north-west and further north where new developments are. These are the areas that tend to boom pretty fast. There’s been a lot of new and rapid development in and around those areas, and that’s what’s been driving the prices up.”

However, the market has since begun to stabilize as demand falls and more listings go up.

“Sellers are starting to realize their [price] expectations are not [happening] anymore, and we’re in a shifting market where an offer might go past offer night,” Chand says. “It’s causing a bit of panic for people if they bought in a hot market like February or January. Those were primarily seller’s markets. As of this March, they’re not looking at the same kind of demand.”

Chand expects the market shift to continue to favour buyers. “Rising interest rates will also contribute to that, as people will be a little more reluctant to part with their money. Those low interest rates made it a lot easier for people to buy and sell their homes quickly. As COVID restrictions start to [lift], working from home is becoming less attractive for [some] people.”

In February 2022, Peel homes were on the market for an average of eight days. Since a longer number of days on the market would normally suggest that conditions favour buyers, sellers have the upper hand in the current real estate market. The area’s 69% sales-to-new-listings ratio (SNLR) adds to this positive picture. “There’s more of a move towards a market that’s beneficial for buyers, and we’ve seen that effect recently,” Chand says. “It’s just the start, and it’s going to get more beneficial for buyers in the future.”

Peel Region’s top three neighbourhoods

1—Mono Mills, Caledon

Located in the town of Caledon, Mono Mills is a rural community filled with hiking trails and beautiful green space. Homes in the neighbourhood sold for an average of $1,470,950 at the end of 2021. At that time, home prices were 44% higher than they were one year earlier, 126% higher than three years earlier and 71% higher than five years earlier. That gives it a value score of 4.5 out of 5, while for neighbourhood economics, it gets 4.7 out of 5. What’s interesting is that the majority of families don’t have children, with just 47% of households recorded as having kids—that’s less than one in every two homes.

Mono Mills is home to a flourishing fly-fishing community that thrives on the area’s stocked streams. There are outlets for residents with more artistic tastes as well. Caledon has a vibrant arts community, and the broader area is home to the Alton Mill Arts Centre, where 25 studio artists work. There are also galleries and even a heritage museum. One of the neighbourhood’s only downsides is its accessibility score, at just 0.4 out of 5. This means it’s not ideal for those expecting to get around by foot, bike or public transportation.

View Zoocasa’s real estate listings in Mono Mills.

2—Alton, Caledon

Located a short distance from Toronto, Alton is situated in northern Caledon. The area is the site of former mills, but is now occupied by many local businesses and community organizations which have beautifully repurposed the old mill buildings. In December 2021, the benchmark price of a home was $1,117,827. At that time, home prices were only 9% higher than they were one year earlier; however, prices were 59% higher than three years earlier and 82% higher than five years earlier. That gives Alton a value score of 4.2 out of 5. For neighbourhood economics, it gets a score of 4.7 out of 5.

Alton’s historic downtown core is home to a well-known inn and spa that both locals and out-of-towners visit for self-care and relaxation. There are a number of heritage homes in the housing stock, but they’re mixed in with cottage-style houses and new builds, meaning there’s something for every buyer.

Also worthy to note: Around 46% of Alton homeowners have kids. And Alton is loved by outdoor enthusiasts, with the Grand Valley Trail system cutting through the region and popular cycling and cross-country skiing trails nearby. Like to golf? There are three nearby courses to enjoy. Given its rural character, however, the area isn’t very walkable. Alton has an accessibility score of 0.4 out of 5.

View Zoocasa’s real estate listings in Alton.

3—Meadowvale, Mississauga

Meadowvale, located in Mississauga, is a relatively new neighbourhood defined by its subdivision housing. Townhomes are plentiful in the area, offering buyers affordable semi-detached living. The benchmark price of a home in Meadowvale was $921,744 in December 2021. Prices were 24% higher than they were one year earlier, 57% higher than three years earlier and 76% than five years earlier—contributing to a value score of 3.5 out of 5. Meanwhile, its neighbourhood economics score is a more impressive 4.2 out of 5.

Meadowvale is known as an affordable family community, and an impressive 60% of households have children. There will always be friends ready to play street hockey. That rate is much higher than in any of the other top neighbourhoods in Peel.

What makes it so family friendly? Meadowvale’s larger house sizes and attached garages tend to go over well with parents (many are big enough for storing hockey nets). There are also many opportunities for organised and casual youth sports at the local rink (featuring four ice surfaces) and community centre, equipped with a large indoor pool and squash courts. Alton has a number of great opportunities to spend time outdoors; the Meadowvale Conservation Area offers hiking trails, fishing and picnic areas. Because of its suburban character, the neighbourhood is more walkable than others on our list, with an accessibility score of 3.9 out of 5.

View Zoocasa’s real estate listings in Meadowvale.

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About Zoocasa

Zoocasa is an award-winning consumer real estate search portal. It uses data and technology to deliver an intelligent, end-to-end real estate experience.