By Zoocasa on April 21, 2023
Estimated reading time: 6 minutes

Where to Buy Real Estate in Canada 2023: Peel Region, Ont.

By Zoocasa on April 21, 2023
Estimated reading time: 6 minutes

If mortgage affordability improves in 2023, Peel’s real estate market will likely see heightened buyer demand, especially in these top neighbourhoods.

Aerial view of Mississauga, Ont. Photo by Robert Linsdell from Flickr

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Best places to buy real estate in Mississauga, Brampton and Caledon, Ont.

In the table below, you’ll find the top neighbourhoods for real estate purchases in Mississauga, Brampton and Caledon—the Ontario region known as Peel. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

wdt_ID	Rank	Neighbourhood	City	Benchamrk price 2022	1-year growth	3-year	5-year	Value	Economics	Accessibility	Children
1	1	Bramalea West Industrial	Brampton	$816,700	49%	98%	158%	5.0	0.0	2.8	52%
2	2	Queen Street Corridor	Brampton	$491,584	-1%	31%	48%	3.4	0.0	2.8	52%
3	3	City Centre	Mississauga	$536,323	-9%	11%	35%	2.9	1.3	4.9	43%
4	4	Gore Industrial North	Brampton	$965,193	-7%	89%	29%	2.9	2.9	2.7	54%
5	5	Downtown Brampton	Brampton	$708,942	-11%	27%	42%	2.7	3.0	2.0	59%
6	6	Mississauga Valleys	Mississauga	$648,575	-8%	16%	26%	2.7	0.0	2.7	46%
7	7	Brampton South	Brampton	$727,330	-10%	34%	29%	2.7	2.2	1.0	55%
8	8	Central Park	Brampton	$727,356	-9%	25%	38%	2.7	2.9	2.7	54%
9	9	Southgate	Brampton	$694,762	-14%	25%	34%	2.6	0.0	2.8	52%
10	10	Malton	Mississauga	$753,296	-12%	24%	41%	2.6	0.3	2.4	55%
11	11	Brampton North	Brampton	$755,799	-14%	28%	36%	2.5	1.1	1.9	53%
12	12	Avondale	Brampton	$791,156	-11%	27%	35%	2.5	0.0	2.8	52%
13	13	Alton	Caledon	$1,267,000	6%	62%	84%	2.5	4.7	0.4	47%
14	14	Northgate	Brampton	$769,419	-14%	27%	35%	2.5	2.9	2.7	54%
15	15	Applewood	Mississauga	$780,250	-9%	18%	25%	2.5	1.7	2.3	46%
16	16	Heart Lake East	Brampton	$874,345	-8%	29%	37%	2.4	3.7	1.5	58%
17	17	Fletcher's Creek South	Brampton	$826,843	-12%	27%	38%	2.4	2.2	1.0	55%
18	18	Madoc	Brampton	$759,439	-15%	22%	31%	2.4	1.1	1.9	53%
19	19	Brampton East	Brampton	$870,740	-10%	27%	42%	2.4	1.0	3.5	44%
20	20	Brampton West	Brampton	$818,512	-12%	25%	36%	2.4	3.0	2.0	59%
21	21	Fairview	Mississauga	$890,762	-8%	33%	28%	2.4	1.3	4.9	43%
22	22	Northwood Park	Brampton	$891,292	-10%	28%	40%	2.4	3.0	2.0	59%
23	23	Meadowvale	Mississauga	$784,997	-14%	22%	29%	2.4	4.2	3.9	60%
24	24	Hurontario	Mississauga	$724,336	-14%	14%	17%	2.4	2.9	3.3	53%
25	25	Creditview	Mississauga	$914,150	-6%	25%	29%	2.3	1.3	4.9	43%
26	26	Fletcher's Creek Village	Brampton	$878,683	-12%	27%	35%	2.3	3.0	2.0	59%
27	27	Heart Lake West	Brampton	$851,402	-12%	23%	32%	2.3	3.7	1.5	58%
28	28	Westgate	Brampton	$967,783	-11%	37%	45%	2.3	2.9	2.7	54%
29	29	Fletcher's West	Brampton	$919,137	-10%	29%	34%	2.3	2.2	1.0	55%
30	30	Fletcher's Meadow	Brampton	$957,382	-10%	29%	34%	2.2	4.0	2.2	67%
31	31	Northwest Sandalwood Parkway	Brampton	$931,646	-11%	28%	33%	2.2	4.0	2.2	67%
32	32	Cooksville	Mississauga	$751,338	-20%	9%	27%	2.2	1.3	4.9	43%
33	33	Sandringham-wellington	Brampton	$923,151	-13%	25%	31%	2.2	3.3	2.7	63%
34	34	Erin Mills	Mississauga	$947,583	-10%	21%	16%	2.1	3.9	4.4	53%
35	35	Central Erin Mills	Mississauga	$895,763	-12%	13%	16%	2.1	4.5	3.0	63%
36	36	Northwest Brampton	Brampton	$931,379	-15%	23%	26%	2.1	4.0	2.2	67%
37	37	Bramalea North Industrial	Brampton	$823,343	-23%	20%	24%	2.1	2.9	2.7	54%
38	38	Streetsville	Mississauga	$912,428	-15%	17%	26%	2.1	4.5	3.0	63%
39	39	Lisgar	Mississauga	$989,587	-10%	21%	25%	2.0	4.2	3.9	60%
40	40	Rathwood	Mississauga	$856,074	-17%	13%	17%	2.0	3.5	4.1	50%
41	41	Churchill Meadows	Mississauga	$950,323	-13%	19%	24%	2.0	4.5	3.0	63%
42	42	Bram West	Brampton	$1,024,978	-14%	25%	28%	1.9	2.2	1.0	55%
43	43	Meadowvale Village	Mississauga	$1,079,708	-11%	28%	25%	1.9	5.0	2.4	71%
44	44	Caledon Village	Caledon	$1,599,290	13%	50%	88%	1.9	4.7	0.4	47%
45	45	Snelgrove	Brampton	$1,102,269	-13%	34%	30%	1.9	4.0	2.2	67%
46	46	Erindale	Mississauga	$914,137	-21%	17%	18%	1.9	2.9	2.8	53%
47	47	East Credit	Mississauga	$1,078,711	-10%	20%	24%	1.9	4.1	1.9	68%
48	48	Bram East	Brampton	$1,119,543	-13%	29%	30%	1.8	3.8	2.2	64%
49	49	Credit Valley	Brampton	$1,178,231	-12%	29%	33%	1.7	3.0	2.0	59%
50	50	Lakeview	Mississauga	$1,076,877	-15%	17%	24%	1.7	2.9	2.6	41%
51	51	Caledon East	Caledon	$1,414,666	-6%	40%	64%	1.7	4.7	0.0	54%
52	52	Sheridan	Mississauga	$1,356,137	-3%	33%	6%	1.5	2.3	3.5	53%
53	53	Vales of Castlemore	Brampton	$1,250,700	-14%	26%	32%	1.5	3.8	2.2	64%
54	54	Vales of Castlemore North	Brampton	$1,482,164	-3%	38%	37%	1.5	3.8	2.2	64%
55	55	Port Credit	Mississauga	$1,135,040	-21%	2%	22%	1.3	1.7	2.6	39%
56	56	Mineola	Mississauga	$1,526,440	-23%	5%	1%	0.5	1.7	2.6	39%
57	57	Toronto Gore Rural Estate	Brampton	$2,125,289	-14%	42%	39%	0.0	3.8	2.2	64%

Source: Zoocasa

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How to read the table:

Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
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 0 to 5, 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.
Children: The neighbourhood’s percentage of households with kids.
Read the detailed methodology behind our rankings.

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What’s happened in the Peel Region real estate market?

The Peel Region housing market followed a lot of the trends seen across the Greater Toronto Area (GTA) in 2022. Home prices reached record highs early in 2022, peaking in the first quarter of the year, before interest rate hikes led to a drop in home prices and sales volume as the year progressed.

“The year started hot with a lack of inventory and low borrowing costs. This resulted in multiple offers and many homes selling significantly over asking price,” says Nancy Van Loon, a local Zoocasa real estate agent. “However, as interest rates increased, it affected buying power, driving prospective buyers to the sidelines.”

At the market’s peak, homes in Peel were trading hands in an average of 15 days, four days less than the 2021 Toronto Region average of 19 days. By December 2022, the average had stretched to 40 days, and sales volume had dropped by more than two-thirds.

In many major Canadian markets, prices flattened through the winter, but in Peel they continued to decline, falling another 4.7% between November and December.

The average home price in Caledon hit a peak of $1,771,890 in April and fell to $1,180,922 by the end of December. Prices in Caledon tend to be the highest in Peel Region because the majority of homes are single-family, detached properties, which tend to be priced higher than condo apartments and townhouses. The average price in both Mississauga and Brampton fell below the $1-million mark by the end of the year.

See the full report: Where to Buy Real Estate
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What’s next for real estate in Peel Region?

Despite their decline in 2022, home prices in the GTA, including in Peel, have appreciated by 138% since January 2012. Although home prices have decreased since early 2022, they remain above pre-pandemic levels, and historically prices have always recovered over the long term.

“When we see these downturns like in the latter part of 2017, it may take a few years to turn around, but the market has always bounced back,” Van Loon says.

Mortgage affordability will determine whether some of Peel Region’s sideline buyers start looking for homes. Bond yields began to come down in January, which immediately affected fixed interest rates for the better. If affordability continues to improve in 2023, the market will likely see an uptick in demand.

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Top neighbourhoods in other regions

Peel Region’s top three neighbourhoods

1. Bramalea West Industrial, Brampton

Bramalea West Industrial is close to Downtown Brampton and the Queen Street Corridor—the number two neighbourhood on our list for Peel Region. Bramalea West Industrial’s proximity to some of the city’s most sought-after amenities makes it a desirable place to live. The average home price was $816,700 at the end of 2022—49% higher than one year earlier and 158% higher than five years earlier, giving the neighbourhood a value score of 5. This is a great location for families, with more than half of the households having children, though its accessibility score is 2.8.

View Bramalea West Industrial real estate listings on Zoocasa.

2. Queen Street Corridor, Brampton

Together, Downtown Brampton and the Queen Street Corridor neighbourhood make up Brampton’s central area—the hub of commercial activity in the city. At the end of 2022, Queen Street Corridor’s average home price was $491,584, which was 48% higher than five years earlier; however, home prices settled in 2022, falling 1%. While the neighbourhood has a value score of 3.4, its economics score is 0. Slightly more than half (52%) of families here have children, and the neighbourhood scores 2.8 on accessibility.

View Queen Street Corridor real estate listings on Zoocasa.

3. City Centre, Mississauga

City Centre, Mississauga’s signature neighbourhood, serves as the downtown core of Canada’s sixth-largest city. The Central Library, the largest public library in Mississauga, is located here, along with many other desirable amenities. The average home price in City Centre was $536,323 at the end of 2022. That’s 35% higher than it was five years earlier but also 9% lower than at the end of 2021. The neighbourhood has a value score of 2.9, and a low economics score of 1.3. However, it got near-perfect marks for accessibility, with a score of 4.9. Forty-three percent of homes are occupied by families with children.

View City Centre real estate listings on Zoocasa.

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