State of the Real Estate Market: May 2022

Ontario1, Manitoba23 and Alberta19 all saw decreases in sales-to-new-listings (STNL) ratios, meaning all three provinces are experiencing a cooling in the market. However, Manitoba and Alberta remained under seller’s market conditions while Ontario continued in balanced market conditions trending towards buyer’s market conditions. 

On average for the regions featured in this report home sales fell 30% year over year and fell 4% month over month. A decrease in sales coupled with a 10% increase in new listings year over year and an 8% increase month over month, led to a substantial increase in active listings, 42% year over year and 26% month over month on average. All of which indicates cooler markets than months’ previous in each province, welcome news to buyers.

Like last month, almost all regions in this report witnessed a decrease in year-over-year sales activity, only Edmonton22 and Calgary20 saw modest increases compared to May 2021. And similar to April, all regions, except for two, saw month-over-month decreases in sales activity. Regions that saw the greatest month-over-month decrease in sales compared to April were Brantford17, down 17%, and the Niagara region7, down 16%.

New listings continue to be a mixed bag, with some regions including Winnipeg23 and Windsor14 posting double-digit increases month over month, while others saw single-digit declines. Year over year is a similar story, however, York and Peel posted double-digit declines, down 22% and 13%, respectively. 
 
Edmonton, Calgary, Winnipeg23, and all but three regions in Ontario saw their STNL ratio decrease compared to April.  For Ontario regions, all have either moved into or remained in balanced market and buyer’s market conditions. Similar to last month, this shift is a result of large increases in active listings and decreases in sales across the regions. For Edmonton, Calgary, and Winnipeg, while their STNL ratios continue to trend downward, the declines were not enough to push these regions out of their seller’s markets.

Like the month previous, all regions saw average selling prices increase year over year. For regions featured in this report, prices increased on average by 14% year over year and fell 3% month over month. The only region to post a month-over-month gain in average selling prices was Barrie18 with an increase of 2%.

All in all, May continued to bring more supply to regions across Canada, helping to soak up some of the buyer demand that has kept supply levels at historic lows for months. As a result, price growth continues to be curbed as we head into the typically slower summer months.

Map of Ontario showing where FairSquare operates

Ontario

The Ontario Real Estate Association (OREA) reported 19,279 home sales in May, continuing the downward trend month over month.1 Coupled with an increase in new listings and active listings, the market was driven further into balanced conditions, leading to a modest increase in average price year over year of 9% and a 5% decrease month over month.  

New listings totalled 43,141 across the province in May, an increase of 9% both year over year and month over month. At the same time, sales decreased 32% year over year and 4% month over month, which resulted in the sales-to-new-listings (STNL) ratio continuing to fall, now sitting at 45%. Ontario continues to be in a balanced market and is trending towards buyer’s market conditions (a STNL ratio of 40-60% is considered to be a balanced market).  

As for inventory at month-end, active listings saw a similar dramatic increase month over month as in April, rising 35% in May. This further increased the months of inventory by another 29% month over month, now sitting at 1.8 months. The stark increase in inventory paired with a decline in sales is reflected in the average selling price, which continued its downward trend month over month, decreasing another 5%. However, the average selling price saw an increase of 9% year over year and sits at $940,485.  

Toronto 

Toronto is teetering on a buyer’s market and balanced market conditions in May, as the sales-to-new-listings (STNL) ratio fell to 39% (A STNL ratio of 40-60% is considered to be balanced conditions, and under 39% is considered to be a buyer’s market). Although the STNL ratio indicates more buyer-friendly conditions, homes are only selling one day slower compared to April, despite the 29% increase in active listings over the same time period. In addition, average selling prices are holding steady, up 13% year over year and down just 1% month over month. Buyer demand appears to still be high for all product types and the average selling price continues 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: Buyer's Market 
  • Sales: 2,679 (down 43% year over year and down 11% month over month) 
  • New listings: 6,877 (down 8% year over year and up 12% month over month)
  • Active listings: 5,970 (up 29% year over year and up 26% month over month) 
  • Sales-to-new-listings ratio: 39% (previous month was 49%) 
  • Average days on market: 13 (up 18% year over year and up 8% month over month) 
  • Average detached selling price: $1,914,890 (up 13% year over year and down 2% month over month) 
  • Average semi-detached selling price: $1,426,273 (up 9% year over year and down 5% month over month) 
  • Average townhouse selling price: $1,238,845 (up 2% year over year and down 8% month over month) 
  • Average condo selling price: $793,124 (up 9% year over year and down 3% month over month)
  • All residential average selling price: $1,233,748 (up 13% year over year and down 1% month over month) 

Comments from TRREB President Kevin Crigger: “Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration.” 

Peel

Active and new listings greatly outpaced home sales in May which resulted in the Peel region continuing to see buyer’s market conditions based on the sales-to-new-listings (STNL) ratio of 37%. The increase in supply helped decrease average selling prices by 5% month over month, though average prices are still up 14% year over year and are well over $1 million. Homes are also taking two days longer to sell on average compared to April, which supports active listings increasing 15% month over month after a substantial boost in April.

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

  • Market: Buyer's Market
  • Sales: 1,377 (down 50% year over year and down 10% month over month)
  • New listings: 3,676 (down 13% year over year and down 6% month over month)
  • Active listings: 2,952 (up 40% year over year and up 15% month over month)
  • Sales-to-new-listings ratio: 37% (previous month was 39%)
  • Average days on market: 12 (up 20% year over year and up 20% month over month)
  • Average detached selling price: $1,524,568 (up 15% year over year and down 6% month over month)
  • Average semi-detached selling price: $1,074,004 (up 16% year over year and down 6% month over month)
  • Average townhouse selling price: $994,969 (up 16% year over year and down 4% month over month)
  • Average condo selling price: $661,237 (up 17% year over year and down 6% month over month)
  • All residential average selling price: $1,180,883 (up 14% year over year and down 5% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Price trends observed over the past three months – both in terms of moderating annual growth rates and the recent month-over-month dips – are in line with TRREB’s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power.”

Durham

Durham remained in balanced market conditions in May for the third consecutive month, as new listings continued to outpace sales. Even after substantial increases in active listings in March and April, homes on the market increased further this month, though more modestly, up 9% month over month. The increase in active listings helped decrease average selling prices. All product types saw month-over-month decreases in average selling prices, upwards of 8%. Although the average selling price is still up 11% year over year, the average price for a home in the Durham region fell below the $1 million mark.

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

  • Market: Balanced Market
  • Sales: 1,025 (down 42% year over year and down 6% month over month)
  • New listings: 2,261 (down 3% year over year and down 3% month over month)
  • Active listings: 1,391 (up 58% year over year and up 9% month over month)
  • Sales-to-new-listings ratio: 45% (previous month was 47%)
  • Average days on market: 10 (up 11% year over year and up 25% month over month)
  • Average detached selling price: $1,094,693 (up 10% year over year and down 8% month over month)
  • Average semi-detached selling price: $812,146 (up 9% year over year and down 7% month over month)
  • Average townhouse selling price: $907,885 (up 19% year over year and down 2% month over month)
  • Average condo selling price: $633,509 (up 29% year over year and down 4% month over month)
  • All residential average selling price: $995,668 (up 11% year over year and down 7% month over month)

Comments from TRREB President Kevin Crigger: “Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration.”

York

York region continued to see buyer’s market conditions in May, as indicated by the sales-to-new-listings (STNL) ratio of 35% (under 39% is considered to be a buyer’s market). Both sales and new listings decreased month over month to the tune of 11% and 4%, respectively, and active listings increased 11% over the same time period, adding more inventory to the market. The increase in active listings caused average days on market to increase by two days compared to April. As a result of increased inventory and softer demand, average selling prices decreased 4% month over month, but are still up 7% year over year.

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

  • Market: Buyer's Market
  • Sales: 1,100 (down 55% year over year and down 11% month over month)
  • New listings: 3,151 (down 22% year over year and down 4% month over month)
  • Active listings: 2,954 (up 9% year over year and up 11% month over month)
  • Sales-to-new-listings ratio: 35% (previous month was 38%)
  • Average days on market: 14 (up 17% year over year and up 17% month over month)
  • Average detached selling price: $1,677,250 (up 8% year over year and down 5% month over month)
  • Average semi-detached selling price: $1,168,539 (up 12% year over year and down 7% month over month)
  • Average townhouse selling price: $1,169,062 (up 13% year over year and down 8% month over month)
  • Average condo selling price: $780,703 (up 17% year over year and up 3% month over month)
  • All residential average selling price: $1,369,657 (up 7% year over year and down 4% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Price trends observed over the past three months – both in terms of moderating annual growth rates and the recent month-over-month dips – are in line with TRREB’s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power.”

Halton

The Halton region remained in a balanced market in May for the third consecutive month. Sales were at par month over month while new listings declined marginally by 2%. Unlike sales and new listings, the volume of active listings at month end increased by 12% month over month, which is encouraging for buyers. The increase in active listings caused homes to sit two days longer on market than the month previous and impacted average selling prices, which decreased by 5%. The region is seeing more inventory on the market and pricing is reflecting that.

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

  • Market: Balanced Market
  • Sales: 826 (down 41% year over year and at par month over month)
  • New listings: 1,893 (down 4% year over year and down 2% month over month)
  • Active listings: 1,426 (up 51% year over year and up 12% month over month)
  • Sales-to-new-listings ratio: 44% (previous month was 43%)
  • Average days on market: 12 (up 20% year over year and up 20% month over month)
  • Average detached selling price: $1,643,570 (up 7% year over year and down 8% month over month)
  • Average semi-detached selling price: $1,077,615 (up 9% year over year and down 2% month over month)
  • Average townhouse selling price: $1,070,756 (up 13% year over year and down 3% month over month)
  • Average condo selling price: $790,342 (up 17% year over year and up 6% month over month)
  • All residential average selling price: $1,313,651 (up 9% year over year and down 5% month over month)

Comments from TRREB President Kevin Crigger: “Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration.”

Ottawa

The Ottawa market is teetering between seller’s market and balanced market conditions, as indicated by the sales-to-new-listings (STNL) ratio of 59% (balanced market conditions is considered to be between 40-60%). The case for balanced conditions is supported by sales decreasing 2% and new listings increasing 10% month over month, adding more inventory to the market. Despite an increase in new listings, average selling prices saw little movement compared to April; condominium-class properties decreased by 3% and residential-class properties were at par month over month.

The Ottawa Real Estate Board (OREB) reports5:

  • Market: Balanced Market
  • Sales: 1,846 (down 19% year over year and down 2% month over month)
  • New listings: 3,120 (at par year over year and up 10% month over month)
  • Sales-to-new-listings ratio: 59% (previous month was 66%)
  • Number of condominium-class properties sold: 462 (down 11% year over year and down 2% month over month)
  • Number of residential-class properties sold: 1,384 (down 22% year over year and down 3% month over month)
  • Average condo selling price: $472,920 (up 11% year over year and at par month over month)
  • Average residential selling price: $802,393 (up 8% year over year and down 3% month over month)

Comments from OREB President Penny Torontow: “With year-over-year resales declining in March and April, and now with this downward trend continuing into May, traditionally the highest performing month for resales, it is quite clear that Ottawa’s resale market is shifting away from the blazing pace of 2021. And if rising interest rates, cost of living, and inflation aren’t enough factors to cause a pullback, the powerful and deadly storm that brought our city to its knees last month has justifiably impacted the market as well.”

Hamilton-Burlington

Balanced market conditions in the Hamilton-Burlington region persisted as new listings continued to outpace home sales bringing the sales-to-new-listings (STNL) ratio to 47% (a ratio of 40%-60% is considered to be a balanced market). The increase in new listings helped decrease average selling prices by 2% month over month. However, compared to the same time last year, home prices are still up 18%, despite expanded choice for buyers.

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

  • Market: Balanced Market
  • Sales: 1,232 (down 32% year over year and down 5% month over month)
  • New listings: 2,631 (up 16% year over year and up 7% month over month)
  • Sales-to-new-listings ratio: 47% (previous month was 53%)
  • Average selling price in Hamilton: $901,535 (up 13% year over year and down 5% month over month)
  • Average selling price in Burlington: $1,231,174 (up 23% year over year and at par month over month)
  • Average selling price in Niagara North: $1,141,374 (up 34% year over year and up 6% month over month)
  • Average selling price in Haldimand County: $716,604 (down 18% year over year and down 10% month over month)
  • All residential average selling price: $995,408 (up 18% year over year and down 2% month over month)

Comments from RAHB President Lou Piriano: “Overall, sales activity was below typical May levels likely due to buyers sitting on the sidelines as mortgage interest rates continue to rise. In May, the residential average sale price also dipped marginally from the previous month to $995,408, just below the million dollar mark, for the first time this year after holding steady since January 2022. However, as increased inventory comes to the market, buyers have more selection, which may also lend to further negotiation power."

Niagara 

The Niagara region is teetering between balanced market and buyer’s market conditions in May, as new listings continued to outpace sales, up 7% and down 16% month over month, respectively. This brought the sales-to-new-listings ratio from 51% in April to 40% in May, continuing to bring inventory relief to the market and trending towards a buyer’s market. As a result, the average days on market increased month-over-month by one additional day, while the average selling price decreased 3%.

The Niagara Association of REALTORS® (NAR)7:

  • Market: Balanced Market
  • Sales: 595 (down 37% year over year and down 16% month over month)
  • New listings: 1,480 (up 19% year over year and up 7% month over month)
  • Sales-to-new-listings ratio: 40% (previous month was 51%)
  • Average days on market: 15 (up 7% year over year and up 7% month over month)
  • Benchmark price for a home in St. Catharines: $711,800 (up 20% year over year and down 7% month over month)
  • Benchmark price for a home in Niagara Falls: $786,900 (up 25% year over year and up 3% month over month)
  • Benchmark price for a home in Welland: $649,600 (up 22% year over year and down 1% month over month)
  • Benchmark price for a home in Fort Erie: $652,200 (up 22% year over year and down 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $790,500 (up 22% year over year and down 3% month over month)

Comments from NAR President Jim Brown: "The trend continues toward a Buyer’s market in Niagara. This trend is backed by increased inventory and a reduction in the number of sales months over month. Although the HPI Benchmark Price shows strong growth, year over year; this indicator continues to fall from a record high in February of this year.”

Kitchener-Waterloo

A decrease in sales coupled with an increase in new listings resulted in the sales-to-new-listings (STNL) ratio decreasing further from 50% in April to 46% in May, indicating the Kitchener-Waterloo region remains in balanced market conditions, but is trending towards a buyer’s market. The 28% increase in active listings month over month influenced homes sitting on the market for two additional days compared to April, as well as selling for 4% less over the same time period. Year over year, average prices still remain up an impressive 18%.

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

  • Market: Balanced Market
  • Sales: 661 (down 23% year over year and up 4% month over month)
  • New listings: 1,422 (up 34% year over year and up 11% month over month)
  • Active listings: 902 (up 98% year over year and up 28% month over month)
  • Sales-to-new-listings ratio: 46% (previous month was 50%)
  • Average days on market: 11 (up 22% year over year and up 22% month over month)
  • Average detached selling price: $1,016,834 (up 17% year over year and down 4% month over month)
  • Average semi-detached selling price: $730,768 (up 11% year over year and down 7% month over month)
  • Average townhome selling price: $708,722 (up 18% year over year and down 7% month over month)
  • Average apartment-style condominium selling price: $545,825 (up 20% year over year and down 9% month over month)
  • All residential average selling price: $875,194 (up 18% year over year and down 4% month over month)

Comments from KWAR President Megan Bell: "The increase by the Bank of Canada to the key interest rate in April had the predictable result of knocking some buyers down if not out of the market in May. While the impact to prices is small, it has had a critical impact on some buyers and what they can now afford."

Guelph

The Guelph region saw a double-digit decrease in sales year over year, coupled with a double-digit increase in new listings during the same period. As a result, the region dove deeper into a balanced market and is trending towards buyer’s market conditions seeing the sales-to-new-listings (STNL) ratio decrease from 49% to 45% month over month (a ratio of 40%-60% is considered to be a balanced market). Both a decrease in sales and an increase in new listings led to an astounding 77% increase in active listings compared to this time last year and a 27% increase month over month. The sharp increase in inventory is reflected in the 6% month over month decrease in overall benchmark price for a home, now sitting at $944,400, however the benchmark price of a home is still up 19% year over year.

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

  • Market: Balanced Market
  • Sales: 407 (down 32% year over year and down 3% month over month)
  • New listings: 895 (up 21% year over year and up 4% month over month)
  • Active listings: 678 (up 77% year over year and up 27% month over month)
  • Sales-to-new-listings ratio: 45% (previous month was 49%)
  • Benchmark price for a detached home: $1,044,400 (up 18% year over year and up 1% month over month)
  • Benchmark price for a townhome: $767,500 (up 24% year over year and up 5% month over month)
  • Benchmark price for a condominium: $636,300 (up 33% year over year and down 1% month over month)
  • Overall benchmark price for a home: $944,400 (up 19% year over year and down 6% month over month)

Comments from GDAR President Dustin Davis: “Home sales were down from last year’s May record to below-average levels, a trend that we’re seeing play out across almost every market in the Greater Golden Horseshoe region as higher interest rates take effect. The positive side of this is that we’re also seeing a very strong influx of new supply, which is lifting overall inventories from historical lows and restoring balance to a market that has seen unprecedented tightness over the past two years. We’re hoping this will prompt some previously sidelined would-be buyers to return to the market as well as more listings become available.”

London

After a modest increase in new listings in April, the London region in May saw a more sizeable increase in new listings month over month, up 14%. The increase in new listings coupled with a decrease in sales, resulted in the sales-to-new-listings (STNL) ratio decreasing from 55% in April to 46% in May. This indicates the London region continues to experience balanced market conditions. This is further supported by the 42% increase in active listings month over month, which influenced average days on market to increase by one day and average selling prices for all product types to decrease by 1%.

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

  • Market: Balanced Market
  • Sales: 844 (down 31% year over year and down 4% month over month)
  • New listings: 1,835 (up 25% year over year and up 14% month over month)
  • Active listings: 1,436 (up 108% year over year and up 42% month over month)
  • Sales-to-new-listings ratio: 46% (previous month was 55%)
  • Median days on market: 9 (up 50% year over year and up 13% month over month)
  • Average detached selling price: $818,977 (up 18% year over year and down 3% month over month)
  • Average townhouse selling price: $605,333 (up 23% year over year and down 2% month over month)
  • Average condo selling price: $465,364 (up 18% year over year and down 2% month over month)
  • All residential average selling price: $762,397 (up 20% year over year and down 1% month over month)

Comments from LSTAR President Randy Pawlowski13: “Even if in May the sales-to-new listings ratio dropped to 46%, a figure that, typically, indicates a market that tends to favour home buyers, benchmark and average prices saw only modest month-over-month declines. Compared to last year’s figures, both of these values are substantially higher.”

Windsor

A significant boost in new listings in the past several months, including May, compared to the first two months of 2022 has aided in adding considerable inventory to the Windsor market. Since sales did not keep pace with new listings, it caused the sales-to-new-listings (STNL) ratio to drop to 41%, indicating the region is now teetering between balanced market and buyer’s market conditions (40-60% is considered to be a balanced market). Average selling prices are still up over 15% year over year, however prices declined 7% compared to April.

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

  • Market: Balanced Market
  • Sales: 583 (down 21% year over year and down 1% month over month)
  • New listings: 1,438 (up 38% year over year and up 34% month over month)
  • Active listings: 1,099 (up 83% year over year and up 51% month over month)
  • Sales-to-new-listings ratio: 41% (previous month was 55%)
  • All residential average selling price: $647,331 (up 15% year over year and down 7% month over month)

Brantford

Active listings surged in May as they almost doubled month over month, up 97%. In fact, this was the largest number of new listings added in the month of May on record. The increase in new listings coupled with a decrease in sales resulted in the sales-to-new-listings (STNL) ratio decreasing substantially, from seller’s market conditions at 61% to market conditions at 45%. The increase in inventory supported the benchmark price dropping by 4% month over month but is still up 22% year over year.

The Brantford Regional Real Estate Association (BRREA) reports17:

  • Market: Balanced Market
  • Sales: 211 (down 34% year over year and down 17% month over month)
  • New listings: 466 (up 27% year over year and up 11% month over month)
  • Active listings: 379 (up 82% year over year and up 97% month over month)
  • Sales-to-new-listings ratio: 45% (previous month was 61%)
  • Benchmark price for a detached home: $816,300 (up 21% year over year and down 5% month over month)
  • Benchmark price for a townhome: $714,200 (up 31% year over year and up 24% month over month)
  • Benchmark price for a condominium: $456,000 (up 46% year over year and up 12% month over month)
  • Overall benchmark price for a home: $791,600 (up 22% year over year and down 4% month over month)

Barrie and Simcoe County

Barrie and Simcoe County saw little change month over month in terms of sales and new listings, up 2% and 1%, respectively. As a result, the sales-to-new-listings (STNL) ratio remained at 38% keeping the region in a buyer’s market. Active listings increased a substantial 28% month over month, continuing to add inventory to the market. Benchmark selling prices for detached homes returned to above the $1M mark, and average selling prices for all product types increased 2% month over month and are up 36% year over year.

The Barrie & District Association of REALTORS® reports18:

  • Market: Buyer's Market
  • Sales: 426 (down 36% year over year and up 2% month over month)
  • New listings: 1,122 (up 26% year over year and up 1% month over month)
  • Active listings: 928 (up 86% year over year and up 28% month over month)
  • Sales-to-new-listings ratio: 38% (previous month was 38%)
  • Benchmark price for a detached home: $1,003,100 (up 26% year over year and up 2% month over month)
  • Benchmark price for a townhome: $680,900 (up 26% year over year and at par month over month)
  • Benchmark price for a condominium: $619,100 (up 22% year over year and up 4% month over month)
  • Overall benchmark price for a home: $955,600 (up 26% year over year and up 2% month over month)

Comments from BDAR President Luc Woolsey: "Our market is very well supplied at the moment, with the highest number of new listings in any May in history bringing some much-needed relief to the supply side and restoring balance to the market. With conditions finally appearing to move out of the unprecedented tightness of the past two years and available listings on the market rising from historical lows we might begin seeing previously sidelined buyers return to the market.”

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Map of Alberta showing where FairSquare operates

Alberta

The 9,409 sales across Alberta in May were record highs for the month,19 despite sales decreasing 4% month over month. After a substantial boost in new listings in , new listings have continued to remain essentially on par both year over year and month over month in both April and May; in May, new listings were up 4% year over year and 1% month over month. Months of inventory increased from 2.03 months to 2.38 months of inventory, which is welcome news for buyers in this market. The increase in new listings helped increase active listings to 13% month over month, also welcome news for buyers.

Average selling prices increased 3% month over month and are still up year over year to the tune of 8%. In May, the average price for a home in Alberta was $477,009. The consistency in average selling price and tight inventory levels are testaments to the seller’s market Alberta is experiencing, though there are preliminary signs the later half of 2022 may see more balanced market conditions.

Calgary 

Sales activity slowed in May compared to April and the record highs of March. Despite this, sales were still up 3% year over year, and the market continues to favour sellers. New listings fell by 6% month over month, while active listings continued their upward trajectory, up 7% month over month. All product types, with the exception of condos, saw average selling prices fall compared to April, though are still up year over year.

The Calgary Real Estate Board (CREB) reports20 21:  

  • Market:Seller's Market  
  • Sales: 3,071 (up 3% year over year and down 10% month over month)  
  • New listings: 4,294 (down 6% year over year and down 6% month over month)  
  • Active listings: 5,200 (down 23% year over year and up 7% month over month)  
  • Sales-to-new-listings ratio: 72% (previous month was 74%)  
  • Average price for a detached home: $660,124 (up 11% year over year and down 1% month over month)  
  • Average price for a semi-detached home: $542,025 (up 8% year over year and down 4% month over month)  
  • Average price for a townhouse: $363,655 (up 11% year over year and down 1% month over month)  
  • Average price for a condo: $288,580 (at par year over year and up 6% month over month)  
  • Overall average price for a home: $520,013 (up 2% year over year and down 2% month over month)   

Comments from CREB® Chief Economist Ann-Marie Lurie: "It's not a surprise to see sales ease from the exceptionally strong levels seen earlier in the year. Many buyers were eager to get into the market ahead of the rate gains that we are now seeing. While higher lending rates are weighing on sales activity, the market is still struggling with supply levels and rising prices which could also be contributing to slower sales, especially in the detached market. Nonetheless, if this shift continues, we could begin to see more balanced conditions in the market over the next several months, slowing the pace of price growth in the market."

Edmonton   

The Edmonton market teetered between balanced market and buyer’s market conditions in May as sales and new listings decreased month over month by 2% each. Despite the 17% increase in active listings at month end, homes were selling two days faster compared to April. Demand still appears to be high in Edmonton, though average selling prices decreased by 2% month over month and are up 2% year over year.  

The REALTORS® Association of Edmonton (RAE) reports22:  

  • Market:Seller's Market  
  • Sales: 2,857 (up 4% year over year and down 2% month over month) 
  • New listings: 4,711 (up 13% year over year and up 2% month over month)  
  • Active listings: 7,546 (down 6% year over year and up 17% month over month)  
  • Sales-to-new-listings ratio: 61% (previous month was 62%)  
  • Average days on market: 29 (down 12% year over year and down 7% month over month)  
  • Average detached selling price: $492,037 (up 6% year over year and down 4% month over month)  
  • Average duplex selling price: $395,783 (up 11% year over year and down 3% month over month)  
  • Average condo selling price: $241,886 (down 1% year over year and up 1% month over month)  
  • Average residential selling price: $410,276 (up 2% year over year and down 2% month over month)  

Comments from RAE Chair Paul Gravelle: “We’re starting to see a slow down of the real estate market in the Greater Edmonton Area as we head into the early days of summer. While we continue to see a lot of activity in the market, we’re not seeing as big of month-to-month changes for pricing, sales and days-on-market that we did earlier this 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

The 1,723 sales in May marked the second-best May recorded for home sales, second only to the record highs of May 2021. Sales were down 14% year over year but increased by a substantial 18% month over month. A sizeable boost in inventory in May impacted the sales-to-new-listings (STNL) ratio, decreasing to 65% from 77% the previous month. This indicates that a seller’s market continues in the region, though balanced conditions are likely on the horizon.

There were 2,658 homes put on the market in May, which is an impressive 41% month-over-month increase and a more modest increase of 5% year over year. Active listings increased 30% month over month which is great news for buyers; and similar to new listings, remained close to at par year over year, down just 1%. In other words, there are a lot more homes available for purchase compared to April.

Double-digit average year-over-year price increases remained for detached and attached homes, up 17% and 20% year over year, respectively, while condos saw little year-over-year growth, up 3%.  Month-over-month price gains were smaller, with attached homes seeing the largest gains, up 2% month over month. On other hand, attached homes saw a month-over-month decrease of 4% and condos remained at par over the same time period.

The market in Winnipeg continues to be run by larger investments, with the largest percentage of transactions taking place in the $500K-$749K (25%) price range. The $350K-$399K took 14% of market share, with the $400K-$449K range falling close behind at 12%.

 The Winnipeg Regional Real Estate Board (WRREB) reports23 24 25

  • Market:Seller's Market    
  • Sales: 1,723 (down 14% year over year and up 18% month over month)  
  • New listings: 2,658 (up 5% year over year and up 41% month over month)  
  • Active listings: 2,747 (down 1% year over year and up 30% month over month)  
  • Sales-to-new-listings ratio: 65% (previous month was 77%)  
  • Average detached selling price: $454,832 (up 17% year over year and up 2% month over month)  
  • Average townhouse selling price: $358,087 (up 20% year over year and down 4% month over month)  
  • Average condo selling price: $261,910 (up 3% year over year and at par month over month)   

Comments from WRREB President Akash Bedi: "An influx of new listings into our market is welcome. Tight market conditions still prevail, however, as based on current sales we have less then two months of inventory when you want to have at least double that amount to move more into a balanced market." 

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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   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.