Peel Region new condo sales soared 329% in February before pandemic hit

February was a stellar month for new condo sales in the populous region immediately west of Toronto. But with the COVID-19 pandemic disrupting every aspect of life in Canada, it is likely to be the last high-performing sales month for a while.

Peel Region saw 545 new condo sales last month, according to new home sales numbers released this week by the Building Industry and Land Development Association (BILD) and Altus Group.

This monthly total made for a 329 percent increase over the previous year and was well over the combined sales total for the past two Februaries. The region’s total was the second highest in the Greater Toronto Area and the strongest outside of the City of Toronto.

Nearly 1.5 million people reside in Peel, home to the cities of Mississauga and Brampton. Mississauga, the region’s largest municipality, has 5,157 condo units currently under construction across 36 developments, according to BuzzBuzzHome data. While its population exceeds 500,000, Brampton has fewer condo developments, with 257 units currently under construction across 10 projects.

Impressive as the new condo sales numbers are, the expectation is they will suffer a steep drop in March as the effects of the COVID-19 pandemic begin to weigh on market activity.

New home sales teams have been quick to adapt to the need for social distancing and harness technology that will allow them to continue to support sales during this period of panic and uncertainty. However, despite their best efforts, many condo launches are expected to be pushed back from the typically busy spring season.

“Following on a month of strong new home sales in February, our industry and our customers are facing a time of challenges and uncertainty due to COVID-19,” said David Wilkes, BILD President and CEO, in a statement accompanying the February sales data.

“We are working diligently to coordinate responses with provincial and municipal authorities, protect workers and customers and ensure that we continue to fulfill our responsibilities to new home buyers. One of those responsibilities is building enough homes to top up depleted inventory and ensure our region’s new home supply keeps up with demand.”