Never Should Have Bought (Peel Region Real Estate Market Update)

Folks, some people never should have bought. I'll explain what I mean and then get into the latest home prices and insights for the Peel and Durham region for week ending October 29, 2025. If you want to speak directly with me about your real estate situation, selling, buying, it's really simple to get a hold of me. Below this video in the description there's a link to my calendar. Click on that, book a time that's convenient for you and we'll talk about whatever's on your mind. If we go back a few years to when we think about peak sales, peak pricing, there was quite a few people, buyers, potential buyers, applying for mortgages, trying to get pre-approved, pushing and trying hard and they just, for whatever reason, one reason or another, didn't qualify and they didn't buy and they regretted it then. And then there's others that did everything possible, also tried hard and actually qualified and pushed the envelope as much as they could. And they wanted to buy, you know, the bank will say, okay, you could buy for a million and they said, but I need 1.2. They owned a home and they wanted to buy another one. The bank says, okay, you could buy one more and they wanted to buy two more and so forth. There was always people that were pushing the envelope, maybe not always being 100% truthful on their application, whatever the case may be, they tried for more and more. Some people didn't qualify, didn't buy, but others did. They actually fulfilled whatever it was they were trying to do with their purchase. It's that second group that pushed the envelope, I find, have the biggest problems today when it comes to their financial situation with their home. There's people that bought that shouldn't have bought. They purchased and today they're feeling the pain because of how the economy is, how the market has turned. Look, no matter what, even if you buy in the best of times and everything is perfect, you can't predict what the future holds. We can all experience financial hardships for one reason or another. But I'm talking generally that people that really pushed the envelope back then in 21 and 22, a lot of them are feeling the pain today. They never should have bought. They were really extending themselves beyond what they could actually do under the pretense for most of them that values are going to keep going up. If I don't buy today, it's going to cost me more next year. Well, that never happened. Actually, the opposite happened. Values went down and today a lot of them are stuck. I'm bringing this up because I was working with a potential buyer recently and we're going through the pre-approval process and they're just not qualifying for what they really want to buy. They're pushing to try to figure out how do they qualify for as much as possible. Maybe it's okay. You don't have to extend yourself. Don't necessarily push. Sometimes what we want is not the best thing for us. These people that wanted to buy two and three houses, they're suffering today. These people that overextended or got very creative on their mortgage details, there are a lot of them probably wishing they didn't do that back then. If you think this video can help somebody you know, please pass it along. If you get value from what we're talking about, subscribe. Now, let's get into the numbers. Here we go, folks. Peel and Durham region, specifically dealing with detached properties for Mississauga, Brampton. In Durham region, I'm using Pickering, Ajax, and Whippy as my Durham sample. These are average sole prices. We're going to start off with Mississauga. Detached properties for a week ending October 29th, 37 detached properties were sold. Five of those sold at $2 million or more. Look, sales for the fall market look like they're trending down, not aggressively, and I even say reluctantly that they're trending down. We've been at $44.47. Now we're at $43.37. I don't know. It kind of looks like it's trending down. Average sole price is $1,277,000. If we look at just the fall market, there's an argument for average sole price is kind of flat. It's trending up maybe a little bit, but you've got these peaks and valleys, really high spread. But if we look at the overall average for the fall market, kind of looks like it's lying in the mid 1.3s. So if you're wondering where's the market for detached properties in Mississauga, we got to go a bit further back. The beginning of the year, we're in the mid 1.5s for average sole prices for detached properties. Then kind of the end of the spring, middle of the summer, we're in the mid 1.4. So 1.5, 1.4. Now we're sitting in the mid 1.3. So prices have definitely been trending down in Mississauga, but you kind of got to look at over a bit more time, over at least the year. Because the fall market, you've got weeks where two properties sold at $2 million or more, four and five selling. You got lower sales, higher sales, and it kind of fluctuates the average quite a bit. Compared to last year, 1,277,000. It's 14% lower than the same week a year ago. The medium price of $1,166,000 is 11% lower. We look at the dotted line for average prices, kind of looks like actually it's trending down a little bit, but more for if we focus just this part of the chart, which is the fall market, it's kind of flat. 37 were sold, six of those. So 16% sold at list price or more. There's 899 available detached properties in Mississauga. These are properties currently on the market. I'm going to go back one slide. 37 were sold, but there's 899 available for sale. So what we're saying is basically 4.1% of all detached properties available for sale actually sold. Folks, selling isn't just a quick, simple, yeah, let's put on MLS, we'll be sold in a week. It's not the case. Things got to be done the right way. Only 4.1% of all available properties actually sold for week ending October 29. In comparison for Toronto, that number is 5.6% of all properties available for sale actually sold. So Mississauga is underperforming compared to Toronto. Months of inventory climbed a little bit to 5.6 months of inventory, which is just the other side. It's at the bottom end of a buyer's market, at the top end of a balanced market. Here's Brampton, 47 detached properties were sold, one sold at $2 million or more. Are sales trending down? If a difference of one or two is a trend down, then yes, I'm uncomfortable saying it's trending down. We went from 54, 53, 52 this week. We're at 47, so maybe, but it's really tough to say. Average sole price is $1,085,000. And similar to Mississauga, average sole price for the fall period, it's been a bit all over the place. But compared to the beginning of the year, we were averaging around 1.2. We're now in the just above a million in the low one ones. Just above a million is a million and a half is about the best way to put it. So there's a big difference, $150,000 difference from the beginning of the year to where we are now. $1,085,000 is 1% lower than the same week a year ago. The median price of $965,000 is 7% lower. 47 sold, seven of those, so 15% sold at less price or more. 47 sold, but there's 1,141 available for sale. So just like Mississauga, 4.1% of all available properties actually sold. Again, that's for Brampton, 4.1% Mississauga, 4.1% Toronto, 5.6% sold. Months of inventory sitting at 5.6 months of inventory. Here's Pickering, Ajax, and Whitby. This is my sample for Durham. 42 detached properties sold, no property sold at $2 million or more. Average sold price is a million bucks. Average sold price has been trending down. $1 million compared to the same week a year ago is 8% lower. The median price of 982 is 6% lower. 42 sold, 15, so 36% sold at less price or more. Pickering, Ajax, and Whitby is one of the most, for detached properties, one of the most competitive active areas. I don't mean active in volume, but in percentage-wise, 36% sold at less price or more, just over a third. And when we look at how many sold versus how many are available for sale, and there's 612 available for sale, active listings is trending down. 6.9% of available properties actually sold. But in Mississauga and Brampton, it was 4.1%. Toronto is 5.6%. So Pickering, Ajax, and Whitby is outperforming all these areas. Months of inventory sitting at 3.4% at the bottom end of a balanced market. Here's a quick summary. Months of inventory, depending on where you're selling, where you're shopping, you're going to be experiencing, in most cases, probably a balanced market. But Pickering, Ajax, and Whitby, you're going to run into if you're looking to buy a detached property. This is going to be a bit more competition than Brampton and Mississauga. Thanks for watching. Have an awesome day.