State of the Real Estate Market: September 2021

Nationally, home sales in the Canadian real estate market rose by 0.9% month over month.1 This was the first month-over-month increase recorded on the MLS® system since March.  The Canadian real estate market continues to experience a shortage in supply, meaning sellers markets are still prevalent in Ontario, Alberta, and Manitoba. 
 
Similar to recent months, the only two regions in the report to post year-over-year increases in sales and new listings were Calgary and Edmonton. These regions continue to perform, with Calgary notably posting a 27% increase in sales compared to September 2020.  Though most regions are still in a seller’s market, a cooling in year-over-year sales numbers may reflect that some markets are moving towards more balanced conditions.  
 
“September provided another month’s worth of evidence from all across Canada that housing market conditions are stabilizing near current levels,” remarked Cliff Stevenson, Chair of CREA. “In some ways that comes as a relief given the volatility of the last year-and-a-half, but the issue is that demand/supply conditions are stabilizing in a place that very few people are happy about. There is still a lot of demand chasing an increasingly scarce number of listings, so this market remains very challenging.” 

Looking at average selling price, most regions featured in this report saw month-over-month increases. Notably, Toronto saw a 9% increase in average selling price, as well as a 13% increase in sales compared to August. Month over month, Niagara, Hamilton, Peel, and Winnipeg saw less substantial price increases, while Calgary and Edmonton both fell 2% respectively.  
 
Every region in the report other than Toronto is still in a seller’s market, though these regions noted a decrease in sales-to-new-listings ratio month over month. Toronto’s sales-to-new-listings ratio dropped to 57% in September signalling a move to balanced conditions. This occurred due to new listings increasing a whopping 41%, while sales increased 9% month over month, which means supply is increasing in Toronto. 

While the consensus in the report is that the markets in Ontario, Manitoba and Alberta are currently favouring sellers, Toronto is an outlier. Canada’s hottest housing market has moved back to more balanced conditions, which might signal another wave of buyers as city living becomes more attractive with the end of pandemic volatility.  

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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 local 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. 

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Ontario
Toronto
Peel
Ottawa
Hamilton
Niagara

Alberta
Calgary
Edmonton

Manitoba
Winnipeg

Ontario

The Ontario Real Estate Association (OREA) reports 20,775 residential transactions, coming in 6.4% above the five-year average.2 Compared to the month of September 2020, sales were down 21%. There is still high demand for property with downward pressure on inventory, forcing tight seller’s market conditions across the province.  

New residential listings totalled 28,556 across the province in September. New listings dropped 26% year over year, but interestingly increased 16% month over month. This reflects typical seasonality we see coming out of August and may signal an eventual shift towards more balanced conditions.  

Active listings experienced similar double-digit declines year over year, falling 39%. But showed some signs of slowing down the decline month over month, increasing 5%. The shortage in supply kept the market in the hands of the sellers, but the sales-to-new-listing ratio dropped 10% from last month, another indication of a move to more balanced conditions. 
 
Compared to August, the reduced year-over-year supply did not affect 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 stayed consistent at 1 for September 2021, dropping slightly from last September’s 1.3 months of inventory.3
 
Overall, the average price increased by 20% year over year and 6% month over–month.4 With the average price of a home now sitting at $887,290, it is likely we will continue to see price increases until supply and inventory evens out and now sits at $887,290, it is likely we will continue to see price increases until supply and inventory even out.

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In a seller’s market like Ontario’s, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a local FairSquare Group Realty agent to learn about the latest trends in your region and discover how we can help you reach your real estate goal

 

Toronto 

After labour day, there is usually an uptick in sales following a slower summer period, and September 2021 was no different for the Toronto real estate market. The number of homes sold only dropped 4% from the hot market of September 2020 and increased 13% month-over-month, which is reflective of typical seasonal trends. The condo market has been experiencing a resurgence as year-over-year average selling prices increased 9%. It was also the only product type to see an increase in sales volume, up 16% compared to September 2020.  

 The Toronto Regional Real Estate Board (TRREB) reports5 6 7 : 

  • Market: Balanced Market
  • Sales: 3,397 (down 4% year over year and up 13% month over month)
  • New listings: 5,946 (down 32% year over year and up 41% month over month)
  • Active listings: 4,821 (down 44% year over year and up 18% month over month)
  • Sales-to-new-listings ratio: 57% (previous month was 71%)
  • Average days on market: 16 (at par year over year and down 16% month over month)
  • Average detached selling price: $1,778,928 (up 20% year over year and up 6% month over month)
  • Average semi-detached selling price: $1,304,504 (up 14% year over year and up 7% month over month)
  • Average townhouse selling price: $1,148,501 (up 3% year over year and down 1% month over month)
  • Average condo selling price: $744,730 (up 9% year over year and up 3% month over month)
  • All residential average selling price: $1,090,196 (up 7% year over year and up 9% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers re-entered the ownership market. Look for this trend to continue.”  

Peel  

After a lengthy period firmly in the hands of the seller, Peel took a step back towards more balanced conditions. This is reflected by the drop in the sales-to-new listings ratio which fell 7% month over month, now sitting at 80%. It is still a seller’s market with demand high in the region, but there may be cooler times on the horizon. Active and new listings are still substantially down month over month and year over year.  The average selling price has increased both year over year and month over month. 

 The Toronto Regional Real Estate Board (TRREB) reports8 9 10 : 

  • Market: Seller's Market
  • Sales: 1,829 (down 23% year over year and up 1% month over month)
  • New listings: 2,295 (down 40% year over year and up 11% month over month)
  • Active listings: 1,239 (down 57% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 80% (previous month was 87%)
  • Average days on market: 12 (down 20% year over year and down 8% month over month)
  • Average detached selling price: $1,462,264 (up 30% year over year and up 6% month over month)
  • Average semi-detached selling price: $982,439 (up 20% year over year and up 2% month over month)
  • Average townhouse selling price: $916,001 (up 23% year over year and up 4% month over month)
  • Average condo selling price: $580,184 (up 13% year over year and at par month over month)
  • All residential average selling price: $1,087,321 (up 20% year over year and up 5% month over month) 

Comments from TRREB President Kevin Crigger: "Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done.” 

Ottawa  

Activity in the Ottawa region started to pick up again near the end of September after an expected drop following the Labour Day holiday weekend in Canada. Sales are down 31% compared to last year, but only fell 2% month over month. Average prices continue to increase for both condominium-class and residential-class homes.  

The Ottawa Real Estate Board (OREB) reports11 : 

  • Market: Seller's Market
  • Sales: 1,607 (down 31% year over year and down 2% month over month)
  • New listings: 2,252 (down 23% year over year and up 11% month over month)
  • Number of condominium-class properties sold: 363 (down 36% year over year and down 9% month over month) 
  • Sales-to-new-listings ratio: 71% (previous month was 77%)
  • Number of residential-class properties sold: 1,244 (down 30% year over year and up 6% month over month)
  • Average condo selling price: $425,362 (up 14% year over year and up 5% month over month)
  • Average residential selling price: $702,155 (up 13% year over year and up 4% month over month) 

Comments from OREB President Debra Wright: “As per usual, the resale market in the early part of the month moved slowly due to the Labour Day holiday weekend and parents settling their children back into their school routines. Activity began to accelerate towards the end of the month, which is behaviour typical of the market in September.” 

Hamilton-Burlington 

Demand for property in the Hamilton-Burlington region is still very high. The extreme low number of new and active listings has contributed to a new average sale price record of $881,656 for the month of September, despite a 14% month-over-month increase in new listings. The region is positioned to continue to be a seller’s market in October.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports12: 

  • Market: Seller's Market
  • Sales: 1,226 (down 30% year over year and up 2% month over month)
  • New listings: 1,461 (down 26% year over year and up 14% month over month)
  • Sales-to-new-listings ratio: 84% (previous month was 94%)
  • Average selling price in Hamilton: $796,611 (up 20% year over year and up 2% month over month)
  • Average selling price in Burlington: $1,064,685 (up 18% year over year and up 2% month over month)
  • Average selling price in Niagara North: $839,161 (up 23% year over year and down 3% month over month)
  • Average selling price in Haldimand County: $831,003 (up 58% year over year and up 3% month over month)
  • All residential average selling price: $881,656 (up 22% year over year and down 5% month over month) 

Comments from RAHB President Donna BacherAfter months of relatively flat prices, September’s historically low listing and inventory levels have moved the average sale price to a new record…The demand remains strong, and the supply remains low. Overall, we need more supply on the market to meet the demands of buyers and investors. There’s nothing on the horizon to indicate that October will be any different.” 

Niagara   

The Niagara region is still in a seller’s market, but the sales-to-new-listings ratio dropped 14% month over month reflecting some movement towards balanced conditions. The average benchmark price continued its upward climb, now sitting at $665,600, 34% higher than last year’s numbers and a 1% increase from last month. The number of homes sold missed last year's mark by 27% and fell 5% from last month.  
 
The Niagara Association of REALTORS® (NAR) reports13: 

  • Market: Seller's Market
  • Sales: 707 (down 23% year over year and down 5% month over month)
  • New listings: 994 (down 14% year over year and up 14% month over month)
  • Sales-to-new-listings ratio: 71% (previous month was 85%)
  • Average days on market: 22 (down 29% year over year and up 10% month over month)
  • Benchmark price for a home in St. Catharines: $615,900 (up 35% year over year and down 1% month over month)
  • Benchmark price for a home in Niagara Falls: $613,100 (up 35% year over year and up 1% month over month)
  • Benchmark price for a home in Welland: $545,100 (up 36% year over year and up 3% month over month)
  • Benchmark price for a home in Fort Erie: $557,700 (up 33% year over year and up 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $665,600 (up 34% year over year and up 1% month over month) 

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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

Alberta’s hot real estate market continues to rise as September marks the best sales month since September 2014. Even with sales slowing over the last few months, an active spring market, low lending rates, and pent-up demand has continued to bolster the housing market on a year-to-date basis.   

The sales-to-new-listings ratio in Alberta remained consistent from last month, only decreasing by 1% in September. New listings stayed consistent year-over-year but did experience a 3% decline from last month.  

Though sales across the province dropped by 5% compared to August,14 September’s total of 6,580 homes sold is still a 9% increase year over year.  Dwindling inventories and strong sales numbers have forced the months supply to remain below four months. A level that is not usual for this time of year making it clear that the number of new listings has not been at the level needed to impact supply. 

Average selling prices held steady in September. Across the province, the average selling price for all home types grew 4% year over year and remained consistent month over month at $415,821.  

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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. FairsSquare 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. 

 

Calgary 

Calgary continues to be in a seller’s market. The numbers of homes sold was up 27% year over year and 1% month over month. Active listings continue to trend down, but new listings did see a 6% increase in year-over-year numbers. The average price of a home increased a manageable 9% year over year.  
 
The Calgary Real Estate Board (CREB) reports15 16: 

  • Market:Seller's Market 
  • Sales:2,162 (up 27% year over year and up 1% month over month)
  • New listings: 2,907 (up 6% year over year and up 3% month over month)
  • Active listings:5,607 (down 10% year over year and down 7% month over month)
  • Sales-to-new-listings ratio: 74% (previous month was 76%)
  • Average price for a detached home:$581,104 (up 6% year over year and down 2% month over month)
  • Average price for a semi-detached home:$464,602 (down 3% year over year and down 5% month over month)
  • Average price for a townhouse:$315,975 (down 4% year over year and down 1% month over month)
  • Average price for a condo:$257,687 (down 1% year over year and at par month over month)
  • Overall average price for a home: $476,041 (up 2% year over year and down 2% month over month) 

Comments from CREB® Chief Economist Ann-Marie Lurie: “While sales activity in the fall tends to be slower than in the spring months, the continued strong sales are likely being driven by consumers who were unable to transact earlier in the year when supply levels had not yet adjusted to demand. The market continues to favour the seller, but conditions are not as tight as they were earlier this year.” 

Edmonton  

Though the city is still in a seller’s market, we are finally seeing some balance to residential unit sales and pricing. The average residential selling price is up only 3% year-over-over and is down 1% month-over-month. Slight decreases in month-to-month activity could signal a balanced market is on the horizon.
The REALTORS® Association of Edmonton (RAE) reports17

  • Market: Seller's Market 
  • Sales: 2,056 (up 10% year over year and down 7% month over month) 
  • New listings: 3,177 (up 13% year over year and down 6% month over month) 
  • Active listings: 7,689 (down 2% year over year and down 4% month over month) 
  • Sales-to-new-listings ratio: 65% (previous month was 64%) 
  • Average days on market: 42 (down 19% year over year and up 8% month over month)
  • Average detached selling price: $460,963 (up 5% year over year and down 1% month over month) 
  • Average duplex selling price: $355,326 (up 4% year over year and down 1% month over month) 
  • Average condo selling price: $227,559 (down 1% year over year and down 5% month over month) 
  • Average residential selling price: $384,874 (up 3% year over year and down 1% month over month)

Comments from RAE Chair Tom Shearer: "The year-over-year residential unit sales in the GEA were higher than August of last year, while we have started to see slight decreases in the month-to-month activity. The market is starting to balance out after a very busy 18 months with pricing increasing a nominal amount year-over-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. FairsSquare 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

The Manitoba real estate market experienced a decline in sales, new listings, and active listings, which are all down year over year and month over month. Despite this, the sales-to-new-listing ratio increased 1% to sit at 78% for the month of September. This continues to lock Winnipeg in a seller’s market as we head into the final quarter of the year.

Prices for detached homes and condos have increased marginally year over year, but interestingly the price of townhouses increased by a whopping 23% in September. It is notable that first-time buyers are leaning heavily towards condos as a more affordable way to enter the marketplace. This is demonstrated by the month-over-month double-digit price gains for this home type.

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In a seller’s market like Winnipeg’s, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a local 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.  

Winnipeg

The Winnipeg Regional Real Estate Board (WRREB) reports18 19 : 

  • Market:Seller's Market   
  • Sales:1,501 (down 15% year over year and down 11% month over month)
  • New listings: 1,922 (down 16% year over year and down 12% month over month)
  • Active listings: 2,840 (down 28% year over year and down 3% month over month)
  • Sales-to-new-listings ratio: 78% (previous month was 77%)
  • Average detached selling price: $364,817 (up 4% year over year and down 3% month over month)
  • Average townhouse selling price: $311,188 (up 23% year over year and up 3% month over month)
  • Average condo selling price: $230,796 (up 2% year over year and down 11% month over month)  

Comments from WRREB President Kourosh Doustshenas: “The new peak for annual dollar volume is a combination of increased sales and higher prices. As for condominiums, the growing spread between single-family detached homes and condominium average sale prices in 2021 have made the latter property type an even more affordable option for buyers, especially first-time buyers who do not have the benefit of equity gains from the sale of their existing home. Moreover, residential-attached properties offer another affordable option.” 

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We’re the real estate brokerage that offers a smart, modern choice for Canadians. With thousands in commission savings for sellers, $2,000 cash back* for buyers, and experienced professional support every step of the way, it’s the new way home. Yours. Call 1-855-999-9740 to learn more. 

 

*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.