State of the Real Estate Market: October 2022 

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

Real estate sales across Ontario,1 Manitoba,31 and Alberta24 declined in October between 2% (Calgary)26 and 23% (Brantford)20 except for Guelph13 which was at par with September sales, and Toronto,2 Niagara,9 London14 and Hamilton7 where sales increased between 1% and 9%. Year-over-year sales had steeper declines in all regions from a 15% drop in Calgary26 to a 54% drop in Toronto.2

New listings in October were down in all regions, month over month, with the shallowest drops in Durham2 (1%) and Peel2 (4%) and the steepest drops in Guelph13 (19%), Winnipeg31 (20%), Barrie22 (21%) and Brantford20 (29%).

Most regions experienced balanced market conditions in October, except for Guelph,13 Calgary,26 and Winnipeg,31 which were seller’s markets based on a sales-to-new-listings (STNL) ratio of over 60%. Niagara9 was the outlier with buyer’s market conditions with a STNL ratio of under 40%.

Edmonton28 (7,143) and Toronto2 (5,266) continued to have the highest volume of active listings in October, while Barrie22 (12%) and Calgary26 (13%) had the steepest declines in active listings compared to September levels. Brantford20 (3.5 months) and London14 (3.2 months) had the largest months’ inventory, while Durham2 had the tightest with 1.1 months of supply.

York Region2 again topped the list with the highest average selling price ($1,258,610)2 with Halton2 close behind ($1,223,189). Toronto2 and Peel2 also had average selling prices above the $1M mark. In affordability, Winnipeg31 topped the list with detached homes going for an average of $377,165 and condos averaging $260,898. Edmonton28 was close behind with an overall average selling price of $381,451, while Calgary26 ($509,576) and Windsor17 ($524,707) were affordable options as well.   

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Ontario

October home sales across Ontario1 declined by 4% from September to 12,436 homes, which was 43% fewer than in October of 2021. 24,559 new listings province-wide represented a drop of 12% month over month and 1% year over year.

Ontario remained in balanced market conditions in October, with the sales-to-new-listings ratio shifting from 46% in September to 51% in October. Regional markets were dominated by balanced market conditions, except for Guelph, where seller’s market conditions prevailed in October, and Niagara, where buyer’s market conditions prevailed.

There were 37,125 active listings at the end of October, a dramatic increase of 101% from last year, though a moderate decrease of 5% from last month. At the current rate of sales, it would take 3 months to sell the active inventory, which is a 233% increase over last year when there was 0.9 months of inventory.

In October, the average selling price of a home in Ontario held its ground month over month, coming in at $835,090, which is 9% less than year-ago prices.

Toronto

Toronto’s pendulum swung again in October, this time back to balanced market conditions, with a sales-to-new-listings ratio of 46%. Sales were up by 9% over last month, but down by 54% over last year, to finish the month with 1,894 home sales. New listings were down both month over month (9%) and year over year (13%).

At an average of 21 days on the market, homes sold an average of one day faster in October than in September. However, active listings were 29% higher in October than they were in October of 2021, which is reflected in the loosening of the market since then. Months’ inventory increased by 23% from September; at the current rate of sales, it would take 1.7 months to sell the number of homes available for sale at the end of October.

The average selling price of a home in Toronto rose by 3% from September, despite the various interest and inflation pressures, to settle at $1,093,097 in October. This was 5% below last October’s price. The average price for a detached home, a semi, and a townhome all increased month over month, while the average selling price of a Toronto condo in October was 4% less than it was in September. In a year-over-year perspective, average selling price was down in all home categories between 5% (townhomes) and 10% (detached), except for condos, which were at par from last year. 

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

  • Market:Balanced Market 
  • Sales: 1,894 (down 54% year over year and up 9% month over month)
  • New listings: 4,101 (down 13% year over year and down 9% month over month)
  • Active listings: 5,366 (up 29% year over year and down 2% month over month)
  • Sales-to-new-listings ratio: 46% (previous month was 39%)
  • Average days on market: 21 (up 38% year over year and down 5% month over month)
  • Average detached selling price: $1,609,077 (down 10% year over year and up 2% month over month)
  • Average semi-detached selling price: $1,219,812 (down 8% year over year and up 1% month over month)
  • Average townhouse selling price: $1,281,200 (down 5% year over year and up 7% month over month)
  • Average condo selling price: $740,374 (at par year over year and down 4% month over month)
  • All residential average selling price: $1,093,097 (down 5% year over year and up 3% month over month)

Comments from TRREB President Kevin Crigger: “With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households.” 

Peel

Peel region remained in balanced market conditions in October, with a sales-to-new-listings ratio of 47%, unchanged from September. At 902, there were 4% fewer home sales in October than in September, and 53% fewer than in October of 2021. There were 1,908 new listings in October, a 4% decrease month over month and a 9% decrease year over year.

Homes sold an average of two days faster in October than in September, and a whopping 100% slower than in October of 2021. There were 2,307 active listings at the end of October, which is 8% fewer than in September but 138% more than last year. It would take 1.5 months to sell the available listings at the current rate of sales, up from September’s 1.3 months and more than double last October’s 0.7 months.

The average price of a home in the Peel Region in October was down by only 1% from September and 3% from October of 2021 to land at $1,036,140. The average price of a townhouse dropped by 1% in October, while detached homes and semis were at par compared to September. Condos saw a 1% increase in average price.

Year-over-year average price changes varied from one home category to the next; condos were up by 7% compared to September 2021, while semis and towns were down by 6% and 5% respectively, and detached homes dropped by 8%.

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

  • Market: Balanced Market 
  • Sales: 902 (down 53% year over year and down 4% month over month)
  • New listings: 1,908 (down 9% year over year and down 4% month over month)
  • Active listings: 2,307 (up 138% year over year and down 8% month over month)
  • Sales-to-new-listings ratio: 47% (previous month was 47%)
  • Average days on market: 22 (up 100% year over year and down 8% month over month)
  • Average detached selling price: $1,319,050 (down 8% year over year and at par month over month)
  • Average semi-detached selling price: $964,191 (down 6% year over year and at par month over month)
  • Average townhouse selling price: $899,963 (down 5% year over year and down 1% month over month)
  • Average condo selling price: $634,432 (up 7% year over year and up 1% month over month)
  • All residential average selling price: $1,036,140 (down 3% year over year and down 1% month over month)

Comments from TRREB President Kevin Crigger: “With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households.” 

Durham

New listings in Durham declined by another 1% in October, building on the 6% drop from August to September. At 1,183, new listings were 4% higher than in October of 2021. Sales in Durham region declined by only 5% from September to 632 sales, representing a 40% year-over-year decrease. Durham region remained in balanced market conditions in October, with a sales-to-new-listings ratio of 53%.

Homes sold 2 days faster in October than they did in September. At an average of 16 days on the market, that was 78% slower than October of 2021, when homes sold in an average of 9 days. It would take 1.1 months to sell the 1,093 active listings at the current rate of sales. Still very tight, as balanced markets are usually three to four months.

Townhouses made a strong showing at 11% of sales and an average price increase of 2% over last month. Average selling price for detached homes dropped by 3% month over month, and condos dropped by 4%, while semis were at par with September’s average price. The overall average price for a home in the Durham region was $893,673 in October, a 2% decline month over month, and a 10% decline year over year.

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

  • Market: Balanced Market 
  • Sales: 632 (down 40% year over year and down 5% month over month)
  • New listings: 1,183 (up 4% year over year and down 1% month over month)
  • Active listings: 1,093 (up 123% year over year and at par month over month)
  • Sales-to-new-listings ratio: 53% (previous month was 55%)
  • Average days on market: 16 (up 78% year over year and down 11% month over month)
  • Average detached selling price: $976,721 (down 12% year over year and down 3% month over month)
  • Average semi-detached selling price: $758,587 (down 7% year over year and at par month over month)
  • Average townhouse selling price: $818,550 (down 8% year over year and up 2% month over month)
  • Average condo selling price: $553,443 (down 3% year over year and down 4% month over month)
  • All residential average selling price: $893,673 (down 10% year over year and down 2% month over month)

Comments from TRREB President Kevin Crigger: “With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households.” 

York

York region remained a balanced market in October, with a sales-to-new-listings ratio of 49%. Home sales declined by 8% from September to 854 homes, a 53% decline from year-ago sales levels. New listings declined by a shallower amount, down 6% month over month, and down 16% year over year.

Homes sold an average of 2 days faster in October than in September. At 21 days on the market, this was nonetheless 62% longer than last October when homes sold in an average of 13 days. It would take 1.7 months to sell the 2,224 active sales listings at the current rate of sales. That’s up 6% from September and up 55% from last year.

In October, 60 semi-detached homes sold at an average price of $1,103,292; 6% higher than last month. Townhouses were close behind with a 5% increase in average selling price over last month, while month-over-month average selling price for a detached home increased by 2%. Condos were the outlier, with a 1% drop in average selling price from September to $691,091. In a year-over-year perspective, condos were the outlier again, with a 2% increase above condo prices a year ago. Meanwhile, the average price of a detached home fell by 11%, semis by 6% and townhomes by 3%. The overall average selling price of a home in York Region was $1,258,610 in October, 1% higher than in September and 9% lower than last year.

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

  • Market: Balanced Market 
  • Sales: 854 (down 53% year over year and down 8% month over month)
  • New listings: 1,737 (down 16% year over year and down 6% month over month)
  • Active listings: 2,224 (up 63% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 49% (previous month was 50%)
  • Average days on market: 21 (up 62% year over year and down 9% month over month)
  • Average detached selling price: $1,556,101 (down 11% year over year and up 2% month over month)
  • Average semi-detached selling price: $1,103,292 (down 6% year over year and up 6% month over month)
  • Average townhouse selling price: $1,146,718 (down 3% year over year and up 5% month over month)
  • Average condo selling price: $691,091 (up 2% year over year and down 1% month over month)
  • All residential average selling price: $1,258,610 (down 9% year over year and up 1% month over month)

Comments from TRREB President Kevin Crigger: “With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households.” 

Halton

Sales and new listings in the Halton region both declined by 15% month over month, and the sales-to-new-listings ratio remained at 46%, indicating a continuation of balanced market conditions. Year over year, sales were down 44% while new listings were up by 9%.

The average time to sell a home in Halton was 24 days in October, the same as in September, but more than double the 10 days that homes averaged on the market a year ago. At the current rate of sales, it would take 1.5 months to sell the 1,374 active listings recorded at the end of October. In September there were 1.3 months of supply, while a year ago, the available homes would have sold in 0.7 months.

The average selling price of a detached home in Halton dropped by 4% in October, while semis dropped by 3% and townhouses increased by 1% to $1,010,729. Condos in the Halton region were the surprise outlier, with a 15% increase in average selling price from September, and 9% above year-ago levels, indicating a strong demand for more affordable housing options. The average price of a condo was $765,589. The overall average price for a home in Halton was $1,223,189 in October, down 1% from September and down 6% year over year. 

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

  • Market: Balanced Market 
  • Sales: 476 (down 44% year over year and down 15% month over month)
  • New listings: 1,027 (up 9% year over year and down 15% month over month)
  • Active listings: 1,374 (up 194% year over year and down 2% month over month)
  • Sales-to-new-listings ratio: 46% (previous month was 46%)
  • Average days on market: 24 (up 140% year over year and at par month over month)
  • Average detached selling price: $1,513,296 (down 9% year over year and down 4% month over month)
  • Average semi-detached selling price: $1,030,179 (down 6% year over year and down 3% month over month)
  • Average townhouse selling price: $1,010,729 (down 6% year over year and up 1% month over month)
  • Average condo selling price: $765,589 (up 9% year over year and up 15% month over month)
  • All residential average selling price: $1,223,189 (down 6% year over year and down 1% month over month)

Comments from TRREB President Kevin Crigger: “With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households.” 

Ottawa

October home sales in the Ottawa region decreased by 9% from September to 987, which was 41% lower than last October. New listings decreased by 14% month over month but were up by 4% year over year. The sales-to-new-listings ratio shifted slightly from 46% to 48%, indicating Ottawa continued in balanced market conditions in October.

The average selling price for a residential-class home in Ottawa in October was $677,873, a decrease of 4% from September and a decrease of 5% from October 2021. The average selling price of a condominium-class home was $445,691, 9% higher than last year, but 1% lower than last month.

The Ottawa Real Estate Board (OREB) reports:5

  • Market: Balanced Market
  • Sales: 987 (down 41% year over year and down 9% month over month)
  • New listings: 2,047 (up 4% year over year and down 14% month over month)
  • Sales-to-new-listings ratio: 48% (previous month was 46%)
  • Number of condominium-class properties sold: 229 (down 44% year over year and down 13% month over month)
  • Number of residential-class properties sold: 758 (down 40% year over year and down 7% month over month)
  • Average condo selling price: $445,691 (up 9% year over year and down 1% month over month)
  • Average residential selling price: $677,873 (down 5% year over year and down 4% month over month)

Comments from OREB President Penny Torontow: “After the volatility of the past two pandemic years, which was unsustainable, the market is correcting and adjusting. The slowdown is compounded by Bank of Canada interest rate increases, which further exacerbates buyer hesitancy and weakens people’s purchasing power—especially first-time homebuyers. Demand is still high, and with increasing inventory available, buyers have more choices and time to shop for their new home. However, the ongoing speculation about where prices and interest rates are headed shakes consumer confidence and has made some prospective buyers take a wait-and-see approach. Sellers may be understandably concerned about market fluctuations, which have been more drastic lately. As with any major investment, a longer-term perspective is important. The significant year-over-year gains of the last two years were not sustainable. If you have owned your property for any length of time, your equity has increased significantly and will buffer price corrections. If you buy and sell in the same market, it is all relative.”

Hamilton

October home sales in Hamilton increased by 7% from September but were 44% lower than sales recorded in October of 2021. We saw the reverse in new listings; down by 10% from September, but 10% higher than in October of 2021. The sales-to-new-listings ratio moved from 40% - teetering on the edge of a buyer’s market – to 48%, further into balanced market conditions.

There were 1,391 active listings at the end of October. At the current rate of sales, it would take 3.1 months to sell the available supply, a drop from the 3.4 months in September, but 415% above October of last year. Hamilton homes took an average of 29 days to sell in October.

Despite the increased pressures from inflation and interest rates, the average selling price of a Hamilton home in October was $790,130, one percent higher than last month. That nudge came primarily from Hamilton West where the average home price saw an increase of 18%. Stoney Creek, Ancaster, and Waterdown had small increases, while the other areas all saw month-over-month decreases.

In a year-over-year perspective, average selling price was down in all areas from 6% to 18%, except for Waterdown and Hamilton West where the average price increased by 2% in both regions. Overall, the average selling price of a Hamilton home decreased by 8% from September 2021.

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

  • Market: Balanced Market
  • Sales: 455 (down 44% year over year and up 7% month over month)
  • New listings: 956 (up 10% year over year and down 10% month over month)
  • Sales-to-new-listings ratio: 48% (previous month was 40%)
  • Active listings: 1,391 (up 191% year over year and down 4% month over month)
  • Average days on market: 29 (up 145% year over year and up 5% month over month)
  • Average price for a home in Hamilton Mountain: $723,764 (down 9% year over year and down 5% month over month)
  • Average price for a home in Stoney Creek: $829,139 (down 13% year over year and up 1% month over month)
  • Average price for a home in Hamilton Centre: $536,432 (down 11% year over year and down 5% month over month)
  • Average price for a home in Hamilton East: $590,528 (down 10% year over year and down 7% month over month)
  • Overall average price for a home in the Hamilton region: $790,130 (down 8% year over year and up 1% month over month)

Comments from RAHB President Lou Piriano: “There is no question that we have seen a shift from the unsustainable activity that occurred throughout the pandemic as some of the supply challenges have eased. While fewer new properties are being listed below $800,000, there are more opportunities for buyers looking to move up in the market. The danger for both buyers and sellers can be trying to time the market. With conditions sometimes turning quickly or silently, it is important to talk to a professional RAHB REALTOR® who is plugged into the local market.”

Niagara

Niagara remained in buyer’s market conditions in October, with a sales-to-new-listings ratio of 39%. Sales increased by 3% from September, still 47% below October 2021 levels. 1,038 new listings were a month-over-month decrease of 12%, but a year-over-year increase of 20%. Homes took an average of 44 days to sell in October, that’s a 19% increase over September and a 132% increase over October 2021.

Niagara Falls, St. Catharines, and Fort Erie all saw month-over-month decreases in benchmark selling prices, while homes in Welland remained at par. In a year-over-year comparison, average selling price decreased the most in St Catharines, by 6%, followed by Niagara Falls with a 4% drop, and both Welland and Fort Erie dropping by 2%. The overall benchmark price for a home in Niagara in October was $653,500, a 1% decrease from September and a 4% decrease from October of last year.

The Niagara Association of REALTORS® (NAR) reports:9 10

  • Market: Buyer’s Market
  • Sales: 410 (down 47% year over year and up 3% month over month)
  • New listings: 1,038 (up 20% year over year and down 12% month over month)
  • Sales-to-new-listings ratio: 39% (previous month was 34%)
  • Average days on market: 44 (up 132% year over year and up 19% month over month)
  • Benchmark price for a home in St. Catharines: $582,100 (down 6% year over year and down 2% month over month)
  • Benchmark price for a home in Niagara Falls: $640,000 (down 4% year over year and down 2% month over month)
  • Benchmark price for a home in Welland: $547,900 (down 2% year over year and at par month over month)
  • Benchmark price for a home in Fort Erie: $545,500 (down 2% year over year and down 1% month over month)
  • Overall benchmark price for a home in the Niagara region: $653,500 (down 4% year over year and down 1% month over month)

Comments from NAR President Jim Brown:“Month over month, Niagara real estate has shown a small decrease in the benchmark price. The number of unit sales is slightly higher when compared to last month. This may be an indication of a trend towards stable pricing and sales in Niagara.”

Waterloo

Home sales in the Waterloo region declined by 5% month over month, while new listings declined by 10%. This tilted the sales-to-new-listings ratio from 56% in September to 59% in October, still just within balanced market conditions.

It took an average of 22 days to sell a home in October, compared to 23 in September, and just 10 in October of last year. There were 928 active listings at the close of October, a 5% decline from September but a 135% increase over last October. At the current rate of sales, it would take 1.3 months to sell all of the active listings, which is 7% faster than in September, but 160% slower than in October of 2021.

The average selling price for detached homes, semis, and townhomes varied marginally from September, while the average price of a condo in the Waterloo region increased by 7% month over month. In a year-over-year perspective, average prices were down by 9% to 11% in all home categories, except for condos, which were 4% higher than last year.

The overall average selling price for a home in Waterloo Region in October was $763,630, a 2% increase over September, and just 8% below last year’s level.

The Waterloo Region Association of REALTORS® (WRAR) reports:11 12

  • Market: Balanced Market
  • Sales: 491 (down 40% year over year and down 5% month over month)
  • New listings: 827 (down 3% year over year and down 10% month over month)
  • Active listings: 928 (up 135% year over year and down 5% month over month)
  • Sales-to-new-listings ratio: 59% (previous month was 56%)
  • Average days on market: 22 (up 55% year over year and down 4% month over month)
  • Average detached selling price: $860,568 (down 11% year over year and at par month over month)
  • Average semi-detached selling price: $624,999 (down 11% year over year and down 2% month over month)
  • Average townhome selling price: $635,197 (down 9% year over year and down 1% month over month)
  • Average apartment-style condominium selling price: $488,277 (up 4% year over year and up 7% month over month)
  • All residential average selling price: $763,630 (down 8% year over year and up 2% month over month)

Comments from KWAR President Megan Bell: “While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country. Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.” 

Guelph

Guelph experienced seller’s market conditions in October. Home sales in the Guelph region were unchanged from September levels, while new listings dropped by 19%, tilting the sales-to-new listings ratio from 50% in September to 63% in October.

There were 639 active listings recorded at the close of October, a drop of 8% from September, but a big gain of 188% from last year. At the current rate of sales, it would take 2.4 months to sell all of the available homes, which is also an 8% decline from September, but a 380% increase from last year’s 0.5 months.

All home categories saw month-over-month declines in benchmark prices, from 1% for townhomes and condos to 2% for detached homes. In a year-over-year comparison, detached homes lost the most ground at 3% less than last year, while townhomes lost 1% and condos increased by 1%, suggesting greater demand for homes in the more affordable ranges. The overall benchmark price for a home in the Guelph region was $810,200. 

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

  • Market: Seller’s Market
  • Sales: 269 (down 34% year over year and at par month over month)
  • New listings: 429 (up 5% year over year and down 19% month over month)
  • Active listings: 639 (up 188% year over year and down 8% month over month)
  • Sales-to-new-listings ratio: 63% (previous month was 50%)
  • Benchmark price for a detached home: $903,100 (down 3% year over year and down 2% month over month)
  • Benchmark price for a townhome: $659,500 (down 1% year over year and down 1% month over month)
  • Benchmark price for a condominium: $520,400 (up 1% year over year and down 1% month over month)
  • Overall benchmark price for a home: $810,200 (down 3% year over year and down 1% month over month)

Comments from GDAR President Dustin Davis: “Home sales are still posting significant year-over-year declines as we compare subdued demand resulting from higher interest rates to the historical strength displayed last year. However, looking through the monthly seasonal trend it appears that after bottoming out in August sales are beginning their recovery. New listings have been coming in under average levels for this time of year but with the weakness in sales activity this has still lifted overall inventories to levels not seen since the third quarter of 2019. Benchmark prices are still declining but the monthly trend is flattening out, suggesting that the market may finally be nearing stabilization. We know there is at least one more rate increase on the horizon before the end of the year but it’s hard to say whether we will reach a plateau before then or not.” 

London

Home sales in the London-St Thomas region increased by 1% between September and October to 504 sales. New listings decreased by 17% month over month, shifting the sales-to-new-listings ratio more firmly into a balanced market. A glance at year-over-year figures shows that sales in October were down by 42% from the previous year, while new listings were up by 11%.

There were 1,620 active listings recorded at the end of October. At the current rate of sales, it would take 3.2 months to sell all of the available listings. That is down slightly from September, which was 3.4 months, but up considerably from last year’s 0.6 months. Homes took an average of 23 days to sell in October, compared to 22 days in September, a big gain over October of last year when homes sold on average in 7 days.

The average selling price of a detached home in the London region declined by 2% month over month to $683,509, a 5% decline from last year. Townhomes were down by 7% year over year but made a 3% gain month over month to $511,083. The average selling price of a condo in the London-St Thomas region increased by 8% both month over month and year over year, suggesting demand for more affordably priced housing. The average selling price of a condo in October was $416,516. The overall average selling price for a home in the London-St Thomas region was $640,570.

The London and St. Thomas Association of REALTORS® (LSTAR) reports:14 15 16

  • Market: Balanced Market
  • Sales: 504 (down 42% year over year and up 1% month over month)
  • New listings: 975 (up 11% year over year and down 17% month over month)
  • Active listings: 1,620 (up 225% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 52% (previous month was 42%)
  • Median days on market: 23 (up 229% year over year and up 5% month over month)
  • Average detached selling price: $683,509 (down 5% year over year and down 2% month over month)
  • Average townhouse selling price: $511,083 (down 7% year over year and up 3% month over month)
  • Average condo selling price: $416,516 (up 8% year over year and up 8% month over month)
  • All residential average selling price: $640,570 (down 4% year over year and up 1% month over month)

Windsor

Windsor remained in balanced market conditions in October, with a sales-to-new-listings ratio of 48%. Home sales were down by 9% from September, while new listings were down by 14%. In a year-over-year perspective, sales were down by 48% and new listings were down by 12%. There were 1,323 active listings at the end of October, up 96% from last year but down 9% from last month.

The overall average selling price in the Windsor area was $542,707 in October. The majority of home sales were in the $420K-699K range, while homes in the $200K-419K made a strong showing. Interestingly, there were 45 home sales in the Windsor region for less than $300K.

The Windsor-Essex County Association of REALTORS® (WECAR) reports:17 18 19

  • Market: Balanced Market
  • Sales: 366 (down 48% year over year and down 9% month over month)
  • New listings: 765 (down 12% year over year and down 14% month over month)
  • Active listings: 1,323 (up 96% year over year and down 9% month over month)
  • Sales-to-new-listings ratio: 48% (previous month was 46%)
  • All residential average selling price: $542,707 (down 4% year over year and up 4% month over month)

Brantford

October home sales in the Branford region decreased by 23% month over month, while new listings declined by 29%, bringing the sales-to-new-listings ratio from 46% to 49%, indicating that Brantford was still experiencing balanced market conditions. Year-over-year sales were up by 51%, while new listings were down by 8%.

The comprehensive benchmark price for a home in Brantford dropped by 2% month over month and by 4% year over year to $681,000. Benchmark price for detached homes held the most ground, falling only 1% month over month to $702,700, while townhomes and condos fell by 6% and 7% respectively, with the benchmark for condos coming in at $398,000.

There were 411 active listings at the end of October. At the current rate of sales, it would take 3.5 months to sell the current inventory.

The Brantford Regional Real Estate Association (BRREA) reports:20 21

  • Market: Balanced Market
  • Sales: 118 (down 51% year over year and down 23% month over month)
  • New listings: 239 (down 8% year over year and down 29% month over month)
  • Active listings: 411 (up 185% year over year and down 7% month over month)
  • Sales-to-new-listings ratio: 49% (previous month was 46%)
  • Benchmark price for a detached home: $702,700 (down 5% year over year and down 1% month over month)
  • Benchmark price for a townhome: $596,400 (up 1% year over year and down 6% month over month)
  • Benchmark price for a condominium: $398,000 (up 2% year over year and down 7% month over month)
  • Overall benchmark price for a home: $681,000 (down 4% year over year and down 2% month over month)

Barrie and Simcoe County

October home sales in the Barrie region dropped by 3% from September, while new listings dropped by 21%. The sales-to-new-listings ratio shifted from 41% to 50%, indicating that Barrie was squarely in balanced market conditions in October.

There were 960 active listings at the close of October, and at the current rate of sales, it would take 3 months to sell all the inventory. This is down from 3.3 months of supply in September, but up dramatically (329%) from October 2021, when there was only 0.7 months of supply.

The comprehensive benchmark price for a home in the Barrie region was $794,800 in October, down 1% from September. This decrease was led by benchmark prices for detached homes and condos, which both fell by 1% from September to $833,900 and $535,700, respectively; whereas townhomes increased by 1% over the same period to $564,100.

The Barrie & District Association of REALTORS® reports:22 23

  • Market: Balanced Market
  • Sales: 322 (down 28% year over year and down 3% month over month)
  • New listings: 645 (up 24% year over year and down 21% month over month)
  • Active listings: 960 (up 199% year over year and down 12% month over month)
  • Sales-to-new-listings ratio: 50% (previous month was 41%)
  • Benchmark price for a detached home: $833,900 (down 5% year over year and down 1% month over month)
  • Benchmark price for a townhome: $564,100 (down 1% year over year and up 1% month over month)
  • Benchmark price for a condominium: $535,700 (up 1% year over year and down 1% month over month)
  • Overall benchmark price for a home: $794,800 (down 5% year over year and down 1% month over month)

Comments from BDAR President Luc Woolsey: "Looking through the monthly seasonality it appears that home sales have marked a small rebound in the past few months compared to the bottom they hit back in July. Where we go from here is anyone’s guess but with very few interest rate hikes left on the horizon it’s possible we might begin to see some stabilization in the market ahead. New listings have been coming in remarkably strong over the past several months, posting some of the highest levels in history. This has boosted overall supply to levels unseen since the fourth quarter of 2019 and provides ample choice for those buyers willing to wade back into the market. With the effects of higher interest rates still yet to be fully realized and the housing market bordering between buyer’s and balanced territory we will likely see a continued moderation in prices through the end of the year and into 2023."

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

Map of Alberta showing where FairSquare operates.

Alberta

October home sales in Alberta24 declined by 5% compared to September to 5,267 sales, 20% fewer sales compared to October of last year. New listings declined 16% month over month to 7,653 and by 8% year over year.  The sales-to-new-listings ratio shifted from 61% in September to 69% in October.

There were 21,640 active listings in Alberta at the end of October. At the current rate of sales, it would take 4.11 months to sell all the inventory, that’s 1% longer than in September and 16% longer than the year-ago pace of sales.

All home categories saw year-over-year increases in average selling prices between 3% (rowhouses) and 6% (singles). The average selling price for a home in Alberta in October was $430,964, unchanged from last month, but 2% higher than last year.

Calgary

Home sales in Calgary declined in October by 2% month over month to 1,857 sales, which is a 15% decline in year-over-year comparison. New listings followed suit with a 17% month-over-month drop to 2,175, a 13% drop year over year. The sales-to-new-listings ratio shifted from 72% to 85%. The market exhibited divergent trends in October, with conditions favouring the seller in the lower price ranges and shifting to more balanced conditions in the upper price range.

There were 3,887 active listings at the end of October, a decline of 13% month over month and 20% year over year. At 40 days on the market, homes took one day longer to sell in October than in September but sold 3 days faster than last year. At the current rate of sales, it would take 2.09 months to sell the existing inventory, which is a touch faster than September’s 2.34 months and last year’s 2.23 months.

Detached homes saw the majority of sales (942) and a 3% increase in average selling price ($655,584) month over month, in addition to a sizeable 15% increase year over year. Condos made a strong showing with 437 sales and despite a month-over-month decline in average selling price to $297,374, were still 3% above last year’s average selling price. The average selling price of a row house was up by 9% year over year, and 4% month over month to $356,323. There were 320 row houses sold in October, compared to 158 semis, which had a 5% month-over-month increase in average selling price to $536,375, 11% higher than last year. The overall average selling price for a home in Calgary in October was $509,576, which is 2% higher than last month and 5% higher than last year.

The Calgary Real Estate Board (CREB) reports:26 27

  • Market:Seller's Market shifting towards Balanced Market - depending on price range
  • Sales: 1,857 (down 15% year over year and down 2% month over month)
  • New listings: 2,175 (down 13% year over year and down 17% month over month)
  • Active listings: 3,887 (down 20% year over year and down 13% month over month)
  • Sales-to-new-listings ratio: 85% (previous month was 72%)
  • Average days on market: 40 (down 7% year over year and up 3% month over month)
  • Average price for a detached home: $655,584 (up 15% year over year and up 3% month over month)
  • Average price for a semi-detached home: $536,375 (up 11% year over year and up 5% month over month)
  • Average price for a townhouse: $356,323 (up 9% year over year and up 4% month over month)
  • Average price for a condo: $297,374 (up 3% year over year and down 4% month over month)
  • Overall average price for a home: $509,576 (up 5% year over year and up 2% month over month)

Comments from CREB® Chief Economist Ann-Marie Lurie: “Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product. While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.

Edmonton

October home sales in the Edmonton region declined by 7% month over month to 1,469 sales, which is 21% below year-ago sales figures. New listings declined by 16% from September to 2,650, though that was only 1% below new listings in October of 2021. The sales-to-new-listings ratio shifted from 50% in September to 55% in October, indicating that Edmonton remained in balanced market conditions.

There were 7,143 active listings at the end of October, an 8% decrease from September, but a 1% increase over year-ago active listings. Home sales took an average of 47 days in October, same as last year and one less day than September.

The average selling price of a single-family home increased 3% year over year to 462,858, while remaining at par month over month. Condos increased by 2% month over month, while remaining at par year over year. The overall average price of a home in the Edmonton region came in at $381,451, a 2% increase over September and a 1% increase over October of last year.

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

  • Market:Balanced Market 
  • Sales: 1,469 (down 21% year over year and down 7% month over month)
  • New listings: 2,650 (up 1% year over year and down 16% month over month)
  • Active listings: 7,143 (up 1% year over year and down 8% month over month)
  • Sales-to-new-listings ratio: 55% (previous month was 50%)
  • Average days on market: 47 (at par year over year and down 2% month over month)
  • Average detached selling price: $462,858 (up 3% year over year and at par month over month)
  • Average duplex selling price: $372,027 (at par year over year and down 1% month over month)
  • Average condo selling price: $224,252 (at par year over year and up 2% month over month)
  • Average residential selling price: $381,451 (up 1% year over year and up 2% month over month)

Comments from RAE Chair Paul Gravelle: “While we saw marginal month-over-month changes across the single family, condo and duplex/row homes categories, our all-residential listings were down substantially from September 2022. The all-residential sales were also down from the previous month and from October of 2021.”

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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

October home sales in Winnipeg31 dropped by 12% from September to 1,063, that’s 30% lower than last year. New listings also declined; by 20% from September and by 3% from last year. The larger month-over-month decline in new listings shifted the sales-to-new-listings ratio to 61%, indicating Winnipeg teetered on seller’s market conditions in October. There were 3,687 active listings at the end of October, a 42% bump above last year, though 5% fewer than last month.

The average selling price of a detached home in Winnipeg dropped by 2% between September and October to $377,165. Condos followed suit, dropping to $260,898, while the average selling price of a townhome increased by 1% to $316,254. A year-over-year glance shows that detached homes were down by 1% in October, townhouses were up by 1%, and condos were up by 2%.

Winnipeg

The Winnipeg Regional Real Estate Board (WRREB) reports:31 32 33

  • Market:Seller’s Market
  • Sales:1,063 (down 30% year over year and down 12% month over month)
  • New listings: 1,730 (down 3% year over year and down 20% month over month)
  • Active listings: 3,687 (up 42% year over year and down 5% month over month)
  • Sales-to-new-listings ratio: 61% (previous month was 56%)
  • Average detached selling price: $377,165 (down 1% year over year and down 2% month over month)
  • Average townhouse selling price: $316,254 (up 1% year over year and up 1% month over month)
  • Average condo selling price: $260,898 (up 2% year over year and down 2% month over month)

Comments from WRREB President Akash Bedi: “I think you would be hard-pressed to find any major city in the country where they have half of their single-family home sales in October 2022 are selling for under $350,000. It is worth noting that our market region condominiums are much more affordable with 70% of sales in October 2022 selling under $300,000.” 

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

References
1CREA: OREA Oct 2022 Market Report
2TRREB Oct 2022 Market Report
3TRREB Sept 2022 Market Report
4TRREB Oct 2021 Market Report
5OREB Oct 2022 Market Report
6OREB Sept 2022 Market Report
7RAHB Oct 2022 Market Report
8RAHB Sept 2022 Market Report
9NAR Oct 2022 Market Report
10NAR Sept 2022 Market Report
11WRAR Oct 2022 Market Report
12WRAR Sept 2022 Market Report
13CREA: GDAR Oct 2022 Market Report
14LSTAR Oct 2022 Market Report
15LSTAR Sept 2022 Market Report
16LSTAR Oct 2021 Market Report
17WECAR Oct 2022 Market Report
18WECAR Sept 2022 Market Report
19WECAR Oct 2021 Market Report
20BREA Oct 2022 Market Report
21BREA Sept 2022 Market Report
22CREA: BDAR Oct 2022 Market Report
23BDAR Sept 2022 Market Report
24AREA Oct 2022 Market Report
25AREA Sept 2022 Market Report
26CREB Oct 2022 Market Report
27CREB Sept 2022 Market Report
28RAE Oct 2022 Market Report
29RAE Sept 2022 Market Report
30RAE Oct 2021 Market Report
31WRREB Oct 2022 Market Report
32WRREB Sept 2022 Market Report
33WRREB Oct 2021 Market Report

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

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

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