State of the Real Estate Market: August 2022 

State of the Real Estate Market: August 2022  State of the Real Estate Market: August 2022 

Calgary21 remained a seller’s market in August, joined by Guelph12, Durham3, Waterloo11, and Winnipeg.24 Windsor14 remained a buyer’s market, while the remaining regions reviewed experienced balanced market conditions. 

Month-over-month sales increased in all regions reviewed except for Edmonton23, Calgary21, and Winnipeg.24 Winnipeg24 had the sharpest decrease at 11%, while York3 region had the highest increase at 30%. Year-over-year sales dropped in all regions except Calgary21, where sales were at par with August 2021, and Barrie18, where sales increased 22% over last year. The sharpest year-over-year decreases were felt in York3 (49%), Windsor14 (42%), and Peel3 (41%). 

New listings in August decreased in all regions compared to July, except for the Waterloo11 region, which had an increase of 1%. The biggest month-over-month drop was in Guelph12, where new listings fell off by 25%. New listings in most regions were at par or increased year-over-year, with a few exceptions; Toronto3 saw new listings fall by 10% from last year, and Calgary21 fell by 4%. 

On average, month-over-month selling prices declined in all regions except Toronto3 (1% increase) and Durham3 (2% increase). Decreases ranged between 8% (Guelph)12 and less than 1% (Peel3 and Waterloo11 region). In a year-over-year comparison, average price in most regions increased or was at par (Durham3, Waterloo11, Halton3, and Calgary21) compared to August of 2021, while Edmonton23 (-2%), Barrie18 (-5%), York3 (-1%), Windsor14 (-8%), and Brantford17 (-4%) saw decreases. 

York3 region had the highest average selling price, at $1,274,911, followed by Halton3, Peel3, and Toronto3, all of them above the $1M mark. In affordability, Edmonton23 finished the month with the most affordable average price for all home types at $376,859, followed by Calgary21 at $485,000, and Windsor14 at $520,634. And notably, in Winnipeg24, a detached home sold on average for under $400,000 in August. 

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Map of Ontario where FairSquare operates

Ontario

Despite continued increases to the borrowing rate, home sales rebounded somewhat across Ontario1 in August, with an increase of 12% over July for a total of 14,381 province-wide sales. New listings dropped by 12% over the same period, to 26,500, with a resulting shrink in active listings by 8% month over month. August finished with 38,481 active listings, 84% more than the same time last year but 8% less than the previous month. 

A year-over-year comparison shows that August sales were down by 30% while new listings were up by 7%, demonstrating the market is continuing to cool compared to the highs of last year. Months’ inventory made a big year-over-year jump of 170%, resulting in 2.7 months of inventory. Same time last year, inventory was at just one month supply.  

The sales-to-new-listings ratio shifted from 43% in July to 54% in August, remaining within balanced market conditions. The increase in sales and decrease in new listings did little to change the average selling price. The average price of a home in Ontario in August was $829,739, a mere 1% higher than last year and statistically unchanged from last month.

Toronto 

Toronto homes stayed on the market in August an average 15% longer than in July, and 21% longer than August of last year, reflecting an easing of the market and contributing to a 7% increase in months’ inventory compared to July.  

Sales in the Toronto region rose 3% month over month, while new listings fell 14% giving us a sales-to-new-listings ratio of 50% for August, an indication that the market remains in balanced conditions. Year-over-year sales in August were down 37% and new listings were down 10%. 

In spite of this, the average selling price for a Toronto home in August was up 1% from July and up 3% from July of 2021, remaining above the $1M mark at $1,031,979. Compared to pre-pandemic levels when the average price for a Toronto home in August 2019 was $818,715, the market remains elevated.2

The Toronto Regional Real Estate Board (TRREB) reports:3 4 5

  • Market:Balanced Market 
  • Sales: 1,892 (down 37% year over year and up 3% month over month)
  • New listings: 3,785 (down 10% year over year and down 14% month over month)
  • Active listings: 5,135 (up 25% year over year and down 13% month over month)
  • Sales-to-new-listings ratio: 50% (previous month was 42%)
  • Average days on market: 23 (up 21% year over year and up 15% month over month)
  • Average detached selling price: $1,648,298 (down 2% year over year and up 9% month over month)
  • Average semi-detached selling price: $1,127,429 (down 7% year over year and down 11% month over month)
  • Average townhouse selling price: $1,100,811 (down 5% year over year and down 9% month over month)
  • Average condo selling price: $736,940 (up 2% year over year and down 1% month over month)
  • All residential average selling price: $1,031,979 (up 3% year over year and up 1% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The ‘strong mayor’ proposal from the province coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections.” 

Peel

Peel region moved squarely into balanced market conditions in August, with a sales-to-new-listings ratio of 50%. Sales decreased by 19% between July and August to 1,058, a 41% decrease from August of 2021. New listings were up 3% year over year and down 13% month over month, making for a general easing of the market. 

With sales on the decline, the average sale prices of detached homes, semis, and condos in the Peel region were down in August when compared to July while townhome prices and the overall average were at par. Compared to August 2021, detached and semis were still down, but condos and townhouses were up 4% year over year. The average price of all homes sold in August in the Peel region remains above the $1M mark at $1,062,984, and well above its pre-pandemic price of $745,901 in August of 2019.2

The Toronto Regional Real Estate Board (TRREB) reports:3 4 5

  • Market: Balanced Market 
  • Sales: 1,058 (down 41% year over year and up 19% month over month) 
  • New listings: 2,117 (up 3% year over year and down 13% month over month) 
  • Active listings: 2,646 (up 106% year over year and down 13% month over month) 
  • Sales-to-new-listings ratio: 50% (previous month was 36%) 
  • Average days on market: 22 (up 69% year over year and up 22% month over month) 
  • Average detached selling price: $1,343,930 (down 3% year over year and down 4% month over month) 
  • Average semi-detached selling price: $955,655 (down 1% year over year and down 1% month over month) 
  • Average townhouse selling price: $916,356 (up 4% year over year and at par month over month) 
  • Average condo selling price: $603,288 (up 4% year over year and down 2% month over month) 
  • All residential average selling price: $1,062,984 (up 2% year over year and at par month over month) 

Comments from TRREB President Kevin Crigger: “While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.” 

Durham

August sales in the Durham region rebounded by 15% month over month, while new listings dropped 13%. Consequently, the sales-to-new-listings (STNL) ratio shifted from 48% in July to 63% in August, ushering the region into a seller’s market. August 2021 was also a seller’s market, but with a STNL ratio of 90% - rather more dramatic seller’s conditions. Compared to last year, new listings in August were up by 9%, while sales were down by 23%. 

Active listings dropped 17% from July but were up 135% year over year. Days on market rose 13% month over month and was up 70% over last year, with the result that months’ inventory rose 13% month over month and 80% year over year. 

Despite the ups and downs of the various stats, average selling prices in the Durham region in August have remained fairly constant compared to July. Average selling price overall was $902,269, a gain of 2% month over month and at par year over year. The individual home categories ranged from 0-4% increases month over month, however, year-over-year decreases ranged from 20% to 42%. For some perspective, the average price of a home in the Durham region pre-pandemic, meaning August of 2019, was $614,362 – a bargain by today’s stats.2 

The Toronto Regional Real Estate Board (TRREB) reports:3 4 5

  • Market: Seller’s Market 
  • Sales: 806 (down 23% year over year and up 15% month over month) 
  • New listings: 1,275 (up 9% year over year and down 13% month over month) 
  • Active listings: 1,121 (up 135% year over year and down 17% month over month) 
  • Sales-to-new-listings ratio: 63% (previous month was 48%) 
  • Average days on market: 17 (up 70% year over year and up 13% month over month) 
  • Average detached selling price: $1,012,181 (down 2% year over year and up 4% month over month) 
  • Average semi-detached selling price: $772,517 (down 1% year over year and up 3% month over month) 
  • Average townhouse selling price: $809,189 (at par year over year and at par month over month) 
  • Average condo selling price: $552,448 (up 10% year over year and up 2% month over month) 
  • All residential average selling price: $920,269 (at par year over year and up 2% month over month)

Comments from TRREB President Kevin Crigger: “While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.” 

York

Sales in the York region increased 30% month over month with a concurrent decrease in new listings of 12%. York region was careening from the buyer’s edge of balanced market conditions in July to the seller’s edge of balance market conditions in August with a sales-to-new-listings ratio of 60%, up from 41% in July. In spite of this, the average selling price in the region decreased by 1% month over month.  

Despite the increase in sales and fewer new listings added to the market, homes stayed on the market an average of 15% longer compared to July, and months’ inventory rose 7%. 

In a year-over-year comparison, August saw sales drop by 49%, and overall average selling price drop by only 1%. At the lower end of the market, townhouses and condos were both up an average of 2% and 4% respectively. 

While the market is cooling by a larger margin in many other areas, a look at pre-pandemic prices in the York region shows us that average selling price in August of 2019 was $951,750, 25% less than average price of $1,265,628 this August.2 

The Toronto Regional Real Estate Board (TRREB) reports:3 4 5

  • Market: Balanced Market 
  • Sales: 1,063 (down 49% year over year and up 30% month over month) 
  • New listings: 1,785 (up 3% year over year and down 12% month over month) 
  • Active listings: 2,315 (up 71% year over year and down 17% month over month) 
  • Sales-to-new-listings ratio: 60% (previous month was 41%) 
  • Average days on market: 23 (up 18% year over year and up 15% month over month) 
  • Average detached selling price: $1,579,540 (down 2% year over year and at par month over month) 
  • Average semi-detached selling price: $1,047,822(down 1% year over year and down 1% month over month) 
  • Average townhouse selling price: $1,104,043 (up 2% year over year and at par month over month) 
  • Average condo selling price: $680,434 (up 4% year over year and down 1% month over month) 
  • All residential average selling price: $1,265,628 (down 1% year over year and down 1% month over month)

Comments from TRREB President Kevin Crigger: “With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals. The federal government has a responsibility to not only maintain confidence in the financial system, but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs. Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored.” 

Halton

Month-over-month new listings dropped a seasonal 11% in the Halton region in August, but month-over-month sales increased by 16%. The sales-to-new-listings ratio swung from 44% in July to 56% in August, remaining within balanced market conditions. 

Active listings dropped by 10% month over month to 1,334 homes, a whopping 184% increase year over year. Days on market rose 19% from July while months’ inventory increased by 20%. 

The overall average selling price for a home in the Halton region dropped by 4% from July to $1,207,303, which is at par compared to August of last year. A glimpse at the pre-pandemic average selling price of $857,417 (August 2019) shows us that Halton is still well above historical price growth trends.2 

The Toronto Regional Real Estate Board (TRREB) reports:3 4 5

  • Market: Balanced Market 
  • Sales: 589 (down 28% year over year and up 16% month over month) 
  • New listings: 1,044 (up 20% year over year and down 11% month over month) 
  • Active listings: 1,334 (up 184% year over year and down 10% month over month) 
  • Sales-to-new-listings ratio: 56% (previous month was 44%) 
  • Average days on market: 25 (up 79% year over year and up 19% month over month) 
  • Average detached selling price: $1,519,733 (down 2% year over year and down 2% month over month) 
  • Average semi-detached selling price: $1,028,012 (up 5% year over year and up 1% month over month) 
  • Average townhouse selling price: $1,000,068 (up 3% year over year and up 2% month over month) 
  • Average condo selling price: $750,909 (up 8% year over year and down 3% month over month) 
  • All residential average selling price: $1,207,303 (at par year over year and down 4% month over month)

Comments from TRREB President Kevin Crigger: While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.” 

Ottawa

The Ottawa region remained in balanced market conditions in August, with a sales-to-new-listings ratio of 54% compared to 47% in July. Home sales increased by 2% month over month, a market that was 27% less vigorous than the previous year. 

Average selling prices for both condos and residential class homes in the region declined by a mere 1% month over month, to $421,966 and $707,712, an appreciable decline of 28% and 27% respectively in year-over-year comparison. Given Ottawa’s traditionally stable market and price growth, a look back at pre-pandemic prices shows that current prices, while down year over year, are still well above the August 2019 condo price of $308,781 and residential class price of $484,921.6

The Ottawa Real Estate Board (OREB) reports:7

  • Market: Balanced Market 
  • Sales: 1,137 (down 27% year over year and up 2% month over month) 
  • New listings: 2,093 (down 11% month over month) 
  • Sales-to-new-listings ratio: 54% (previous month was 47%) 
  • Number of condominium-class properties sold: 287 (down 28% year over year and up 6% month over month) 
  • Number of residential-class properties sold: 850 (down 27% year over year and up 1% month over month) 
  • Average condo selling price: $421,966 (up 4% year over year and down 1% month over month) 
  • Average residential selling price: $707,712 (up 5% year over year and down 1% month over month)

Comments from OREB President Penny Torontow: “Prices are still rising slightly in some areas, albeit lower single-digit percentage increases, bringing back the moderate price-growth stability that is characteristic of the Ottawa resale market. What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where buyers have choices and sellers need to ensure they are pricing their properties accurately.”

Hamilton-Burlington

Sales in the Hamilton-Burlington region increased by 12% in August, when compared to July sales, while new listings declined by 8% over the same period. While remaining in balanced market conditions, this tilted the sales-to-new-listings ratio from the buyer’s side of a balanced market at 45%, to the seller’s side of a balanced market at 55%.  

Average prices in the Haldimand region increased by 18% month over month to $711,851, while in the Hamilton region, average price was at par for July, at $792,767. Niagara North and Burlington saw month-over-month decreases in average selling prices of 7% and 9% respectively, weighing in at $849,719 and $1,038,930. The overall average price in the Hamilton-Burlington region was $858,405 in August. To add some pre-pandemic perspective on how this area is holding its value amid cooling conditions, the overall average selling price for a home in the region in August of 2019 was $599,589.8

The REALTORS® Association of Hamilton-Burlington (RAHB) reports:9

  • Sales: 906 (down 24% year over year and up 12% month over month) 
  • New listings: 1,641 (up 20% year over year and down 8% month over month) 
  • Sales-to-new-listings ratio: 55% (previous month was 45%) 
  • Average selling price in Hamilton: $792,767 (up 2% year over year and at par month over month) 
  • Average selling price in Burlington: $1,038,930 (down 1% year over year and down 9% month over month) 
  • Average selling price in Niagara North: $849,719 (down 2% year over year and down 7% month over month) 
  • Average selling price in Haldimand County: $711,851 (down 12% year over year and up 18% month over month) 
  • All residential average selling price: $858,405 (up 2% year over year and down 2% month over month)

Comments from RAHB President Lou Piriano: “RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022. As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July.” 

Niagara

Sales in the Niagara region were up 24% month over month, for a total of 457 homes sold in August. That’s a 38% decline from last year. New listings were down 7% month over month, and up 26% year over year. As a result, the sales to new listings ratio shifted from 31% (a buyer’s market) to 42% (a balanced market). There were 2,155 homes available for sale at the close of August, suggesting that buyers have ample choices and less pressure in this market. 

In each of the Niagara regions, benchmark price in August decreased in a month-over-month comparison, but increased year over year. Welland held its value most, with a drop of only 1% month over month to an average selling price of $537,700 in August, while Niagara Falls lost the most pandemic-fueled gains, coming in 5% less year over year at $677,400. 

Overall benchmark price for a home in the Niagara region in August decreased by 4% from July to $687,500. For perspective, the pre-pandemic benchmark price of a Niagara home in August of 2019 was $416,900, indicating that the region is holding its value despite the cooling market.10

The Niagara Association of REALTORS® (NAR):10 11

  • Market: Balanced Market 
  • Sales: 457 (down 38% year over year and up 24% month over month) 
  • New listings: 1,095 (up 26% year over year and down 7% month over month) 
  • Sales-to-new-listings ratio: 42% (previous month was 31%) 
  • Average days on market: 31 (up 55% year over year and at par month over month) 
  • Benchmark price for a home in St. Catharines: $617,900 (up 2% year over year and down 4% month over month) 
  • Benchmark price for a home in Niagara Falls: $677,400 (up 5% year over year and down 5% month over month) 
  • Benchmark price for a home in Welland: $573,700 (up 7% year over year and down 1% month over month) 
  • Benchmark price for a home in Fort Erie: $576,800 (up 7% year over year and down 2% month over month) 
  • Overall benchmark price for a home in the Niagara region: $687,500 (up 4% year over year and down 4% month over month) 

Comments from NAR President Jim Brown:“The market is continuing to shift while buyers are in better positions to purchase their homes. The financial information available suggests residential prices will drop in the near future as well.” 

Waterloo Region

659 homes were sold in the Waterloo region in August, a year-over-year decrease of 8%. Unlike sales, new listings increased by 19% year over year to 933. The sales-to-new-listings ratio of 71% indicates that the Waterloo region was experiencing seller’s market conditions in August.  

Days on market increased by 46% year over year, while month’s inventory increased by 250% over the same period. There were 1,003 active listings at the end of August. 

Month-over-month average prices in all home categories declined in August, except for detached homes which increased by 1%. Average price for a detached home in August was $851,654. All home categories decreased in a year-over-year comparison, except for condos, which increased by 4%. Average price for a condo in August was $464,959. The overall average price of homes sold in the Waterloo region was $750,849, which is at par both month over month and year over year. 

The Waterloo Region Association of REALTORS® (WRAR) reports:12

  • Market: Seller’s Market 
  • Sales: 659 (down 8% year over year) 
  • New listings: 933 (up 19% year over year) 
  • Active listings: 1,003 (up 188% year over year) 
  • Sales-to-new-listings ratio: 71% 
  • Average days on market: 22 (up 46% year over year) 
  • Average detached selling price: $851,654 (down 3% year over year and up 1% month over month) 
  • Average semi-detached selling price: $655,813 (down 1% year over year and down 1% month over month) 
  • Average townhome selling price: $610,725 (down 4% year over year and down 5% month over month) 
  • Average apartment-style condominium selling price: $464,959 (up 4% year over year and down 11% month over month) 
  • All residential average selling price: $750,849 (at par year over year and at par month over month) 

Comments from KWAR President Megan Bell: [The] announcement by the Bank of Canada to increase its policy rate by 75 basis points to 3.25 per cent is discouraging news for borrowers as it affects their purchasing power. However, we see signs that the market is moving towards more buyer-friendly conditions. REALTORS® are reporting fewer multiple offers resulting in final sale prices being closer to the asking price or with more conditions accompanying offers. Even so, with inventory still very tight, Waterloo region remains a seller’s market.” 

Guelph

The Guelph real estate market tipped into a seller’s market in August, with a sales-to-new-listings ratio of 64%. Sales increased by 5% from July, while new listings dropped by 25% over the same period, putting the pinch on buyers’ options. 

Active listings were down 11% from July and months’ inventory dropped 17% to 2.5 months. Interestingly, that’s 257% above the months' inventory in August of 2021 when homes were flying off the market.  

In August, month-over-month benchmark prices dropped between 4% and 7% in all home categories, with an overall drop of 5% and an overall benchmark price of $835,100. Year-over-year prices were up from 4% to 11% for all home categories, while overall benchmark price was 5% above last year’s level. Condos had the biggest drop month over month at 7%, but held the most ground year over year, at 11% above 2021 prices. 

The Guelph and District Association of REALTORS® (GDAR) reports:13

  • Sales: 279 (down 26% year over year and up 5% month over month) 
  • New listings: 438 (up 11% year over year and down 25% month over month) 
  • Active listings: 697 (up 172% year over year and down 11% month over month) 
  • Sales-to-new-listings ratio: 64% (previous month was 46%) 
  • Benchmark price for a detached home: $926,300 (up 4% year over year and down 4% month over month) 
  • Benchmark price for a townhome: $684,800 (up 9% year over year and down 4% month over month) 
  • Benchmark price for a condominium: $548,000 (up 11% year over year and down 7% month over month) 
  • Overall benchmark price for a home: $835,100 (up 5% year over year and down 5% month over month)

Comments from GDAR President Dustin Davis: “Sales activity in our local areas mirrored trends playing out in the rest of the Greater Golden Horseshoe through August, with demand currently running well below typical levels for this time of year. The fact that new listings are also trending below average suggests that many would-be sellers are putting their listings on hold until the market shows signs of stabilizing. With at least one more rate hike on the horizon this year, there’s likely going to be a period of adjustment as both buyers and sellers play wait-and-see to judge when the best time will be to re-enter the housing market.” 

London

Homes sales were up in August and new listings were down, tightening the London and St Thomas market which had begun to relax last month. A sales increase of 18% to 607 homes vs a decrease in new listings of 13% to 1,071 homes, brought the sales-to-new-listings ratio to 57%, remaining within balanced market conditions. 

Days on market increased from 18 days in July to 22 days in August, a jump of 22% month over month, and a dramatic increase of 175% above the 8 days on market that we saw in August of 2021. Months’ inventory was down by 25% from July to 2.7 months, representing a 350% increase over the 0.6 months in August 2021. 

Average selling prices in all home categories declined in August in the London-St Thomas region, with the steepest decline hitting condos; at $376,881 it was 17% below July’s price. Year-over-year prices were up 4% for condos and detached homes, while townhouses fell by 4%. 

Overall average selling price in the London-St Thomas region fell 3% from July to $648,036, though remaining 5% above the selling price in August of 2021. Compared to pre-pandemic levels when the average home price in August 2019 was $413,010, prices are still up considerably.14

The London and St. Thomas Association of REALTORS® (LSTAR) reports:15 16

  • Market: Balanced Market 
  • Sales: 607 (down 35% year over year and up 18% month over month) 
  • New listings: 1,071 (up 5% year over year and down 13% month over month) 
  • Active listings: 1,639 (up 175% year over year and down 12% month over month) 
  • Sales-to-new-listings ratio: 57% (previous month was 42%) 
  • Median days on market: 22 (up 175% year over year and up 22% month over month) 
  • Average detached selling price: $696,668 (up 4% year over year and down 2% month over month) 
  • Average townhouse selling price: $489,995 (down 4% year over year and down 9% month over month) 
  • Average condo selling price: $376,881 (up 4% year over year and down 17% month over month) 
  • All residential average selling price: $648,036 (up 5% year over year and down 3% month over month)

Windsor

New listings for the Windsor region declined by 19% in August, compared to July, while month-over-month-sales remained at par – exactly at par – with 393 home sales for the second month in a row. The sales-to-new-listings ratio shifted from 30% in July to 37% in August, indicating a continuation of buyer’s market conditions. 

As usual, the bulk of sales were in the range of $420K-$549,999, which saw 123 sales over the month, and another 64 sales in the $550K-$699,999 range. Average selling price in the Windsor region in the month of August was $520,634, a 7% drop from July and an 8% drop from last August. Lest these drops seem discouraging, a review of pre-pandemic prices shows us that in August of 2019, the average price of a home in the Windsor region was a mere $337,054.17

The Windsor-Essex County Association of REALTORS® (WECAR) reports:18 19 20

  • Market: Buyer’s Market 
  • Sales: 393 (down 42% year over year and at par month over month) 
  • New listings: 1,057 (up 6% year over year and down 19% month over month) 
  • Active listings: 1,595 (up 119% year over year and down 4% month over month) 
  • Sales-to-new-listings ratio: 37% (previous month was 30%) 
  • All residential average selling price: $520,634 (down 8% year over year and down 7% month over month) 

Brantford

Sales in the Brantford region increased 10% month over month to 151 homes sold in August, while new listings saw 330 additions, the largest number of August new listings in 25 years.  

The sales-to-new-listings ratio for the Brantford region increased from 41% to 46% between July and August, after having decreased from 46% to 41% between June and July. It remains within balanced market conditions. 

Because new listings dropped while sales rose, the number of active listings dropped 3% month over month to 431. Months’ inventory was 2.9 in August, a 9% decrease from July, but a 314% increase from August of 2021. 

Benchmark price for detached homes and townhomes dropped in August while benchmark price for condos remained at par from July. The overall benchmark price for a home in the Brantford area was $712,200, a minor decline of 1% from July, but an increase of 5% from August of 2021. 

The Brantford Regional Real Estate Association (BRREA) reports:21

  • Market: Balanced Market 
  • Sales: 151 (down 33% year over year and up 10% month over month) 
  • New listings: 330 (up 34% year over year and down 2% month over month) 
  • Active listings: 431 (up 168% year over year and down 3% month over month) 
  • Sales-to-new-listings ratio: 46% (previous month was 41%) 
  • Benchmark price for a detached home: $729,900 (up 3% year over year and down 1% month over month) 
  • Benchmark price for a townhome: $662,500 (up 16% year over year and down 4% month over month) 
  • Benchmark price for a condominium: $448,100 (up 16% year over year and at par month over month) 
  • Overall benchmark price for a home: $712,200 (up 5% year over year and down 1% month over month) 

Barrie and Simcoe County

The sale of 316 homes in the Barrie and Simcoe County region in August represents a month-over-month increase of 14%, while new listings dropped 13% over the same period to 740 homes. The sales-to-new-listings ratio moved into balanced market conditions, from 33% in July to 43% in August.  

Month’s inventory decreased from 4.3 months in July to 3.5 months in August. Even so, it was still a whopping 289% increase over months’ inventory in August of 2021. There were 1,103 active listings at the close of the month of August. 

Benchmark prices in all home categories dropped between 4% and 5% month over month, but increased between 6% and 12% year over year, with condos gaining the most ground since August of 2021. The overall benchmark price for August was $830,000. 

While prices have been dropping, if we compare to a pre-pandemic landscape, we see that the average price of a home this August in the Barrie and Simcoe County region was $801,687, while the average price of a home in August of 2019 was $525,787, an impressive value retention amid current cooling conditions.22

The Barrie & District Association of REALTORS® reports:23

  • Market: Balanced Market 
  • Sales: 316 (up 22% year over year and up 14% month over month) 
  • New listings: 740 (up 56% year over year and down 13% month over month) 
  • Active listings: 1,103 (up 204% year over year and down 8% month over month) 
  • Sales-to-new-listings ratio: 43% (previous month was 33%) 
  • Benchmark price for a detached home: $869,700 (up 6% year over year and down 4% month over month) 
  • Benchmark price for a townhome: $581,700 (up 7% year over year and down 5% month over month) 
  • Benchmark price for a condominium: $570,900 (up 12% year over year and down 4% month over month) 
  • Overall benchmark price for a home: $830,000 (up 6% year over year and down 4% month over month)  

Comments from BDAR President Luc Woolsey: "Housing market activity continues to trend well below typical levels for the month of August as higher interest rates continue to impact affordability. On the flipside, the overall inventory of homes on the market are well up from their rock bottom levels seen earlier in the year, which is good news for anyone looking to purchase or for those who have been waiting on the sidelines for an opportunity to enter the housing market." 

If you’re looking to make a purchase or planning to sell, the professional guidance and insights of an experienced REALTOR® can’t be overestimated. Speak to a FairSquare Group Realty agent to learn about the latest trends in your area and discover how we can help you reach your real estate goals. FairSquare Group Realty supports Canadians by providing exceptional real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-855-999-5740 to learn more.    

 

Map of Alberta where FairSquare operates

Alberta

Home sales in Alberta24 declined again in August; down 3% from July. At 6,286 sales across the province, that’s 2% more than August of 2021. New listings dropped by 12% month over month, keeping the pressure on buyers and nudging the sales-to-new-listings ratio to 66% from 63% last month, a little further into seller’s market territory. There were 9,527 new listings in August and at the close of the month there were 23,589 active listings. August closed with 3.75 months of inventory, which is on par with same time last year. 

The average selling price for a home in Alberta in August was $423,879, a 3% decline from July and a 2% gain on last August. 

Calgary

Home sales in Calgary took a mild drop of 5% between July and August, to the year-ago level of 2,136 homes. 2,718 homes were added to inventory in August, that’s 14% fewer than in July and 4% fewer than last August. The drop in sales combined with a deeper drop in new listings moved the sales-to-new-listings ratio from 71% to 79% reflecting continued seller’s market conditions. 

The average time it took to sell a property increased from 31 days to 35 days between July and August. While the months of inventory shrank from 2.37 to 2.24 over the same period, reflecting generally tighter market conditions. 

Average prices in all home categories fell in August compared to July, with rowhouses falling furthest by 4%. Interestingly, a year-over-year comparison shows that prices were up in all home categories, with rowhouses holding the most value at 14% above last year’s prices. The average price for a Calgary home in August was $485,000. 
The Calgary Real Estate Board (CREB) reports:25 26

  • Market:Seller's Market 
  • Sales: 2,136 (at par year over year and down 5% month over month) 
  • New listings: 2,718 (down 4% year over year and down 14% month over month) 
  • Active listings: 4,778 (down 21% year over year and down 10% month over month) 
  • Sales-to-new-listings ratio: 79% (previous month was 71%) 
  • Average days on market: 35 (down 17% year over year and up 13% month over month) 
  • Average price for a detached home: $636,353 (up 13% year over year and at par month over month) 
  • Average price for a semi-detached home: $514,793 (up 10% year over year and at par month over month) 
  • Average price for a townhouse: $341,022 (up 14% year over year and down 4% month over month) 
  • Average price for a condo: $270,176 (up 10% year over year and down 2% month over month) 
  • Overall average price for a home: $485,000 (at par year over year and down 1% month over month)   

Comments from CREB® Chief Economist Ann-Marie Lurie: “While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong. This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.” 

Edmonton

Sales in the Greater Edmonton Area declined both month over month and year over year, coming in at 1,809 homes sold in August. New listings were down by 11% month over month but came in 1% higher than August of 2021. The sales-to-new-listings ratio remained in balanced market conditions at 57%, and August closed with 7,922 active listings, meaning there are some options out there for buyers. Homes took an average of 3 days longer to sell in August than they did in July, easing the pressure on the market somewhat. 

Average selling prices fell in all home categories in August, bringing the average price of a home in the Edmonton region to $376,859, down 6% from July and 2% from last year. Duplexes retained the most value, declining by only 3% month over month to $360,570, which is 2% higher than last year. Single-family homes and condos both lost 4% month over month, closing August with average selling prices of $469,757 and $220,051 respectively, but while condos averaged 3% less than they did a year ago, single family homes were up by 2% year over year. 

The REALTORS® Association of Edmonton (RAE) reports:27

  • Market:Balanced Market 
  • Sales: 1,809 (down 12% year over year and down 8% month over month) 
  • New listings: 3,157 (up 1% year over year and down 11% month over month) 
  • Active listings: 7,922 (down 1% year over year and down 5% month over month) 
  • Sales-to-new-listings ratio: 57% (previous month was 55%) 
  • Average days on market: 42 (at par year over year and up 8% month over month) 
  • Average detached selling price: $469,757 (up 2% year over year and down 4% month over month) 
  • Average duplex selling price: $360,570 (up 2% year over year and down 3% month over month) 
  • Average condo selling price: $220,051 (down 3% year over year and down 4% month over month) 
  • Average residential selling price: $376,859 (down 2% year over year and down 6% month over month)   

Comments from RAE Chair Paul Gravelle: “While we continue to see the Edmonton real estate market cooling down after a record-breaking period earlier this year, there is still a fair amount of activity happening in the resale market. Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.” 

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If you need to sell or buy a home, an experienced FairSquare Group Realty agent can help you navigate the market safely and with professional insight. FairSquare Group Realty supports Canadians by providing exceptional real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-877-888-3131 to learn more.  

Map of Manitoba where FairSquare operates

Manitoba

August home sales in the Winnipeg region declined a further 11% from July to 1,375 sales, while new listings decreased by 7% over the same period to 2,201. With the decline in sales outpacing the decline in new listings, the Winnipeg region shifted closer towards balanced market conditions, while remaining on the edge of a seller’s market. The sales-to-new-listings ratio decreased to 62% in August from 65% in July. 

Average selling prices dropped for both detached homes and condos in a month-over-month comparison, with detached homes dropping by 3% and condos dropping by 2%, while the average selling price of townhomes increased by 1% from July. 

Year over year, average selling price was up in all home categories in August, with condos achieving the highest increase of 11% for an average price of $266,893, and townhomes close behind, with a 10% increase and an average price of $325,569. Detached homes increased by 2% year over year, with an average price in August of $389,592. 

Detached homes make up the majority of the market with 73% of the sales, while condos comprise 14% and townhomes make up 5%. 

Winnipeg

The Winnipeg Regional Real Estate Board (WRREB) reports:28 29 30

  • Market:Seller's Market 
  • Sales:1,375 (down 15% year over year and down 11% month over month) 
  • New listings: 2,201 (up 2% year over year and down 7% month over month) 
  • Active listings: 3,764 (up 28% year over year and up 2% month over month) 
  • Sales-to-new-listings ratio: 62% (previous month was 65%) 
  • Average detached selling price: $389,592 (up 2% year over year and down 3% month over month) 
  • Average townhouse selling price: $325,569 (up 10% year over year and up 1% month over month) 
  • Average condo selling price: $266,893 (up 11% year over year and down 2% month over month) 

Comments from WRREB President Akash Bedi: “We have seen improvement in our market region’s inventory compared to the beginning of the year, as MLS® listings entered for the first 8 months are down less than 6% compared to last year and well ahead of 2021 in terms of what is available for sale. The main reason for more listings for sale compared to last year at this time is that sales are well down from 2021’s record-shattering market activity.” 

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In a market like Manitoba’s, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a FairSquare Group Realty agent to learn about the latest trends in your region and discover how we can help you reach your real estate goals. FairSquare Group Realty supports Canadians by providing exceptional real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-855-953-9533 to learn more. 

References
1CREA: OREA Aug 2022 Market Report
2TRREB August 2019 Market Report
3TRREB July 2022 Market Report
4TRREB Aug 2022 Market Report
5TRREB Aug 2021 Market Report
6OREB Aug 2019 Market Report
7OREB Aug 2022 Market Report
8RAHB Aug 2019 Market Report
9RAHB Aug 2022 Market Report
10NAR Aug 2019 Market Report
11NAR Aug 2022 Market Report
12WRAR Aug 2022 Market Report
13GDAR Aug 2022 Market Report
14LSTAR Aug 2019 Market Report
15LSTAR Aug 2022 Market Report
16LSTAR July 2022 Market Report
17WECAR Aug 2019 Market Report
18WECAR Aug 2022 Market Report
19WECAR July 2022 Market Report
20WECAR Aug 2021 Market Report
21BREA Aug 2022 Market Report
22BDAR Aug 2019 Market Report
23BDAR Aug 2022 Market Report
24AREA Aug 2022 Market Report
25CREB Aug 2022 Market Report
26CREB July 2022 Market Report
27RAE Aug 2022 Market Report
28WRREB Aug 2022 Market Report
29WRREB July 2022 Market Report
30WRREB Aug 2021 Market Report

†The Canadian Real Estate Association calculates benchmark prices using the MLS® Home Price Index (HPI), which uses data from a region to define a “typical” home. Benchmark prices can reflect the changes to a region’s property value far more accurately than average or median prices.  Statistics presented herein are rounded to the nearest whole number for readability. Exact statistics can be found using the references provided. 

On December 1, 2021, Purplebricks rebranded to FairSquare Group Realty. Blog articles published before this date were created under the Purplebricks brand but remain the property of FairSquare Group Realty.

In January 2019, ComFree Commonsense Network Brokerage rebranded to Purplebricks.