State of the Real Estate Market: November 2021

For the regions featured in this report, home sales fell 7% on average year over year and 13% month over month. Home prices continued their year over year climb, rising an average of 22% in November. While, month-over-month home prices stayed at par with the previous month, on average. Demand remains high and inventory continues to shrink, meaning seller’s markets continue to be prevalent in Ontario, Alberta, and Manitoba. 

This month, we’ve seen some shifting trends nationally for real estate in Canada. Four out of the eight regions featured in this report—Edmonton11, Toronto2, Calgary12, and Winnipeg15 —posted year-over-year increases in sales. Most notably, home sales in Calgary increased by a substantial 47% in November12 compared to the same time last year. Out of these four regions, Winnipeg was the only one to post a slight decrease of 1% in new listings.15 The other three regions experienced double-digit rises in the total of new listings year over year. However, compared to October 2021, all regions in this report saw new listings fall, except for Hamilton, which saw a healthy 10% increase in new listings.9 What is normally a slow time for the Canadian market has been anything but that, as demand for homes continues while supply levels steadily decline. 
 
Every region featured in this report is in a seller’s market, with most sales-to-new-listings (STNL) ratios tightening up several percentage points month over month. Three regions—Ottawa8, Calgary12, and Hamilton9—saw STNL ratios increase past 100% in November, which means there were more sales within the month than new listings coming onto the market; this is what causes months of inventory to decrease. 

Looking at average selling price, all regions saw prices increase year over year. Niagara was the hot market featured in this report, with prices rising 35% compared to last year. Peel5 and Hamilton9 also posted substantial 25% and 27% price gains respectively, with the average increase of all average selling prices featured in this report sitting at 22%. Month over month, only Toronto2 and Hamilton9 witnessed modest single-digit price declines of less than 2%. Home prices in the rest of the regions increased compared to October, also climbing single-digit percentage points.  

Professionals and consumers alike cannot stress the importance of increased supply to offset pent-up buyer demand. We’ve seen unusually active winter markets demonstrating that this year was far from normal. However, with 2022 on the horizon and the spring season fast approaching, hopefully more homeowners will feel inspired to list their homes. 

Jump to Region

Ontario
Toronto
Peel
Ottawa
Hamilton
Niagara

Alberta
Calgary
Edmonton

Manitoba
Winnipeg

Ontario

The decline of Ontario year over year home sales activity halted in November and was at par with 2020 totals. The average price for a residential property reached a new record in November, as seller’s markets continue to dominate across the province.

The Ontario Real Estate Association (OREA) reports 19,637 residential transactions, 14% above the five-year average.1 Compared to November 2020, sales were at par with previous totals, but dropped 9% from October 2021. If we sound like a broken record, it’s because this statement remains to be true several months over: there continues to be strong buyer demand forcing downward pressure on supply, creating tight conditions across the province.  

New residential listings totalled 21,043 across the province in November. New listings dropped 6% year over year and fell 15% month over month. Buyer demand is still very strong, but the lack of inventory is not helping those who are looking to sell their home and then buy another home as well. If sellers don’t have another home lined up, they might hesitate to list.  

Active listings experienced double-digit declines year over year, falling a dramatic 45%. The shortage in supply kept the market in the hands of the sellers driving the sales-to-new-listings (STNL) ratio up 5 percentage points from last month.  
 
Compared to October, the reduced year-over-year supply only slightly affected the months of inventory which measures how long it would take to sell all inventory at the current rate of sales. The months of inventory decreased 13% month over month, coming in at 0.7 for November 2021 compared to October’s 0.8 months of inventory. 
 
Overall, the average price increased by 24% year over year and 1% month over month. The average price of a home in Ontario is now sitting at $922,580. Prices will not stop their upward trajectory until supply starts to keep pace with relentless buyer demand.    

Toronto 

Toronto’s market conditions tightened in November, with the sales-to-new-listings (STNL) ratio increasing to 84% from October’s 74%, as active listings continue to decline both year over year and month of month. Despite it being a record-breaking November for home sales, new listings experienced a substantial 17% decline both monthly and yearly. Supply cannot keep up with demand in Toronto as average selling prices reach an all-time high.  

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

  • Market: Seller’s Market
  • Sales: 3,587 (up 18% year over year and down 6% month over month)
  • New listings: 4,249 (down 17% year over year and down 17% month over month)
  • Active listings: 3,342 (down 54% year over year and down 21% month over month)
  • Sales-to-new-listings ratio: 84% (previous month was 74%)
  • Average days on market: 17 (down 19% year over year and up 6% month over month)
  • Average detached selling price: $1,807,983 (up 22% year over year and up 1% month over month)
  • Average semi-detached selling price: $1,431,988 (up 23% year over year and up 8% month over month)
  • Average townhouse selling price: $1,279,504 (up 21% year over year and down 5% month over month)
  • Average condo selling price: $745,951 (up 17% year over year and up 1% month over month)
  • All residential average selling price: $1,096,736 (up 12% year over year and down 2% month over month) 

Comments from TRREB President Kevin Crigger: “Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy.”  

Peel  

Like the Toronto region, new and active listings are down substantially year over year and down seasonally month over month. Prices for all dwelling types are up across the board, driven up by the increased buyer demand and decreasing levels of supply. Peel region is firmly in a seller’s market.  

The Toronto Regional Real Estate Board (TRREB) reports 5 6 7: 

  • Market: Seller's Market
  • Sales: 1,716 (down 8% year over year and down 11% month over month)
  • New listings: 1,810 (down 15% year over year and down 13% month over month)
  • Active listings: 748 (down 61% year over year and down 23% month over month)
  • Sales-to-new-listings ratio: 95% (previous month was 92%)
  • Average days on market: 10 (down 41% year over year and down 9% month over month)
  • Average detached selling price: $1,488,131 (up 32% year over year and up 4% month over month)
  • Average semi-detached selling price: $1,071,246 (up 30% year over year and up 5% month over month)
  • Average townhouse selling price: $973,567 (up 30% year over year and up 3% month over month)
  • Average condo selling price: $605,968 (up 22% year over year and up 3% month over month)
  • All residential average selling price: $1,114,138 (up 25% year over year and up 5% month over month) 

Comments from TRREB Chief Market Analyst Jason Mercer: “A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years.”  

Ottawa  

Price accelerations have tapered off slightly since the first quarter of 2021 but that doesn’t mean the Ottawa region is seeing signs of more balanced market conditions. The sales-to-new-listings (STNL) ratio  increased another 16 percentage points in November after a substantial increase in October as well. The STNL ratio now sits at a whopping 102%, driving the Ottawa market deeper into a market favouring sellers. Until supply dramatically increases, or buyer demand sharply decreases, prices will likely continue to climb, and the market will remain tight.  

The Ottawa Real Estate Board (OREB) reports8: 

  • Market: Seller's Market 
  • Sales: 1,459 (down 9% year over year and down 13% month over month) 
  • New listings: 1,430 (down 13% year over year and down 27% month over month) 
  • Sales-to-new-listings ratio: 102% (previous month was 86%) 
  • Number of condominium-class properties sold: 373 (down 7% year over year and down 10% month over month) 
  • Number of residential-class properties sold: 1,086 (down 10% year over year and down 14% month over month)
  • Average condo selling price: $432,099 (up 19% year over year and up 7% month over month)
  • Average residential selling price: $716,992 (up 19% year over year and at par month over month) 

Comments from OREB President Debra Wright: “Despite significant increases in average prices over November 2020, month-to-month price accelerations have tapered off slightly, with average prices for residential units on par with October’s and condo average prices increasing by 7%. This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021. However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.” 

Hamilton-Burlington 

Typical for this time of the year, the Hamilton-Burlington region experienced a decline in new listings, with fewer properties changing hands. A decrease in sales didn’t cause the average selling price to change much; the average selling price for all home types only fell 1% month over month, despite October posting a record-breaking month. Single family homes continue to be the most-desired product type in this region with active listings and months of inventory the lowest on record. The seller’s market continues as the sales-to-new-listings (STNL) ratio increased to an outstanding 103%, meaning the number of sales outpaced the number of new listings. The seller’s market continues in the Hamilton-Burlington region.  

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

  • Market: Seller's Market 
  • Sales: 1,199 (down 3% year over year and down 10% month over month) 
  • New listings: 1,169 (down 3% year over year and down 10% month over month) 
  • Sales-to-new-listings ratio: 103% (previous month was 100%) 
  • Average selling price in Hamilton: $835,640 (up 28% year over year and down 3% month over month)
  • Average selling price in Burlington: $1,175,264 (up 28% year over year and up 2% month over month)
  • Average selling price in Niagara North: $913,967 (up 25% year over year and down 3% month over month)
  • Average selling price in Haldimand County: $869,898 (up 50% year over year and up 13% month over month)
  • All residential average selling price: $911,673 (up 27% year over year and down 1% month over month) 

Comments from RAHB President Donna Bacher“Following a record average residential sale price in October, the average sale price held strong in November dipping by only one per cent. This month we experienced fewer properties changing hands and fewer new listings coming to the market overall, which is not unusual as we move closer to the end of the year. We have also never seen inventory this low as the level of active listings and months of inventory available continue to fall. We expect the same story in December which typically sees lower activity levels in general.” 

Niagara   

We are starting to see trends emerge in the Niagara region, as sales numbers are following a similar pattern to previous months. Sales in November dropped 14% month over month and 4% year over year, and new listings dropped 13%, the same monthly decrease as October. Like all of Ontario, the lack of supply is drastically impacting the Niagara housing market. The sales-to-new-listings (STNL) ratio remained consistent at 89%, signalling that conditions didn’t shift further into the hands of the sellers.  
 
The Niagara Association of REALTORS® (NAR) reports 10 :

  • Market: Seller's Market 
  • Sales: 669 (down 4% year over year and down 14% month over month)
  • New listings: 751 (up 13% year over year and down 13% month over month)
  • Sales-to-new-listings ratio: 89% (previous month was 89%)
  • Average days on market: 18 (down 38% year over year and down 36% month over month)
  • Benchmark price for a home in St. Catharines: $654,900 (up 37% year over year and up 3% month over month)
  • Benchmark price for a home in Niagara Falls: $649,800 (up 37% year over year and up 4% month over month)
  • Benchmark price for a home in Welland: $571,300 (up 34% year over year and up 5% month over month)
  • Benchmark price for a home in Fort Erie: $581,200 (up 32% year over year and up 3% month over month)
  • Overall benchmark price for a home in the Niagara region: $701,700 (up 35% year over year and up 3% month over month)

Comments from NAR President Doug Rempel: “Buyer demand is still high and with so few homes available, sellers who list their homes this fall will likely have a tremendous advantage also known as leverage. Buyers want to buy before prices go even higher, they want to buy before interest rates rise, and in the likely event of having to compete with other offers, they want their offer accepted. These three buyer needs give homeowners a leg up when selling their house. Sellers might already realize this leverage enables them to sell at a good price, but it also means they can negotiate the best terms to suit your needs.” 

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If you need to sell or buy a home, a local FairSquare Group Realty Agent can help you navigate the market safely and with professional insight. FairSquare Group Realty supports Canadians by providing full-service 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 1-855-999-9740 to learn more. 

Alberta

Following a record month in October, November sales almost reached new highs again in Alberta. Activity in regions like Calgary and Edmonton were a whopping 50% higher than long-term trends. Like many other regions in Canada, supply shortages are starting to affect Alberta as well.  With levels of availability at their lowest we’ve seen in over a decade, the sales-to-new-listings (STNL) ratio increased to 94% from 80% last month. Though new listings and sales both decreased month over month, new listings saw a more dramatic decrease, which is why the STNL ratio increased substantially. 

New listings increased 11% year over year and experienced a 20% decline month over month, which is after October saw a decrease of 14% in new listings. Switching over to sales activity, home sales across the province increased a substantial 32% year over year and dropped 6% month over month. Despite downward pressure on inventory and rising prices as inventory levels decrease, November’s total of 6,114 homes sold is just shy of a record month for Alberta.11 

Large cities in the province are affected by strong sales activity and low levels of supply. This has created seller’s market conditions in some areas of the province, which is driving prices steadily upwards.  

Average selling prices did not spike or drop considerably in November. Across the province, the average selling price for all home types grew 6% year over year and increased by 1% month over month, now sitting at $429,543. 

Calgary 

There is high demand for all property types in the Calgary region, driving the number of sales to just under the record for November set in 2005. The sales-to-new-listings (STNL) ratio tightened past 100% as active and new listings fell drastically month over month. Slower sales are typical for this time of year, but sales have remained relatively consistent since August which is keeping average selling prices elevated.  
 
The Calgary Real Estate Board (CREB) reports 12 13: 

  • Market:Seller's Market 
  • Sales:2,110 (up 47% year over year and down 3% month over month)
  • New listings:1,989 (up 15% year over year and down 20% month over month)
  • Active listings:3,922 (down 22% year over year and down 19% month over month)
  • Sales-to-new-listings ratio: 106% (previous month was 87%)
  • Average price for a detached home:$585,922 (up 9% year over year and up 3% month over month)
  • Average price for a semi-detached home: $499,599 (up 7% year over year and up 3% month over month)
  • Average price for a townhouse: $330,270 (up 6% year over year and up 1% month over month)
  • Average price for a condo: $285,713 (up 21% year over year and down 1% month over month)
  • Overall average price for a home: $491,160 (up 8% year over year and up 1% month over month) 

 
Comments from CREB® Chief Economist Ann-Marie Lurie: Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise. At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.” 

Edmonton   

The sales-to-new-listings (STNL) ratio tightened to 86% in the Edmonton region, as new listings could not keep up with sales. Increased year-over-year sales activity was abundant, something that is unusual for the winter months and far outpacing November 2020. Average selling prices remained consistent year over year and month over month. Edmonton continues to be in a seller’s market. 

The REALTORS® Association of Edmonton (RAE) reports 14: 

  • Market:Seller's Market 
  • Sales:1,823 (up 31% year over year and down 2% month over month)  
  • New listings:2,131 (up 16% year over year and down 19% month over month) 
  • Active listings:5,808 (down 10% year over year and down 14% month over month) 
  • Sales-to-new-listings ratio: 86% (previous month was 70%)
  • Average days on market: 49(down 9% year over year and up 4% month over month)
  • Average detached selling price: $456,956 (up 4% year over year and up 2% month over month)
  • Average duplex selling price: $348,017 (up 3% year over year and down 4% month over month)
  • Average condo selling price: $226,433 (down 2% year over year and at par month over month)
  • Average residential selling price: $384,319 (up 2% year over year and up 2% month over month) 

 
Comments from RAE Chair Tom Shearer: “The Edmonton market saw some strong activity in November, which is unusual for this time of year. We also saw an increase in new residential listings compared to November 2020. The year-over-year residential unit sales in the GEA were also significantly higher than November of last year, while we continue to see incremental decreases in month-to-month activity. The market continues to see activity heading into the winter months – a positive sign as we head into a new year.” 
 
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If you need to sell or buy a home, a local 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 1-877-888-3131to learn more. 

Manitoba

That’s back-to-back record-setting months for Winnipeg, as 1,244 sales set a record for November. Prior to this month, the month of November has only ever exceeded 1,000 sales once before in November 2020. However, new, and active listings are still down driving the sales-to-new-listings (STNL) ratio up to 91%.  

New listings were down slightly 1% year over year and down a significant 23% month over month. In contrast, active listings were down significantly year over year and month over month, dropping 28% and 14% respectively. The tightening of supply drove the sales-to-new-listings (STNL) ratio up to 91% from 85% the previous month. Still locked in a seller’s market, Winnipeg sellers continue to enjoy elevated average selling prices due to pent-up buyer demand.  
 
Average selling prices for all product types increased year over year; detached homes and condos both increased 7% year over year, while attached homes saw a substantial price increase at 21% year over year. Month over month, detached homes increased by 1%, condos prices fell 5%, and attached home prices increased by an impressive 7% for this time of year. Indicating that the market is being driven by large fish, the largest percentage of transactions took place in the $500K-$750K range (18%), with the $350K-$400K and $300K-$350K price ranges a close second and third, accounting for 15% each.

Winnipeg 

The Winnipeg Regional Real Estate Board (WRREB) reports 15 16: 

  • Market:Seller's Market    
  • Sales:1,244 (up 4% year over year and down 18% month over month) 
  • New listings: 1,363 (down 1% year over year and down 23% month over month) 
  • Active listings: 2,252 (down 28% year over year and down 14% month over month) 
  • Sales-to-new-listings ratio: 91% (previous month was 85%)
  • Average detached selling price: $385,073 (up 7% year over year and up 1% month over month)
  • Average townhouse selling price: $334,149 (up 21% year over year and up 7% month over month)
  • Average condo selling price: $242,879 (up 7% year over year and down 5% month over month) 

Comments from WRREB President Kourosh Doustshenas: “November and our fourth quarter performance has been exceptional with sales rivalling the surge in 2020 market activity at end of year. With the equivalent of 91% of all MLS® listings entered in November selling, it dispels any notion that buyers are taking a break from what has been a year like no other.” 

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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. 

Statistics presented herein are rounded to the nearest whole number for readability. Exact statistics can be found using the references provided. *Cash back – How the Home Buying Service cash back works: FairSquare Group Realty will share with the buyer the commission it receives from the seller’s agent up to a maximum of $2,000 in cash back. No cash back if the commission received is lower than $5,000. Where available.

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.