State of the Real Estate Market: December 2022 

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

Home sales declined across Ontario1, Manitoba30, and Alberta22 in December, both month over month and year over year. Month-over-month decreases ranged from 13% in Brantford21 to 38% in Waterloo,13 while year-over-year decreases ranged from 27% in Brantford21 and Guelph15 to 53% in Peel.2

Month over month, new listings were down across the board from a 36% decrease in Calgary24 to a 62% decrease in Guelph15. Year over year, new listings declined between 3% in Winnipeg30 and 28% in Peel,2 except for Niagara10 which was up by 7%, Brantford21 up by 15%, and Ottawa5 up by 17%.

In all regions, the sales-to-new-listings ratio (STNL) shifted into the realm of seller’s markets, from a STNL ratio of 60% in Windsor18 to 117% in Calgary.24

Compared to November, active listings in December were lower in all regions, from 22% lower in Edmonton27 to 34% lower in Guelph.15 Compared to last December, active listings were up in all regions from 6% in Edmonton27 to 522% in Brantford,21 except for Calgary24 where active listings were 15% lower than December of 2021.

Months’ Inventory varied across the regions, from 5.2 months in Edmonton27 and 4.2 months in Windsor18 to 0.9 months in Waterloo13 and 1.3 months in Durham.2

In December, average selling prices declined in all regions covered except for Calgary,24 where the average selling price of $495,231 was 1% higher than in November and 4% higher than in December of 2021. In Ottawa,5 the average selling price for residential-class homes declined, while condominium-class homes increased 9% year over year and 5% month over month to an average selling price of $434,937 in December. Month-over-month prices decreased between 1% in Hamilton7 ($750,601) to 11% in Guelph15 ($855,679) while year-over-year prices declined between 1% in Toronto2 ($1,050,788) to 22% in Brantford21 ($648,513). The highest average selling price in December was in York2 at $1,267,563, while the lowest average selling price was in Edmonton27 at $361,172. In Winnipeg,30 the average price for a detached home was $378,978, while a condo was $243,749.

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Ontario

Home sales in Ontario declined by 32% from November to December, while new listings declined by 54%.1 The steeper decline of new listings shifted the sales-to-new-listings ratio from 53% in November to 79% in December, indicating seller’s market conditions. Based on the sales-to-new-listings (STNL) ratio, every region covered shifted to seller’s market conditions, with Windsor on the edge at 60% and Waterloo the tightest at 93%. It is important to note that market conditions can fluctuate month over month and the perceived seller’s market may have been due to the holiday slowdown in December. In a year-over-year glance, home sales were down by 41% while new listings were down by 10%.

There were 24,839 active listings in Ontario at the end of December, down 26% from November but up 201% from December of 2021. Month-over-month active listings declined in every region covered with the steepest drop in Guelph (down 34%) and the shallowest drop in Windsor (down 24%). Year-over-year active listings were up in all regions, from 99% in Toronto to 522% in Brantford.

Ontario had 3.3 months of inventory in December, a 7% gain over November and a 450% gain over December of 2021. Months’ inventory varied by region, from 4.2 months in Windsor to 0.9 months in Waterloo.

The average selling price of a home in Ontario in December was $812,338, a 2% decrease from November and a 12% decrease from December 2021.

Toronto 

Home sales in Toronto dropped by 35% between November and December, while new listings dropped by 58%. Over the same period, the sales-to-new-listings ratio shifted from 50% (balanced market conditions) to 77%, indicating a shift to seller’s market conditions in December. Compared to last year, sales are 52% lower while new listings are 23% lower.

At an average of 28 days on the market, homes took 27% longer to sell in December than in November, and 47% longer than last December. There were 3,594 active listings at the end of December, 27% fewer than last month but 99% more than last year. There were 2 months of inventory in December, indicating that at the current rate of sales it would take 2 months to sell the current inventory. This was an increase of 5% over November and an increase of 82% over last year.

The average selling price for a detached home in December was $1,627,635, down by only 4% from last year and up by 4% from November. Condo prices increased by 1% month over month, to $741,584, which is 2% higher than last year. As the most affordable option, demand continues to push prices up in this category. The average selling price for semis ($1,152,073) and townhomes ($1,076,226) declined month over month by 3% and 12% respectively, and both declined by 14% year over year. The overall average selling price for a home in Toronto in December declined by only 1% from last year and by 3% from last month, remaining above the $1M mark at $1,017,989.

The Toronto Regional Real Estate Board (TRREB) reports:2 3 4 

  • Market:Seller’s Market
  • Sales: 1,162 (down 52% year over year and down 35% month over month)
  • New listings: 1,510 (down 23% year over year and down 58% month over month)
  • Active listings: 3,594 (up 99% year over year and down 27% month over month)
  • Sales-to-new-listings ratio: 77% (previous month was 50%)
  • Average days on market: 28 (up 47% year over year and up 27% month over month)
  • Average detached selling price: $1,627,635 (down 4% year over year and up 4% month over month)
  • Average semi-detached selling price: $1,152,073 (down 14% year over year and down 3% month over month)
  • Average townhouse selling price: $1,076,226 (down 14% year over year and down 12% month over month)
  • Average condo selling price: $741,584 (up 2% year over year and up 1% month over month)
  • All residential average selling price: $1,017,989 (down 1% year over year and down 3% month over month)

Comments from TRREB President Paul Baron: "Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end."

Peel

Homes sales in the Peel region declined by 23% from November to 578 sales in December, while new listings declined by 49% to 808. With new listings falling further than sales in December, the sales-to-new-listings ratio shifted from a balanced market’s 47% to a seller’s market’s 72%.

Homes in Peel region took 4 days longer to sell in December than in November. That’s 160% longer than in December of 2021. At the end of December, there were 1,581 active listings, a decline of 26% from November, and a whopping 315% increase over December of 2021. 1,581 active listings represented 1.9 months of supply at the current rate of sales, which is 12% higher than November and 171% higher than last year.

The average selling price of a detached home in the Peel region in December was $1,275,095, a 6% drop from November and a 20% drop from last year. Semis and townhomes both dropped by 2% month over month, to $929,411 and $883,837 respectively and had year-over-year declines of 17% and 15% respectively. Affordability challenges continue to put pressure on the lower end of the market with the result that condos had no change in month-over-month average selling price. An average of $593,606 for a condo was 8% below average price for December 2021. The overall average selling price for a home in Peel region in December dipped below the $1M mark to $989,873. That’s down 5% from November and 17% less than December of 2021.

The Toronto Regional Real Estate Board (TRREB) reports:2 3 4 

  • Market: Seller’s Market
  • Sales: 578 (down 53% year over year and down 23% month over month)
  • New listings: 808 (down 28% year over year and down 49% month over month)
  • Active listings: 1,581 (up 315% year over year and down 26% month over month)
  • Sales-to-new-listings ratio: 72% (previous month was 47%)
  • Average days on market: 26 (up 160% year over year and up 18% month over month)
  • Average detached selling price: $1,275,095 (down 20% year over year and down 6% month over month)
  • Average semi-detached selling price: $929,411 (down 17% year over year and down 2% month over month)
  • Average townhouse selling price: $883,837 (down 15% year over year and down 2% month over month)
  • Average condo selling price: $593,606 (down 8% year over year and at par month over month)
  • All residential average selling price: $989,873 (down 17% year over year and down 5% month over month)

Comments from TRREB President Paul Baron: "Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end."

Durham

December home sales in Durham region declined by 2% from November to 380, while new listings declined by 56% to 458. The greater decline in new listings pushed the sales-to-new-listings ratio from 54% in November, reflecting a balanced market, to 83%, indicating that the region experienced seller’s market conditions in December.

Homes in Durham took 21 days to sell in December, 24% longer than in November and 133% longer than in December of last year. There were 723 active listings at the end of December, a 30% drop from November but a 376% increase over last year. It would take 1.3 months to sell all of December’s active listings at the current rate of sales. That’s 8% longer than November and 160% longer than last year’s 0.5 months.

The average selling price of a detached home fell by 1% month over month to $972,440, which is 18% below the year-ago average price. Semis also declined by 1% from November to $752,370, a 16% year-over-year decrease. Townhomes increased by 1% month over month to land at an average selling price of $804,493, a year-over-year decrease of 15%. While condos were down 5% year over year, the average selling price of $534,788 was 4% lower than last month. The overall average selling price for a home in Durham region in December was $874,456, that’s 2% less than in November and 15% less than last year.

The Toronto Regional Real Estate Board (TRREB) reports:2 3 4 

  • Market: Seller’s Market
  • Sales: 380 (down 43% year over year and down 33% month over month)
  • New listings: 458 (down 19% year over year and down 56% month over month)
  • Active listings: 723 (up 376% year over year and down 30% month over month)
  • Sales-to-new-listings ratio: 83% (previous month was 54%)
  • Average days on market: 21 (up 133% year over year and up 24% month over month)
  • Average detached selling price: $972,440 (down 18% year over year and down 1% month over month)
  • Average semi-detached selling price: $752,370 (down 16% year over year and down 1% month over month)
  • Average townhouse selling price: $804,493 (down 15% year over year and up 1% month over month)
  • Average condo selling price: $534,788 (down 5% year over year and down 4% month over month)
  • All residential average selling price: $874,456 (down 15% year over year and down 2% month over month)

Comments from TRREB President Paul Baron: "Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end."

York

There were 575 home sales in the York region in December, a decrease of 31% from November and 45% from December 2021. The 743 new listings were 52% fewer than November and 19% fewer than last December. The sharper decline of month-over-month new listings over sales shifted the sales-to-new-listings ratio from November’s balanced market of 54% to 77% in December indicating the region experienced seller’s market conditions in December.

It took an average of 25 days for a home to sell in December. That’s 19% longer than in November and 79% longer than the year-ago rate. There were 1,467 active listings at the end of December, a 27% decrease from November, but a 140% increase over December 2021. It would take 2 months to sell the active listings at the current rate of sales, that’s 5% longer than in November and 100% longer than in December 2021.

Average selling prices in York Region fluctuated a little in both directions in December. Month over month, detached homes were at par with an average price of $1,644,681, while townhomes increased by 1% to $1,094,779. Semis declined by 2% to $1,040,229 and condos declined by 3% to $675,100. Year-over-year home prices were down in all categories from 4% (condos) to 17% (semis). The overall average selling price for a home in York region was $1,267,563 in December. Remaining well above the $1M mark, the average price was 3% lower than last month and 11% lower than last year.

The Toronto Regional Real Estate Board (TRREB) reports:2 3 4 

  • Market: Seller’s Market
  • Sales: 575 (down 45% year over year and down 31% month over month)
  • New listings: 743 (down 19% year over year and down 52% month over month)
  • Active listings: 1,467 (up 140% year over year and down 27% month over month)
  • Sales-to-new-listings ratio: 77% (previous month was 54%)
  • Average days on market: 25 (up 79% year over year and up 19% month over month)
  • Average detached selling price: $1,644,681 (down 10% year over year and at par month over month)
  • Average semi-detached selling price: $1,040,229 (down 17% year over year and down 2% month over month)
  • Average townhouse selling price: $1,094,779 (down 15% year over year and up 1% month over month)
  • Average condo selling price: $675,100 (down 4% year over year and down 3% month over month)
  • All residential average selling price: $1,267,563 (down 11% year over year and down 3% month over month)

Comments from TRREB President Paul Baron: "Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end." 

Halton

Home sales in Halton declined by 29% month over month while new listings declined by 52%. The steeper drop in new listings pushed the sales-to-new-listings ratio to 79%, an indication of seller’s market conditions, from November’s balanced market ratio of 54%. Sales in December were down by 38% from year-ago levels, while new listings were down by 13%.

It took an average of 32 days for homes in the Halton region to sell in December, which is 23% longer than in November and 191% longer than last year. There were only 883 active listings at the end of the month; 29% fewer than in November, but 362% more than in December of last year. At the current rate of sales, it would take 1.8 months to sell the active inventory. That’s up a slight 6% month over month but up 200% year over year.

Unlike many regions, in the Halton region average selling price increased among the higher priced home categories and decreased among the lower priced ones. Detached homes increased 2% month over month to $1,502,129, while semis increased 7% to $1,026,763. The average selling price of both townhomes and condos decreased by 6% month over month to $934,298, and $677,230, respectively. All home categories declined compared to year-ago prices, from 3% for condos to 17% for both detached homes and townhomes. The overall average selling price of a home in the Halton region was $1,188,341 in December, for an overall increase of 3% month over month and decrease of 12% year over year.

The Toronto Regional Real Estate Board (TRREB) reports:2 3 4 

  • Market: Seller’s Market
  • Sales: 305 (down 38% year over year and down 29% month over month)
  • New listings: 384 (down 13% year over year and down 52% month over month)
  • Active listings: 883 (up 362% year over year and down 29% month over month)
  • Sales-to-new-listings ratio: 79% (previous month was 54%)
  • Average days on market: 32 (up 191% year over year and up 23% month over month)
  • Average detached selling price: $1,502,129 (down 17% year over year and up 2% month over month)
  • Average semi-detached selling price: $1,026,763 (down 13% year over year and up 7% month over month)
  • Average townhouse selling price: $934,298 (down 17% year over year and down 6% month over month)
  • Average condo selling price: $677,230 (down 3% year over year and down 6% month over month)
  • All residential average selling price: $1,188,341 (down 12% year over year and up 3% month over month)

Comments from TRREB President Paul Baron: "Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end."

Ottawa

December home sales in the Ottawa region were 29% lower than in November while new listings were 56% lower. This steeper decline in new listings shifted the sales-to-new-listings ratio from a balanced 53% in November to 86%, indicating that the region experienced seller’s market conditions in December.

There were 3.7 months of inventory for residential class properties in December and 3.9 months of inventory for condominium class properties. This represents a great easing of the market since year-ago levels of 0.9 months in each category. The months of supply represent how long it would take to sell the current inventory at the current rate of sales.

The average selling price of a residential class property in Ottawa in December was $655,839, a decrease of 4% month over month and 7% year over year. Affordability pressures have increased the average selling price of a condominium class property to $434,937, a 5% increase month over month and a 9% increase year over year. 

The Ottawa Real Estate Board (OREB) reports:5 6

  • Market: Seller’s Market
  • Sales: 601 (down 30% year over year and down 29% month over month)
  • New listings: 699 (up 17% year over year and down 56% month over month)
  • Sales-to-new-listings ratio: 86% (previous month was 53%)
  • Number of condominium-class properties sold: 135 (down 48% year over year and down 28% month over month)
  • Number of residential-class properties sold: 466 (down 22% year over year and down 29% month over month)
  • Average condo selling price: $434,937 (up 9% year over year and up 5% month over month)
  • Average residential selling price: $655,839 (down 7% year over year and down 4% month over month)

Comments from OREB President Ken Dekker: “The leading economic force behind Ottawa’s rapid appreciation in the past five years is chronic supply insufficiency. It intensified during the pandemic as prospective purchasers capitalized on incredibly low interest rates. Today’s higher rates are slowing down building projects, which exacerbates the low supply issue.”

Hamilton

284 homes sold in Hamilton in December, a decline of 33% month over month and a decline of 43% year over year. There were 350 new listings in December, a month-over-month decline of 56% and a year-over-year decline of 13%. With month-over-month new listings declining more sharply than sales, the sales-to-new-listings ratio shifted from a balanced 54% in November to 81% in December, indicating seller’s market conditions.

Hamilton Mountain had the greatest share of sales (65) with Stoney Creek (48), Hamilton Centre (40), and Hamilton East (33) following. Homes stayed on the market an average of 34 days in December, up 21% from November and up 154% from December of last year. There were 960 active listings at the close of the month. At the current rate of sales, it would take 3.4 months to sell December’s active inventory. That is 13% longer than last month and a whopping 824% longer than December of 2021.

December was the 10th consecutive month of price declines in the Hamilton region, but with an average selling price of $750,601, it is still well above the pre-pandemic average price of $531,283 in November 2019. In fact, all of the regions that we investigated this fall were still above their pre-pandemic prices. Stoney Creek topped the list for average selling price at $787,121, while Hamilton Mountain ($733,545), Hamilton East ($573,127), and Hamilton Centre ($559,453) followed. Flamborough had the fewest sales (8) but the highest average selling price at $1,213,063, while Hamilton West had the lowest average selling price at $538,378.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports:7 8 9

  • Market: Seller’s Market
  • Sales: 284 (down 43% year over year and down 33% month over month)
  • New listings: 350 (down 13% year over year and down 56% month over month)
  • Sales-to-new-listings ratio: 81% (previous month was 54%)
  • Active listings: 960 (up 430% year over year and down 25% month over month)
  • Average days on market: 34 (up 154% year over year and up 21% month over month)
  • Average price for a home in Hamilton Mountain: $733,545 (down 18% year over year and up 1% month over month)
  • Average price for a home in Stoney Creek: $787,121 (down 20% year over year and down 5% month over month)
  • Average price for a home in Hamilton Centre: $559,453 (down 12% year over year and up 4% month over month)
  • Average price for a home in Hamilton East: $573,127 (down 22% year over year and up 3% month over month)
  • Overall average price for a home in the Hamilton region: $750,601 (down 15% year over year and down 1% month over month)

Comments from RAHB President Lou Piriano: “The pandemic, combined with historically low interest rates, created an exponential surge in housing demand. Supply could not keep pace, resulting in price growth that far exceeded expectations over a two-year period. 2022 saw conditions start to shift back to a more balanced market. Improved supply is an important component to stabilizing both sales and home prices.”

Niagara

Home sales in the Niagara region declined by 18% from November to December to land at 275 homes sold. New listings declined by 51% over the same period, shifting the sales-to-new-listings ratio from 38% in November (buyer’s market conditions) to 64% in December, indicating a shift to seller’s market conditions. Homes took an average of 48 days to sell in December, up from November’s 43 and up considerably from last December’s 22 days.

The benchmark price fell by 2% month over month in both Niagara Falls and Fort Erie. At $617,100, Niagara Falls was 12% lower than last year, and at $522,700, Fort Erie was 11% lower. In Welland, benchmark price dropped by 3% month over month to $510,000 and was 17% lower than last December. Prices in St. Catharines held the most ground, with benchmark price on par for November at $578,800, though still 12% lower than last year. The composite benchmark price for a home in the Niagara region was $631,600, a drop of only 2% from November and 12% below last December.

The Niagara Association of REALTORS® (NAR) reports:10 11 12

  • Market: Seller’s Market
  • Sales: 275 (down 42% year over year and down 18% month over month)
  • New listings: 433 (down 7% year over year and down 51% month over month)
  • Sales-to-new-listings ratio: 64% (previous month was 38%)
  • Average days on market: 48 (up 118% year over year and up 12% month over month)
  • Benchmark price for a home in St. Catharines: $578,800 (down 12% year over year and at par month over month)
  • Benchmark price for a home in Niagara Falls: $617,100 (down 12% year over year and down 2% month over month)
  • Benchmark price for a home in Welland: $510,000 (down 17% year over year and down 3% month over month)
  • Benchmark price for a home in Fort Erie: $522,700 (down 11% year over year and down 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $631,600 (down 12% year over year and down 2% month over month)

Comments from NAR Board of Directors president Amy Layton: “As expected, NAR experienced less sales this past December compared to the previous year. This is in line with the difference in the interest rate. We've seen a 4% increase to the prime rate between December 2021 and December 2022. After the last Bank of Canada interest rate increase on December 7th, 2022, and as we headed into the holiday season, it seems Niagara witnessed the same trends as other areas: a decrease in sales. Seeing roughly the same amount of listings though is encouraging. This means more choices for the buyers who are still out there."

Waterloo

There were 280 home sales in the Waterloo Region in December, which was 38% fewer than in November. There were 302 new listings over the same period, a staggering 60% drop. The sharper decline in new listings shifted the sales-to-new-listings ratio from 60% in November to 93% in December, indicating a strong seller’s market in the Waterloo Region.

Homes took an average of 25 days to sell in December, a 19% increase over November and a 56% increase over last year. There were 575 active listings at the end of the month. At the current rate of sales, it would take 0.9 months to sell the December inventory. That’s 31% lower (faster) than in November.

At $720,596, the average selling price for a home in the Waterloo region declined by only 2% month over month and was 16% lower than last year. Semis lost the most ground in average selling price, dropping 4% month over month to $616,671. Detached homes ($825,450) and townhomes ($609,154) both dropped by 2% month over month, while condos increased by 1% to land at an average selling price of $460,994. In a year-over-year comparison, average selling price was down in all home categories by 8% for condos, 17% for townhomes, 18% for detached homes, and 19% for semis.

The Waterloo Region Association of REALTORS® (WRAR) reports:13 14

  • Market: Seller’s Market
  • Sales: 280 (down 39% year over year and down 38% month over month)
  • New listings: 302 (down 20% year over year and down 60% month over month)
  • Active listings: 575 (up 329% year over year and down 33% month over month)
  • Sales-to-new-listings ratio: 93% (previous month was 60%)
  • Average days on market: 25 (up 56% year over year and up 19% month over month)
  • Average detached selling price: $825,450 (down 18% year over year and down 2% month over month)
  • Average semi-detached selling price: $616,671 (down 19% year over year and down 4% month over month)
  • Average townhome selling price: $609,154 (down 17% year over year and down 2% month over month)
  • Average apartment-style condominium selling price: $460,994 (down 8% year over year and up 1% month over month)
  • All residential average selling price: $720,596 (down 16% year over year and down 2% month over month)

Comments from KWAR President Megan Bell: “The number of homes sold in December was lower than any single month in well over a decade, marking an end to a turbulent year for home sales in Waterloo Region. It’s clear that the decline in sale prices has been a direct response to the successive interest rate hikes by the Bank of Canada throughout the past several months, however, with interest rates predicted to stabilize, we should see a steadier market in 2023. Our community is in high demand as a sought-after place to live in. And throughout most of 2022, we were working with less than one and a half months of supply of inventory. Combined with rising interest rates, it is still a challenging market for buyers. One change in particular that has caught my attention is the move to see gentle density and intensification within residential areas by allowing up to three residential units ‘as of right’ on most land zoned for one home without needing a municipal by-law amendment. Realtors were one of the first groups to champion ending exclusionary zoning. It will be noteworthy to see how this is integrated within Waterloo Region and in communities across the province.”

Guelph

Home sales in the Guelph region fell by 33% from November to land at 150 sales in December. New listings dropped by 62%, month over month, to 138 new listings. The steeper drop in new listings pushed the sale-to-new-listings ratio from 62% in November to 109% in December, indicating seller’s market conditions. Year-over-year sales were down by 27%, while new listings were 22% lower than in December 2021.

There were 376 active listings at the close of December, a drop of 34% month over month, but 376% more than at the end of December 2021. Months’ inventory remained at 2.5 in December, indicating it would take 2.5 months to sell the active inventory at the current rate of sales, which is over 5 times longer than last year’s 0.4 months.

The benchmark price for a detached home in Guelph declined by 2% from November to land at $883,100, 11% lower than in December of 2021. At $652,600, townhomes were 6% lower than last year, but on par with last month. Condos came in at $532,800, 5% lower than last year but a 1% gain on last month. The composite benchmark price for a home in Guelph in December was $796,900. That’s down 2% from November and 10% from last year.

The Guelph and District Association of REALTORS® (GDAR) reports:15

  • Market: Seller’s Market
  • Sales: 150 (down 27% year over year and down 33% month over month)
  • New listings: 138 (down 22% year over year and down 62% month over month)
  • Active listings: 376 (up 376% year over year and down 34% month over month)
  • Sales-to-new-listings ratio: 109% (previous month was 62%)
  • Benchmark price for a detached home: $883,100 (down 11% year over year and down 2% month over month)
  • Benchmark price for a townhome: $652,600 (down 6% year over year and at par month over month)
  • Benchmark price for a condominium: $532,800 (down 5% year over year and up 1% month over month)
  • Overall benchmark price for a home: $796,900 (down 10% year over year and down 2% month over month)

Comments from GDAR President Tyson Hinschberger: “Sales activity finished off the year on a subdued note while the year as a whole came in at the lowest annual total since 2010. On a monthly basis we haven’t yet seen any signs of a meaningful rebound in demand, while new listings have been holding up remarkably well. There’s plenty of choice available on the market for potential home buyers, and with both interest rates and benchmark home prices plateauing this could be the right time for those buyers to get back into the market.”

London

There were 299 home sales in the London-St Thomas region in December, which was a drop of 34% from November. New listings dropped dramatically from November to 401 in December, a 54% decline. The sharper drop in new listings pushed the sales-to-new-listings ratio from a balanced 52% in November to 75%, indicating that the region was experiencing seller’s market conditions in December.

Homes took an average of 30 days to sell in December, an easing of the market compared to 25 in November, and considerable easing compared to last December’s 7 days. There were 1,137 active listings at the end of the month, a drop of 24% from last month, but a 417% increase over last year. It would take 3.8 months to sell the active supply at the current rate of sales, up slightly from November but up considerably from last year’s 0.4 months.

Amid generally falling prices, there is still competition among the more affordable options, which buoyed the average selling price of condos up by 4% month over month, and townhouses up by 2% to land at $359,670 and $507,057, respectively. Detached homes lost ground, falling by 2% month over month to $656,792. The overall average price for a home in the London area changed little from November, landing at $612,770. Compared to December of 2021, average selling prices were down across the board, coming in 14% lower overall, 16% lower for detached homes, 14% lower for townhomes, and 10% lower for condos.

The London and St. Thomas Association of REALTORS® (LSTAR) reports:16 17

  • Market: Seller's Market
  • Sales: 299 (down 40% year over year and down 34% month over month)
  • New listings: 401 (down 7% year over year and down 54% month over month)
  • Active listings: 1,137 (up 208% year over year and down 24% month over month)
  • Sales-to-new-listings ratio: 75% (previous month was 52%)
  • Median days on market: 30 (up 417% year over year and down 24% month over month)
  • Average detached selling price: $656,792 (down 16% year over year and down 2% month over month)
  • Average townhouse selling price: $507,057 (down 14% year over year and up 2% month over month)
  • Average condo selling price: $359,670 (down 10% year over year and up 4% month over month)
  • All residential average selling price: $612,770 (down 14% year over year and at par month over month)

Windsor 

There were 230 home sales in Windsor in December – that's 31% fewer than in November. The majority of the home sales were between $300k and $699k, though there were a total of 50 homes sold for less than $300,000 in December.

New listings declined by 47% month over month to 383. The sharper drop in new listings shifted the sales-to-new-listings ratio from a balanced 46% in November to 60% in December, the edge of balanced and seller’s market conditions.

There were 975 active listings at the end of December. That’s 24% fewer than November but 208% more than December of last year. At the current rate of sales, it would take 4.2 months to sell the current inventory. That’s 10% longer than last month, but 539% longer than last year’s 0.7 months.

The overall average selling price for a home in the Windsor area in December was $473,642, falling 7% from November and 18% from last December. 

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

  • Market: Balanced Market
  • Sales: 230 (down 52% year over year and down 31% month over month)
  • New listings: 383 (down 6% year over year and down 47% month over month)
  • Active listings: 975 (up 208% year over year and down 24% month over month)
  • Sales-to-new-listings ratio: 60% (previous month was 46%)
  • All residential average selling price: $473,642 (down 18% year over year and down 7% month over month)

Brantford

Home sales in Brantford declined in December by 13% month over month and by 27% year over year to land at 91 sales. There were 113 new listings in December, a decrease of 52% month over month and an increase of 15% year over year. The sharper drop in new listings pushed the sales-to-new-listings ratio all the way from 44% in November to 81% in December, indicating seller’s market conditions in Brantford.

There were 280 active listings at the end of the month in Brantford, 27% fewer than in November but 522% more than at the end of December 2021. At the current rate of sales, it would take 3.1 months to sell the active inventory, which was 16% faster than in November, but 675% slower than in December of last year.

Benchmark price for a detached home dropped by 4% from November to $675,000, which was 13% lower than the year-ago price. Townhomes came in at $555,100, a drop of 4% month over month and a drop of 9% year over year. Competition among the more affordable options caused condo prices to increase by 1% month over month and by 2% year over year. The composite benchmark price for a home in Brantford in December was $653,000. That’s 4% lower than November and 12% lower than December of 2021. 

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

  • Market: Seller’s Market
  • Sales: 91 (down 27% year over year and down 13% month over month)
  • New listings: 113 (up 15% year over year and down 52% month over month)
  • Active listings: 280 (up 522% year over year and down 27% month over month)
  • Sales-to-new-listings ratio: 81% (previous month was 44%)
  • Benchmark price for a detached home: $675,000 (down 13% year over year and down 4% month over month)
  • Benchmark price for a townhome: $555,100 (down 9% year over year and down 4% month over month)
  • Benchmark price for a condominium: $390,700 (up 2% year over year and up 1% month over month)
  • Overall benchmark price for a home: $653,000 (down 12% year over year and down 4% month over month)

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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 showing where FairSquare operates

Alberta

There were 3,296 home sales in Alberta22 23 in December, a 26% decline from November and a 32% decline from December of 2021. New listings have dropped by 38% from last month to 3,498, which was 18% fewer new listings than last December. The decline in new listings has tightened the market somewhat, shifting the sales-to-new-listings ratio from 79% last month to 94% in December.

There were 14,960 active listings at the end of the month, which was 2% fewer than last year and 20% fewer than last month. At the current rate of sales, it would take 4.5 months to sell all the active listings. That’s 8% longer than in November and 45% longer than in December of last year.

The average selling price of a detached home increased in December, by 3% month over month and by 6% year over year to land at $511,023. Other home categories declined month over month but are still above year-ago average selling prices. At $249,394, condos dropped by 3% month over month but are 2% higher than last year. At $319,353, row houses dropped 1% month over month but are still 9% above last year’s average selling price. Semis closed the month with an average selling price of $415,905, which was 4% lower than in November but 7% higher than in December of 2021. The overall average selling price of a home in Alberta in December was $429,496, a month-over-month increase of 2% and a year-over-year increase of 3%. Amid rising interest rates and other affordability challenges, this increase speaks to the general affordability of real estate in Alberta.

Calgary

There were 1,204 home sales in Calgary in December, a drop of 27% from November. New listings fell by 36% to 1,031. The steeper drop in new listings shifted the sales-to-new-listings ratio from 102% in November to 117% in December, further into what is considered seller’s market conditions. Sales were 31% lower than year-ago levels, and new listings were 16% lower.

Homes took an average of 46 days to sell in December. That’s 15% longer than November, but 2% faster than in December of 2021. There were 2,214 active listings at the end of the month, a 29% decline from November and a 15% decline from last year. It would take 1.8 months to sell the active listings at the current rate of sales, a slight easing from last year’s 1.5 months, but 3% faster than in November.

Month-over-month sales declined in all home categories in December. Sales of detached homes made up 51% of the market and dropped by 25% and rowhouses made up 16% of the market and dropped by 24%. Meanwhile, the number of condos sold (26% of market) dropped by 31% and semis (7% of market) dropped by 35%. The year-over-year picture is similar with all home categories selling 34% to 39% fewer homes than in December 2021, except for condo sales which increased by 1% over last year.

Prices again fared better than sales, with the average selling price of a detached home coming in at 2% higher than last month and 9% higher than last year to land at $638,916. The average selling price of a rowhouse fell by just 1% from November to $352,447, condos fell by 3% to $283,333 and semis fell by 7% to an average of $543,886. The overall average price for a home in Calgary in December was $495,231. That’s 1% higher than last month and 4% higher than last year.

The Calgary Real Estate Board (CREB) reports:24 25 26

  • Market:Seller's Market - based on STNL ratio
  • Sales: 1,204 (down 31% year over year and down 27% month over month)
  • New listings: 1,031 (down 16% year over year and down 36% month over month)
  • Active listings: 2,214 (down 15% year over year and down 29% month over month)
  • Sales-to-new-listings ratio: 117% (previous month was 102%)
  • Average days on market: 46 (down 3% year over year and up 15% month over month)
  • Average price for a detached home:$638,916 (up 9% year over year and up 2% month over month)
  • Average price for a semi-detached home: $543,886 (up 10% year over year and down 7% month over month)
  • Average price for a townhouse:$352,447 (up 11% year over year and down 1% month over month)
  • Average price for a condo:$283,333 (up 8% year over year and down 3% month over month)
  • Overall average price for a home: $495,231 (up 4% year over year and up 1% month over month)

Comments from CREB® Chief Economist Ann-Marie Lurie: “Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year. However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”

Edmonton

There were 973 home sales in Edmonton in December – that's 22% fewer than in November. New listings declined by 40% month over month to 1,212. The steeper decline of new listings shifted the sales-to-new-listings ratio from 62% in November to 80% in December.

Homes sold on average in 58 days in December. That's 6 days longer than in November and 6 days longer than last December. There were 5,018 active listings at the end of the month, down by 22% from November but 6% more than at close of December 2021.

Coming in at $457,371, single family homes held their value in December with a 1% increase to the average selling price compared to November, but 1% lower than the year-ago average price. Duplexes lost 2%, both month over month and year over year to land at $356,882. Condos fell the most, averaging $207,114, a 4% drop from November and 5% lower than last December. The overall average selling price of a home in Edmonton was $361,172 in December, 2% lower than last month and 5% lower than last year.

The REALTORS® Association of Edmonton (RAE) reports:27 28 29

  • Market:Balanced Market - based on STNL ratio
  • Sales: 973 (down 26% year over year and down 22% month over month)
  • New listings: 1,212 (down 13% year over year and down 40% month over month)
  • Active listings: 5,018 (up 6% year over year and down 22% month over month)
  • Sales-to-new-listings ratio: 80% (previous month was 62%)
  • Average days on market: 58 (up 12% year over year and up 12% month over month)
  • Average detached selling price: $457,371 (down 1% year over year and down 1% month over month)
  • Average duplex selling price:$356,882 (down 2% year over year and down 2% month over month)
  • Average condo selling price: $207,114 (down 5% year over year and down 4% month over month)
  • Average residential selling price: $361,172 (down 5% year over year and down 2% month over month)

Comments from RAE Chair Paul Gravelle: “The Edmonton real estate market continued to cool into the month of December as listings and sales slowed for the holiday season. While we saw substantial changes for residential listings, sales and inventory last month, average prices for single-family homes, condos and duplex remained relatively stable both month over month and year over 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 showing where FairSquare operates.

Manitoba

591 homes sold in Winnipeg in December, a sharp decline of 32% from November. New listings declined by 48% over the same period to 736. The sharper decline in new listings shifted the sales-to-new-listings ratio from 61%, the inside edge of a seller’s market, to 80% indicating the region experienced strong seller’s market conditions in December. From a year-over-year perspective, home sales were down by 36% while new listings were down by only 3%. There were 2,634 active listings at the close of December, 55% more than last December, but 24% fewer than in November. 

The average price of a detached home in Winnipeg was $378,978, which is on par with last month, but 1% below year-ago prices. Attached homes were down 1% month over month to settle at $314,496, 8% below last December. Condos fell the most from November, coming in at $243,749, 9% less than November but at par with last year.

Winnipeg

The Winnipeg Regional Real Estate Board (WRREB) reports:30 31 32

  • Market:Seller’s Market
  • Sales: 591 (down 36% year over year and down 32% month over month)
  • New listings: 736 (down 3% year over year and down 48% month over month)
  • Active listings: 2,364 (up 55% year over year and down 24% month over month)
  • Sales-to-new-listings ratio: 80% (previous month was 61%)
  • Average detached selling price: $378,978 (down 1% year over year and at par month over month)
  • Average townhouse selling price: $314,496 (down 8% year over year and down 1% month over month)
  • Average condo selling price: $243,749 (at par year over year and down 9% month over month)

Comments from WRREB President Akash Bedi: “Real estate remains one of the most important contributors to our well-being and is a strong indicator of the overall local economy. The Winnipeg regional real estate market remains affordable with many options to purchase a home or condominium. It is to be expected that overall sales and inventory have shifted in line with the pre-pandemic trajectory and the normal seasonal changes that the market experiences.”

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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 Dec 2022 Market Report
2TRREB Dec 2022 Market Report
3TRREB Nov 2022 Market Report
4TRREB Dec 2021 Market Report
5OREB Dec 2022 Market Report
6OREB Nov 2022 Market Report
7RAHB Dec 2022 Market Report
8RAHB Nov 2022 Market Report
9RAHB Dec 2022 Market Summary
10NAR Dec 2022 Market Report
11NAR Nov 2022 Market Report
12NAR Dec 2021 Market Report
13WRAR Dec 2022 Market Report
14WRAR Nov 2022 Market Report
15CREA: GDAR Dec 2022 Market Report
16LSTAR Dec 2022 Market Report
17LSTAR Nov 2022 Market Report
18WECAR Dec 2022 Market Report
19WECAR Nov 2022 Market Report
20WECAR Dec 2021 Market Report
21CREA: BREA Dec 2022 Market Report
22AREA Dec 2022 Market Report
23AREA Nov 2022 Market Report
24CREB Dec 2022 Market Report
25CREB Nov 2022 Market Report
26CREB Dec 2022 Market Summary
27RAE Dec 2022 Market Report
28RAE Nov 2022 Market Report
29RAE Dec 2021 Market Report
30WRREB Dec 2022 Market Report
31WRREB Nov 2022 Market Report
32WRREB Dec 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.