State of the Real Estate Market: June 2022

The Ontario market is seeing balanced and buyer’s market conditions depending on the region, while Manitoba and Alberta continue to be seller’s markets, though they are also trending towards balanced markets. For the regions featured in this report, home sales dropped an average of 13% month over month and 28% year over year. Rising interest rates impacted all regions as sales declined compared to May; the exception was Winnipeg, where home sales rose 4% month over month

New listings are down an average of 6% month over month. Notable regional exceptions were Winnipeg, Windsor, and Niagara where new listings rose 4-8% since May. With sales declining more sharply than new listings in June, inventory got a boost, taking more pressure off the market. Active listings were up in all regions covered, except for York, where available supply dropped 1% from May.

Prices in all regions reflected a cooling market with an average drop of 5% month over month. Kitchener-Waterloo and London both saw the steepest drops – a 10% reduction in average selling prices month over month. Edmonton and Calgary had the shallowest decline – a 1% drop month over month. Despite these declines, average selling prices in all regions covered were above 2021’s levels, apart from Edmonton which saw a 2% decrease compared to June 2021.

As interest rates continue to rise, we should see active listings continue to rise while average selling prices will likely continue to decline.

Map of Ontario showing where FairSquare operates

Ontario

The Ontario Real Estate Association (OREA) reported 16,860 home sales in June, 35% fewer than June 2021.1 Month over month, the market saw a decrease in sales, down 13%. June saw an increase in inventory and a decrease in demand. 

There were 40,330 new listings across the province in June, an increase of 11% year over year and a decrease of 7% month over month. Sales decreased more than new listings month over month, which resulted in the sales-to-new-listings (STNL) ratio falling, now sitting at 42%. Ontario experienced balanced market conditions in June, since a STNL ratio of 40-60% is considered to be a balanced market. 

As for inventory at month-end, active listings saw another sizeable increase year over year, up 57%, with a month-over-month increase of 16%. This increase without the strong demand we’ve been experiencing caused the months of inventory to increase from 1.8 to 2.4 months compared to the previous month. The average selling price increased 3% year over year and decreased 6% month over month, sitting at $881,475 for a home in Ontario. All of this is welcome news for homebuyers who now have more time and options in the market, and often at a more affordable price than earlier this year. 

Toronto 

June saw Toronto tipped into balanced market conditions, as the sales-to-new-listings (STNL) ratio rose to 40% in June, up from 39% the previous month (A STNL ratio of 40-60% is considered to be balanced market conditions, and under 39% is considered to be a buyer’s market). With continued balanced market conditions, homes were selling three days slower compared to May, which was aided by the 5% increase in active listings over the same time period. As a result, buyer demand appears to have slowed for all home types. Average selling prices were up 7% year over year and down 7% month over month, while the average selling price continued to be well over $1 million for townhomes, semi-detached homes, and detached homes.

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:  

  • Market:Balanced market 
  • Sales: 2,422 (down 37% year over year and down 10% month over month)  
  • New listings: 5,988 (down 6% year over year and down 13% month over month)  
  • Active listings: 6,290 (up 23% year over year and up 5% month over month)  
  • Sales-to-new-listings ratio: 40% (previous month was 39%)  
  • Average days on market: 16 (up 14% year over year and up 23% month over month)  
  • Average detached selling price: $1,737,012 (up 2% year over year and down 9% month over month)  
  • Average semi-detached selling price: $1,343,378 (up 6% year over year and down 6% month over month)  
  • Average townhouse selling price: $1,276,167 (up 2% year over year and up 3% month over month)  
  • Average condo selling price: $771,267 (up 8% year over year and down 3% month over month)  
  • All residential average selling price: $1,152,175 (up 7% year over year and down 7% month over month)

Comments from TRREB CEO John DiMichele: "Our region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live. Policy makers at all levels need to make this their key goal."

Peel  

Despite the month-over-month drop of new listings in June, Peel region is continuing to see buyer’s market conditions based on a sales-to-new-listings (STNL) ratio of 36% (a STNL ratio of 40-60% is considered to be balanced conditions, and under 39% is considered to be a buyer’s market). The month-over-month decrease in sales and increase in active listings, in addition to homes taking four days longer to sell, contributed to a reduction of average selling prices by 7% month over month, though the average price is still up 6% year over year and is well over $1 million.  

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:  

  • Market: Buyer's Market 
  • Sales: 1,172 (down 49% year over year and down 15% month over month)
  • New listings: 3,278 (up 2% year over year and down 11% month over month)
  • Active listings: 3,068 (up 61% year over year and up 5% month over month)
  • Sales-to-new-listings ratio: 36% (previous month was 37%)
  • Average days on market: 16 (up 33% year over year and up 33% month over month)
  • Average detached selling price: $1,424,811 (up 5% year over year and down 7% month over month)
  • Average semi-detached selling price: $1,018,318 (up 10% year over year and down 5% month over month)
  • Average townhouse selling price: $951,258 (up 12% year over year and down 4% month over month)
  • Average condo selling price: $649,799 (up 14% year over year and down 2% month over month)
  • All residential average selling price: $1,101,178 (up 6% year over year and down 7% month over month)

Comments from TRREB President Kevin Crigger: "Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs."

Durham  

Durham remained in balanced market conditions in June as new listings continued to outpace sales. While active listings are up 99% year over year, homes on the market increased further this month, though more modestly, up 2% month over month. The increase in active listings contributed to a reduction in average selling prices, with detached homes, semi-detached homes, and townhomes seeing month-over-month decreases, upwards of 8%. Average selling price dropped 3% month over month, still 6% higher year over year, keeping the average price of a home in the Durham region just below a million dollars. 
 
The Toronto Regional Real Estate Board (TRREB) reports2 3 4:  

  • Market: Balanced Market 
  • Sales: 967 (down 32% year over year and down 6% month over month)
  • New listings: 1,979 (up 20% year over year and down 13% month over month)
  • Active listings: 1,415 (up 99% year over year and up 2% month over month)
  • Sales-to-new-listings ratio: 49% (previous month was 45%)
  • Average days on market: 12 (up 20% year over year and up 20% month over month)
  • Average detached selling price: $1,066,819 (up 5% year over year and down 3% month over month)
  • Average semi-detached selling price: $788,9626 (up 7% year over year and down 3% month over month)
  • Average townhouse selling price: $835,859 (up 8% year over year and down 8% month over month)
  • Average condo selling price: $639,709 (up 23% year over year and up 1% month over month)
  • All residential average selling price: $969,424 (up 6% year over year and down 3% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: "Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren’t in a position where they need to sell their home. If would-be sellers decide to take a wait-and-see attitude over the next few months, it’s possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices."

York  

New listings dropped 15% and sales dropped 8% compared to last month resulting in a sales-to-new-listings ratio (STNL) of 38%, up from last month’s 35%; this pushed York region closer to a balanced market (under 40% is considered to be a buyer’s market). Softer demand from buyers caused average days on market to increase by three days compared to May, while active listings decreased marginally by 1%. As a result of steady inventory and softer demand, average selling prices decreased 5% month over month, but are still up 5% year over year.  

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:    

  • Market: Buyer’s Market   
  • Sales: 1,011 (down 50% year over year and down 8% month over month) 
  • New listings: 2,666 (down 9% year over year and down 15% month over month) 
  • Active listings: 2,932 (up 24% year over year and down 1% month over month)
  • Sales-to-new-listings ratio: 38% (previous month was 35%)
  • Average days on market: 17 (up 21% year over year and up 21% month over month)
  • Average detached selling price: $1,608,721 (up 5% year over year and down 4% month over month)
  • Average semi-detached selling price: $1,139,561 (up 12% year over year and down 3% month over month)
  • Average townhouse selling price: $1,111,927 (up 8% year over year and down 5% month over month)
  • Average condo selling price: $727,225 (up 13% year over year and down 7% month over month)
  • All residential average selling price: $1,307,857 (up 5% year over year and down 5% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren’t in a position where they need to sell their home. If would-be sellers decide to take a wait-and-see attitude over the next few months, it’s possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices.” 

Halton

Home sales in Halton region dropped 20% month over month while new listings dropped 9% over the same time period, nudging the region into a buyer’s market with a sales-to-new-listings ratio (STNL) of 39%, down from last month’s 44%. Active listings are up 10% from May and up 92% from last year; this increase in inventory resulted in homes taking three days longer to sell in June than in May. Buyers are taking their time, which impacted the average selling price. Though still well over $1 million, average selling prices dropped 3% month over month.

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:

  • Market: Buyer’s Market
  • Sales: 665 (down 39% year over year down 20% month over month)
  • New listings: 1,715 (up 18% year over year and down 9% month over month)
  • Active listings: 1,562 (up 92% year over year and up 10% month over month)
  • Sales-to-new-listings ratio: 39% (previous month was 44%)
  • Average days on market: 15 (up 25% year over year and up 25% month over month)
  • Average detached selling price: $1,610,579 (up 3% year over year and down 2% month over month)
  • Average semi-detached selling price: $1,044,134 (up 8% year over year and down 3% month over month)
  • Average townhouse selling price: $1,035,275 (up 10% year over year and down 3% month over month)
  • Average condo selling price: $732,983 (up 7% year over year and down 7% month over month)
  • All residential average selling price: $1,270,053 (up 4% year over year and down 3% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren’t in a position where they need to sell their home. If would-be sellers decide to take a wait-and-see attitude over the next few months, it’s possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices.” 

Ottawa

The Ottawa region moved into balanced market conditions, based on a sales-to-new-listings (STNL) of 47%, as the 3,213 new listings greatly outpaced the 1,508 homes sold in June. Increased inventory caused the average selling price of condominium-class properties to decrease by 7% since May, while residential-class homes dropped 4% over the time period. Year over year, average selling prices are up 1% and 6%, respectively.

 The Ottawa Real Estate Board (OREB) reports5:  

  • Market: Balanced Market 
  • Sales: 1,508 (down 29% year over year and down 18% month over month) 
  • New listings: 3,213 (up 38% year over year and up 3% month over month) 
  • Sales-to-new-listings ratio: 47% (previous month was 59%)
  • Number of condominium-class properties sold: 370 (down 23% year over year and down 20% month over month)
  • Number of residential-class properties sold: 1,138 (down 31% year over year and down 18% month over month)
  • Average condo selling price: $438,997 (up 1% year over year and down 7% month over month)
  • Average residential selling price: $772,861 (up 6% year over year and down 4% month over month)

Comments from OREB President Penny Torontow: “After the frenzy of the past two years, we are witnessing Ottawa’s resale market normalize in 2022 and shift towards the more traditional seasonal ebb and flow cycle. While June transactions do typically taper as many look towards their summer holidays, last month’s sales were at a slower pace than we have seen in well over a decade.” 

Hamilton-Burlington 

Hamilton-Burlington region dipped into a buyer’s market in June, with a sales-to-new-listings ratio (STNL) of 39% (below 40% is considered a buyer’s market, a ratio of 40%-60% is considered to be a balanced market, and above 60% is a seller’s market). While Haldimand and Burlington regions saw average selling prices increase month over month, Niagara North and Hamilton saw declines. Niagara North in particular saw less favourable conditions in June, with average selling prices dropping 29% compared to May, an 11% decrease year over year. Haldimand, Burlington, and Hamilton continue to see year-over-year increases in average selling prices.  

The REALTORS® Association of Hamilton-Burlington (RAHB) reports6:  

  • Market: Buyer’s Market 
  • Sales: 995 (down 38% year over year and down 19% month over month)
  • New listings: 2,543 (up 27% year over year and down 3% month over month)
  • Sales-to-new-listings ratio: 39% (previous month was 47%)
  • Average selling price in Hamilton: $863,016 (up 10% year over year and down 4% month over month)
  • Average selling price in Burlington: $1,250,673 (up 10% year over year and up 2% month over month)
  • Average selling price in Niagara North: $805,844 (down 11% year over year and down 29% month over month)
  • Average selling price in Haldimand County: $812,919 (up 23% year over year and up 13% month over month)
  • All residential average selling price: $946,026 (up 9% year over year and down 5% month over month)

Comments from RAHB President Lou Piriano: “Similar to May, sales activity in June was below the five and ten-year historical averages. This was the experience for all dwelling types and sub-regions across the RAHB market area. In June, mortgage rates increased by 0.5 per cent, and as a result, some potential buyers have likely delayed their purchase because they may be taking a “wait and see” approach to the market or they can no longer qualify. The overall residential average sale price across the RAHB market area fell five per cent from May to $946,026, while the months of inventory climbed above the two-month mark for the first time in over two years. The increase in active listings signals a more balanced market where buyers have greater negotiation power and more options.” 

Niagara   

The Niagara region entered buyer’s market conditions in June, as new listings increased by 4% month over month and sales decreased 19% in the same period. This brought the sales-to-new-listings ratio from 40% in May to 31% in June, reflecting a solid buyer’s market (below 40% is considered a buyer’s market, a ratio of 40%-60% is considered to be a balanced market, and above 60% is a seller’s market). As a result, the average days on market increased month over month by four days, while the benchmark selling price decreased by 5%. 

The Niagara Association of REALTORS® (NAR)7:  

  • Market: Buyer’s Market 
  • Sales: 483 (down 46% year over year and down 19% month over month)
  • New listings: 1,534 (up 28% year over year and up 4% month over month)
  • Sales-to-new-listings ratio: 31% (previous month was 40%)
  • Average days on market: 19 (up 6% year over year and up 27% month over month)
  • Benchmark price for a home in St. Catharines: $682,100 (up 13% year over year and down 4% month over month)
  • Benchmark price for a home in Niagara Falls: $752,800 (up 17% year over year and down 4% month over month)
  • Benchmark price for a home in Welland: $603,100 (up 11% year over year and down 7% month over month)
  • Benchmark price for a home in Fort Erie: $617,000 (up 15% year over year and down 5% month over month)
  • Overall benchmark price for a home in the Niagara region: $753,200 (up 15% year over year and down 5% month over month) 

Comments from NAR President Jim Brown:“The residential real estate market continues its declining trend established over the last few months. Month over month data shows available inventory continues to increase, the number of homes sold continues to fall and home prices continue to fall. Even with this current trend, the year over year results show that the housing market has increased in value by 14.8% since June 2021.” 

Kitchener-Waterloo

With sales decreasing more than new listings month over month, the sales-to-new-listings ratio (STNL) decreased to 44%. This ratio represents a balanced market, but the trend of the last few months is moving towards a buyer’s market. This is supported by active listings increasing 10% month over month, as well as being a substantial 165% higher year over year. There is more inventory for buyers to choose from, which has impacted average days on market and average selling prices; homes took two days longer to sell in June compared to May and sold for 7% less compared to last month.

The Kitchener-Waterloo Association of REALTORS® (KWAR) reports8 9:  

  • Market: Balanced Market 
  • Sales: 561 (down 24% year over year and down 15% month over month) 
  • New listings: 1,285 (up 49% year over year and down 10% month over month)
  • Active listings: 991 (up 165% year over year and up 10% month over month)
  • Sales-to-new-listings ratio: 44% (previous month was 46%)
  • Average days on market: 13 (up 15% year over year and up 18% month over month)
  • Average detached selling price: $920,349 (at par year over year and down 10% month over month)
  • Average semi-detached selling price: $710,284 (up 10% year over year and down 3% month over month)
  • Average townhome selling price: $662,305 (up 12% year over year and down 7% month over month)
  • Average apartment-style condominium selling price: $497,429 (up 12% year over year and down 9% month over month)
  • All residential average selling price: $791,674 (up 4% year over year and down 10% month over month) 

Comments from KWAR President Megan Bell: “While any shift in the market will result in some individuals predicting the worse, the simple reality is that the market we had been in was unsustainable. What this means for buyers is more inventory, more choices, and perhaps most importantly, potentially less stress when purchasing. For sellers, they need to ensure their properties stand out from the competition and be aware it may take more time to sell their home and for potentially less money than they were expecting.” 

Guelph

Guelph continued to see balanced market conditions in June with a sales-to-new-listings ratio of 43%, though the region is trending towards buyer’s market conditions. Both sales and new listings dropped month over month, down 15% and 11% respectively. Year-over-year active listings are up 107%, as well as up 14% month over month. This increase in inventory is impacting benchmark selling prices for all product types, which are down 4% compared to May, though up 13% year over year.  

The Guelph and District Association of REALTORS® (GDAR) reports10:  

  • Market: Balanced Market 
  • Sales: 346 (down 38% year over year and down 15% month over month) 
  • New listings: 801 (up 12% year over year and down 11% month over month) 
  • Active listings: 770 (up 107% year over year and up 14% month over month) 
  • Sales-to-new-listings ratio: 43% (previous month was 45%) 
  • Benchmark price for a detached home: $999,200 (up 11% year over year and down 4% month over month) 
  • Benchmark price for a townhome: $734,500 (up 19% year over year and down 4% month over month) 
  • Benchmark price for a condominium: $614,000 (up 29% year over year and down 4% month over month) 
  • Overall benchmark price for a home: $903,700 (up 13% year over year and down 4% month over month)  

Comments from GDAR President Dustin Davis: “The decline in sales activity continued in June with another double-digit decrease, a trend that has been playing out since earlier this year in March. “New listings are having a comeback story this year, with June posting the strongest level of new inventory for this month in history. Overall inventories available on the market have risen steadily off their historical lows and now stand on par with where they were at the end of 2019. The market balance has also shifted away from seller’s territory to a more balanced position. With lower demand and higher supply now becoming the norm for the medium term, benchmark prices have begun to recede from their record highs but continue to post moderate gains on a year-over-year basis.” 

London

June saw 663 homes sales in the region and 1,727 new listings, resulting in a sales-to-new-listings ratio (STNL) of 38%. This is a notable drop from May’s STNL of 46% and reflects a shift from a balanced market to buyer’s market conditions in the London region. Average selling price dropped 10% from May, still up 9% from June of last year. The decline in month-over-month selling prices was supported by median days on market jumping from 9 in May to 13 in June.

The London and St. Thomas Association of REALTORS® (LSTAR) reports11 12 13:  

  • Market: Buyer’s Market 
  • Sales: 663 (down 40% year over year and down 21% month over month)
  • New listings: 1,727 (up 17% year over year and down 6% month over month)
  • Active listings: 1,831 (up 129% year over year and up 28% month over month)
  • Sales-to-new-listings ratio: 38% (previous month was 46%)
  • Median days on market: 13 (up 86% year over year and up 44% month over month)
  • Average detached selling price: $736,158 (up 8% year over year and down 10% month over month)
  • Average townhouse selling price: $583,321 (up 12% year over year and down 4% month over month)
  • Average condo selling price: $413,576 (up 8% year over year and down 11% month over month)
  • All residential average selling price: $686,287 (up 9% year over year and down 10% month over month)

Comments from LSTAR President Randy Pawlowski: “While the three consecutive interest rate hikes by the Bank of Canada succeeded to put some downward pressure on the home prices, the low housing supply is what keeps them relatively elevated. Even if the number of months of inventory increased to almost three, this value is still lower than normal. In a balanced market, the inventory should sit at 3.5 or 4 months." 

Windsor

The Windsor-Essex County Association of REALTORS® reported another increase in new listings, up 8% from May and 35% compared to June 2021. On the other hand, sales dropped 7% month over month and 28% year over year resulting in a big jump in active listings up 32% from May, and 125% from June of last year. Buyers appeared to be taking their time to make purchase decisions and this was reflected in a sales-to-new-listings (STNL) ratio of 35%, down from 41% in May and landing the region squarely in a buyer’s market. As a result, average selling prices dropped month over month by 6% but are still up 9% year over year. 

The Windsor-Essex County Association of REALTORS® (WECAR) reports14 15 16:  

  • Market: Buyer’s Market  
  • Sales: 545 (down 28% year over year and down 7% month over month)
  • New listings: 1,557 (up 35% year over year and up 8% month over month)
  • Active listings: 1,450 (up 125% year over year and up 32% month over month)
  • Sales-to-new-listings ratio: 35% (previous month was 41%)
  • All residential average selling price: $607,704 (up 9% year over year and down 6% month over month) 

Brantford

With a sales-to-new-listings ratio of 46%, Brantford continued to experience balanced market conditions. The region hit a record high for new listings coming onto the market compared to any June in history. As a result, active listings were up 8% compared to May, as well as a substantial 95% compared to last June. While active and new listings were up month over month, home sales dropped 10%, though are still up 33% from last June. These market conditions caused benchmark selling prices to drop by 12% month over month, while still up 5% year over year.

The Brantford Regional Real Estate Association (BRREA) reports17:   

  • Market: Balanced Market
  • Sales: 189 (down 33% year over year and down 10% month over month) 
  • New listings: 412 (up 16% year over year and down 12% month over month) 
  • Active listings: 411 (up 96% year over year and up 8% month over month) 
  • Sales-to-new-listings ratio: 46% (previous month was 45%) 
  • Benchmark price for a detached home: $778,500 (up 11% year over year and down 5% month over month)
  • Benchmark price for a townhome: $713,500 (up 29% year over year and at par month over month) 
  • Benchmark price for a condominium: $452,500 (up 38% year over year and down 1% month over month)
  • Overall benchmark price for a home: $758,400 (up 13% year over year and down 4% month over month) 

Barrie and Simcoe County

Although both home sales and new listings dropped month over month, sales decreased at a greater rate which caused the sales-to-new-listings ratio to hit 29%, down from 38% last month, reflecting stronger buyer’s market conditions. As active listings increased 22% compared to May, the region also saw benchmark selling prices in the region drop below the $1M mark in June, a decrease of 5% from May, but still up 17% compared to June of last year.

The Barrie & District Association of REALTORS® reports18:  

  • Market: Buyer's Market 
  • Sales: 330 (down 42% year over year and down 23% month over month)
  • New listings: 1,143 (up 39% year over year and up 2% month over month)
  • Active listings: 1,136 (up 116% year over year and up 22% month over month)
  • Sales-to-new-listings ratio: 29% (previous month was 38%)
  • Benchmark price for a detached home: $949,800 (up 18% year over year and down 5% month over month) 
  • Benchmark price for a townhome: $651,800 (up 20% year over year and down 4% month over month)
  • Benchmark price for a condominium: $606,600 (up 17% year over year and down 2% month over month) 
  • Overall benchmark price for a home: $906,300 (up 17% year over year and down 5% month over month) 

Comments from BDAR President Luc Woolsey: "The market has been turned on its head – less than six months ago we were facing some of the tightest conditions in history, with demand outpacing supply by an extraordinary margin, and now those trends are beginning to reverse.” 

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Map of Alberta showing where FairSquare operates

Alberta

The Alberta Real Estate Association reported 8,553 homes sales in June, 7% fewer than June 2021, and down 9% from May.19 There were 13,567 new listings across the province in June, an increase of 2% year over year, and a decrease of 6% month over month. 

With more listings available relative to demand, the sales-to-new-listings (STNL) ratio was at 63% in June, down two percent from May and trending towards more balanced market conditions (a ratio of 40-60% is considered to be a balanced market). 

Active listings at month-end were down 13% year over year, with a month-over-month increase of 8%. As a result, months of inventory increased 19% month over month, though it was down 6% from last year. The reduced demand impacted average selling prices in Alberta to the tune of 6% below May’s level, though still 4% higher than June 2021. The average selling price across the province in June was $449,290. 

Calgary 

The Calgary region saw seller’s market activity in June, despite sales decreasing by 7% month over month, as well as new listings decreasing by 5% over the same time period. Homes were taking longer to sell as active listings climbed 4% compared to June, but were still down 22% compared to June 2021. The increase in inventory impacted average selling prices, which declined by 1% month over month, though they were still up 5% from June of last year. 

The Calgary Real Estate Board (CREB) reports20 21:   

  • Market:Seller's Market
  • Sales: 2,842 (down 3% year over year and down 7% month over month)
  • New listings: 4,061 (down 2% year over year and down 5% month over month)
  • Active listings: 5,405 (down 22% year over year and up 4% month over month)
  • Sales-to-new-listings ratio: 70% (previous month was 72%)
  • Average price for a detached home: $667,673 (up 14% year over year and up 1% month over month)
  • Average price for a semi-detached home: $541,181 (up 6% year over year and at par month over month)
  • Average price for a townhouse: $353,285 (up 3% year over year and down 3% month over month)
  • Average price for a condo: $279,802 (up 9% year over year and down 3% month over month)
  • Overall average price for a home: $ 517,059 (up 5% year over year and down 1% month over month)

Comments fromCREB® Chief Economist Ann-Marie Lurie: “As expected, higher interest rates are starting to have an impact on home sales. This is helping shift the market toward more balanced conditions and taking some of the pressure off prices. While we are starting to see some transition, it is important to note that in Calgary year-to-date sales are still at record levels and prices are still far above expectations for the year."

Edmonton

Edmonton is teetering on seller’s market versus balanced market conditions in June with a sales-to-new-listings ratio of 60% (a ratio of 40-60% is considered a balanced market), down just one percent from May. With sales down 9% and new listings down 8% month over month, active listings did not follow suit and increased 7% over the same time period. Average days on market also rose 14% to an average of 33 days, contributing to more balanced conditions in the region. Despite more inventory and homes sitting longer, average selling prices remained at par month over month.

The REALTORS® Association of Edmonton (RAE) reports22:   

  • Market:Seller's Market
  • Sales: 2,593 (down 5% year over year and down 9% month over month) 
  • New listings: 4,319 (up 4% year over year and down 8% month over month)   
  • Active listings: 8,057 (down 4% year over year and up 7% month over month)
  • Sales-to-new-listings ratio: 60% (previous month was 61%)
  • Average days on market: 33 (down 6% year over year and up 14% month over month)
  • Average detached selling price: $494,302 (up 5% year over year and up 1% month over month)
  • Average duplex selling price: $387,811 (up 9% year over year and down 2% month over month)
  • Average condo selling price: $238,377 (down 2% year over year and at par month over month)
  • Average residential selling price: $405,776 (down 2% year over year and at par month over month)

Comments fromRAE Chair Paul Gravelle: “We continue to see a gradual decrease across the board in the Edmonton real estate market. As interest rates and inflation continue to rise, we anticipate that we will see further impacts on the housing market in the days to come."

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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

Despite increased mortgage rates, June was the fourth month in a row that the Winnipeg area saw increased sales. Home sales rose to 1,797, an increase of 4% from May, though 7% less than June 2021. New listings increased again to the tune of 8% month over month, and 21% year over year, adding inventory faster than it was selling. 

While June was still a seller’s market for the region, increases in new listings that outpaced sales resulted in another drop in the sales-to-new-listings ratio (STNL), down to 63% from 65% in May, and trending towards a more balanced market. The STNL is considered a balanced market when it is between 40-60%. Active listings were up by 27% month over month, and 25% year over year, which means homes are sitting longer on the market. 

The average price for detached homes and row houses fell month over month by 6% and 5%, respectively. On the other hand, apartment condominiums rose by 6% month over month. The majority of transactions were for properties in the $500K-$700K price range and the $350K-$399K range, each at 15%, and followed closely by homes in the $200K-$249K price range (14%). Winnipeg is still in a seller’s market, though balanced market conditions are on the horizon.    

Winnipeg

The Winnipeg Regional Real Estate Board (WRREB) report23 24 25:  

  • Market:Seller's Market     
  • Sales:1,797 (down 7% year over year and up 4% month over month)   
  • New listings: 2,867 (up 21% year over year and up 8% month over month)   
  • Active listings: 3,477 (up 25% year over year and up 27% month over month)   
  • Sales-to-new-listings ratio: 63% (previous month was 65%)   
  • Average detached selling price: $426,541 (up 8% year over year and down 6% month over month)   
  • Average townhouse selling price: $339,230 (up 13% year over year and down 5% month over month)   
  • Average condo selling price: $278,266 (up 11% year over year and up 6% month over month)   

Comments from WRREB President Akash Bedi: “While all indications are that we are still in a seller’s market, a shift is happening where buyers have more choices from higher amounts of inventory and sellers will have to be more realistic about their expectations on prices.” 

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FairSquare Group Realty supports Canadians by providing 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.  

†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.