Ontario Real Estate Market Update: November 2020
The Ontario real estate market continues to see strong prices and record-breaking sales in some regions, despite a slowing of activity since last month.
All major markets experienced declines in month-over-month sales ranging from 7-28%, despite being higher (6-36%) than in November 2019. This, coupled with the fact that new listings were also down between 23% and 38% from October’s numbers, indicates an easing in the market that is typical for this time of year as we move into the holiday season. Naturally, the second wave of the pandemic impacts the market, but home sellers are still enjoying increased year-over-year selling prices and are selling their home in fewer days, on average.
Nevertheless, Ontario home prices have, overall, experienced very little price variance since October, with Toronto seeing the largest month-over-month drop in average price at just 5%, while Durham and Niagara saw the largest increases at 3%. On a year-over-year basis, average prices are going up, with many regions seeing price gains between 15% and 25%.
The relative stability of month-over-month prices is likely tied to decreased inventory levels in much of the province that are leaving buyers with fewer choices. After the surge of home sales following the spring lockdowns, many markets saw buyer demand outpacing new listings, which depleted inventory levels and created some of the tightest markets on record. Though the numbers of home sales and new listings occurring in the market are now slowing, the market continues to favour sellers as we move into December.
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The Toronto Regional Real Estate Board (TRREB) reports1 3,032 residential sales in the City of Toronto for November, up 12% from the same month last year2 and down 14% from October.3 The average days on market for all home types rose to 21, which is on par with November 2019 and up four days since last month. Despite a longer average selling time, heightened buyer activity and a 35% drop in new listings since October means competition remains strong, with many sellers receiving asking price or higher. “Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home,” says TRREB President Lisa Patel. “Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth.” The average selling price for all types of homes in the City of Toronto is $979,224, an increase of 8% year over year and a decrease of 5% month over month. Detached homes sales totalled 933 at an average price of $1,477,226, semi-detached homes amounted to 336 sales at an average price of $1,160,911, townhouses came in at 114 sales at an average price of $1,058,425, and condo apartments accounted for 1,375 sales at an average price of $640,208.
The Toronto Regional Real Estate Board (TRREB) reports4 1,865 residential sales in the Peel region in October, representing an increase of 36% year over year5 and a decrease of 15% month over month.6 Like in October, Brampton accounted for 50% of total November residential sales. Average days on market for all home types rose by two days since last month to 17, though sales are still occurring 23% faster than in November 2019, when the average time it took to sell was 22 days. Inventory levels are unchanged since October at 1.3 months, meaning it would take only that long to sell all available listings at the current rate of sales. The average selling price for a home in the Peel region is $889,302, for a year-over-year increase of 16% and a month-over-month decrease of 1%. Detached home sales totalled 866, or 46% of all residential transactions, with the average selling price rising 18% year over year to $1,128,689.
The Toronto Regional Real Estate Board (TRREB) reports7 1,088 residential sales in the Durham region in November, representing an increase of 25% year over year8 and a decrease of 21% month over month.9 Average days on market for all home types rose by two days since last month to 14, though sales are still occurring 39% faster than in November 2019, when the average time it took to sell was 23 days. Inventory levels have dropped from 1.1 months in October to 1 month, meaning it would take only that long to sell all available listings at the current rate of sales. The average selling price for a home in the Durham region is $762,739, for an increase of 25% year over year and 3% month over month. Detached home sales totalled 774, or 71% of all residential transactions, with the average selling price rising 24% year over year to $836,127.
The Ottawa Real Estate Board (OREB) reports10 1,611 residential properties sold, representing a year-over-year increase of 26% and a month-over-month decrease of 25%.11 Of the total sales, 1,209 were residential-class homes (including detached homes, semi-detached homes, townhouses, and duplexes) for an increase of 27% year over year, while 402 sales were condominium-class for a growth of 23% in the same period. “We continue to experience strong activity in Ottawa’s resale market during the time of year when we would typically see a slowdown,” observes OREB President Deb Burgoyne. “I’m confident in saying that if we had more supply, sales would be even higher. Although new listings were up almost 400 units compared to last November and over 225 properties higher than the five-year average, there were 1,000 fewer new listings entering the market than we saw in October.” The average selling price for residential-class properties is $602,892 for a year-over-year increase of 20%, while the average selling price for condominium-class properties is $361,758 for an increase of 15%.
The Toronto Regional Real Estate Board (TRREB) reports12 the Halton region saw 841 homes sold in November, representing a year-over-year increase of 26%.13 Detached, single-family homes accounted for 53% of residential sales. New listings rose 13% year over year to 912, with 50% in the detached category. Inventory for all home types is holding at only 1.4 months since October,14 meaning it would take under two months to sell all available listings at the current rate. The average days on market rose by one day to 18 since October, down significantly from 26 days in November 2019. The average selling price for all home types in Halton is $1,068,161 – an increase of 20% year over year and 1% month over month. The average price for a detached home in Halton Region is $1,369,314, up 24% over November 2019 and 2% over October 2020.
The REALTORS® Association of Hamilton-Burlington (RAHB) reports15 1,233 sales across the region, which represents an increase of 17% year over year and a decrease of 24% month over month.16 The average selling price for all residential properties rose by less than 1% from October 2020 to $722,317 – a substantial 21% increase over November last year. “An extremely low number of active listings at the end of each month is continuing to drive average prices higher,” notes RAHB President Kathy Della-Nebbia. New listings for the region totalled 1,316 in November, up 25% from November 2019.
The Hamilton region comprises an array of cities, which results in varying home prices. In Niagara North, the average selling price for all residential property types is $739,624, an increase of 7% month over month and 31% year over year. In Haldimand County, the average selling price is $584,587, representing almost no change month over month and a year-over-year increase of 20%. In Burlington, the average selling price is $928,479, an increase of 4% month over month and 19% year over year. In Hamilton, the average selling price for a home is $651,744, representing a decrease of 2% month over month and an increase of 21% year over year.
The Niagara Association of REALTORS® (NAR) reports17 694 residential sales across the region, representing a 21% increase over November 2019 and a substantial decrease of 21% since October. St. Catharines saw most buyer activity at 201 sales, with Niagara Falls coming in second at 159, followed by Welland with 82. There were 664 new listings for the region in November, down 38% from October, with the average days on market coming in at 30, two days longer than last month. “As 2020 winds down, we expect to see a slowing of sales and listings during the holiday season,” observes Terri McCallum, NAR President. “During November, once again, we experienced a decrease in the number of new listings and an increase in the number of sales,” she states, going on to explain that high buyer demand is moving home prices up year over year. The benchmark price for a home in the Niagara region (based on an ‘average’ home with three bedrooms and two bathrooms) is $511,500, for a year-over-year increase of 19% and a steady month-over-month increase of 3%.
The Kitchener-Waterloo Association of REALTORS® (KWAR) reports18 a fifth consecutive month of record-breaking sales, with 575 residential homes sold, representing a year-over-year increase of 36%.19 Month over month, the number of sales decreased by 17%.20 “We are now well beyond any pent-up demand from the first lockdown,” says Nicole Pohl, President of KWAR. “Now we’re simply dealing with straight-up demand for our community as an attractive place to put down roots, and the current COVID-19 pandemic is only further fuelling the already hot market and elevating Waterloo region as a desirable place to own a home.” With such high buyer demand, inventory remains unchanged from October at 1 month of supply, meaning it would take only that amount of time to sell all available listings at the current rate of sales. There were 584 new listings added to the market in November, up 35% year over year and down 25% month over month, with the average time to sell up one day from last month at 14 days. The average selling price for all residential properties is $637,336 for a year-over-year increase of 13% and a month-over-month increase of less than 1%. Detached homes accounted for 59% of total sales and the average price grew 14% year over year to $753,641. The average price for a condo grew 12% year over year to $400,882, while the average price for a semi-detached home grew by 30% to $562,988 in the same period.
The London and St. Thomas Association of REALTORS® (LSTAR) reports21 a record-breaking 854 homes sold across the region, representing a 34% increase over November 2019 and a 7% decrease over October of this year.22 “This is the third consecutive month of record sales, demonstrating how robust the housing marketplace is right now," noted LSTAR President Blair Campbell. New listings numbered 788, up 8% year over year and down 24% from last month, while the sales-to-new-listings ratio is 108% - this means that sales are outpacing the number of homes being added to the market. As a result, inventory has dropped to an extremely tight 0.7 months (i.e., it would take less than one month to sell all available listings at the current rate), down from 1.8 in November 2020 and 0.9 this October. With such tight market conditions, the median days on market is nine (down from 12 last November and up one day from last month), while the sales-to-list-price ratio is 106%, indicating that many sellers are receiving over asking price. The average selling price for a home in the London and St. Thomas region grew 29% year over year to $536,178, edging up 2% compared to October of this year.
The Windsor-Essex County Association of REALTORS® reports23 522 home sales in November, representing a 6% increase from November 2019 and a 28% decrease from October of this year.24 New listings numbered 631, up 10% year over year and down 23% month over month, with a sales-to-new-listings ratio of 83%. The average sale price for all residential listings is $420,007, up 24% year over year and down just 2% month over month. The most active price range for November was the $420,000-$549,999 range with 23% of all sales, followed by the $300,000-$359,999 range with 20% of sales.
The Peterborough and the Kawarthas Association of REALTORS® Inc. (PKAR) reports25 206 residential sales for the month of November, representing a 22% increase over November 201926 and a 28% decrease from October 2020.27 New listings numbered 181, just one fewer than the same month last year and 45% less than last month, while days on market fell to almost half of what they were a year ago and dropped by one day from October to 24. The average price of a home is up 13% year over year and down 7% month over month at $527,255. There were 27 sales of land – almost three times as many as last November – at an average price of $336,607 (up a stunning 124% year over year and 83% month over month), spending an average of 83 days (about two and a half months) on market.
The Brantford Regional Real Estate Association (BRREA) reports28 211 residential properties sold in November, representing an 11% year-over-year increase and a 28% month-over-month decrease. With new listings numbering 218 – down 8% from November 2019 and 24% from October – the sales-to-new-listings ratio is 97%. Because buyer demand is keeping pace with new listings, inventory levels are low: at just 156 available homes, year-over-year inventory has fallen by a stunning 59%. The average price for all home types is $554,560, up 19% year over year and down half a percent month over month. The average price for a detached home $618,508, up 24% compared to the same month last year.
The Barrie & District Association of REALTORS® Inc. (BDAR) reports29 711 homes sold in Barrie and the surrounding Simcoe County, up 23% from November 2019 and down 27% from October of this year. The overall average price for the region is $644,231, for an impressive 25% year-over-year increase and a 1% month-over-month decrease.
Simcoe County comprises several diverse cities and towns with varying price levels. In Barrie, sales were down 25% month over month, with 240 homes sold at an average price of $588,265 – a 22% year-over-year increase and a 2% month-over-month decrease. In Collingwood, there were 57 homes sold at an average price of $653,808 (down 5% month over month); in Orillia, there were 51 homes sold at an average price of $487,803 (up 4% month over month); and in Wasaga Beach, there were 51 homes sold at an average price of $590,564 (up 5% month over month). The largest month-over-month price gains were seen in Bradford/West Gwillimbury, where six sales at an average price of $842,616 represented a 25% growth, and Clearview, where 11 sales at an average price of $881,245 represented a 12% growth.
The REALTORS® Association of Grey Bruce Owen Sound (RAGBOS) reports30 that the region saw a record-breaking 265 sales for the month of November, representing a 16% increase over the same month last year and a 31% decrease from October 2020.31 New listings totalled 261 (up 1% year-over-year and down 23% month over month), while the number of available homes dropped to 411 – a dramatic 52% decrease compared to November 2019 and the lowest number of active listings on record. Inventory is sitting at 1.6 months (meaning it would take under two months to sell all available homes at the current rate of sale), well below the long run seasonal average of 6.7 months. Low inventory and strong sales are supporting continued price growth: the average price of all homes sold was $547,555 for a notable year-over-year increase of 37% and a month-over-month increase of 5%.
The Huron Perth Association of REALTORS® (HPAR) reports32 a record 192 residential sales for the month of November, representing a 40% increase over the same month last year and a 17% decrease from October 2020.33 This month saw the highest number of listings to enter the market for any November in over five years. New listings totalled 177 for a year over year increase of 26% and a month-over-month decrease of 22%, while active listings (available homes on the market) fell 51% year over year and 18% month over month. Inventory sits at 0.9 months (meaning it would take less than a month to sell all available homes at the current rate of sales), well below the long-run average of 5.4 months for this time of year. “Home sales continued to surge in November, showing no signs of slowing down even as we move into the late fall,” notes Sherrie Roulston, HPAR President. “The pace of demand has been so intense that the current rate of new supply cannot keep up. As a result, overall supply levels are down to the lowest on record and we’re looking at one of the tightest markets in history. Fierce competition among buyers is putting more upward pressure on prices, especially for single family homes.” The benchmark sale price for all home types rose 22% year over year to $417,100, while the benchmark price for single-family homes rose 22% to $417,800.
If you need to sell or buy a home, a local Purplebricks REALTOR® can help you navigate the market safely and with professional insight. Purplebricks supports Canadians by providing full-service real estate experiences with incredible rewards: our sellers save thousands in commission with our low fixed fee, and our buyers receive $2,000 in cash back* when they purchase a home with one of our REALTORS®. Call 1-855-999-9740 to learn more.
1. TRREB November 2020 Market Report
2. TRREB November 2019 Market Report
3. TRREB October 2020 Market Report
4. TRREB November 2020 Market Report
5. TRREB November 2019 Market Report
6. TRREB October 2020 Market Report
7. TRREB November 2020 Market Report
8. TRREB November 2019 Market Report
9. TRREB October 2020 Market Report
10. OREB November 2020 Market Report
11. OREB October 2020 Market Report
12. TRREB November 2020 Market Report
13. TRREB November 2019 Market Report
14. TRREB October 2020 Market Report
15. RAHB November 2020 Market Report
16. RAHB October 2020 Market Report
17. NAR November 2020 Market Report
18. KWAR November 2020 Market Report
19. KWAR November 2019 Report
20. KWAR October 2020 Market Report
21. LSTAR November 2020 Market Update & LSTAR November 2020 Market Report
22. LSTAR October 2020 Market Report
23. WECAR November 2020 Market Report
24. WECAR October 2020 Market Report
25. PKAR November 2020 Market Report
26. PKAR November 2019 Market Report
27. PKAR October 2020 Market Report
28. BRREA November 2020 Market Report
29. BDAR November 2020 Market Statistics
30. CREA: RAGBOS November 2020 Market Report
31. RAGBOS October 2020 Market Report
32. CREA: HPAR November 2020 Market Report
33. Purplebricks October 2020 State of the Market, referencing CREA: HPAR October 2020 Market Report, retrieved November 13, 2020.