Ontario Real Estate Market Update: November 2022

Ontario Real Estate Market Update: November 2022 Ontario Real Estate Market Update: November 2022

Home sales in Ontario1 experienced a significant decline of 11% from October to 11,017 sales in November. That was 44% fewer sales than in November of 2021. New listings in the province came in at 20,612, a sharper monthly decline of 16% and a shallower year-over-year decline of 2%. The steeper month-over-month decline in new listings over sales shifted the sales-to-new-listings ratio from 51% in October to 53% in November, still within the range indicating balanced market conditions. The regions were predominantly balanced markets, except for Niagara, which was a buyer’s market in November, and Guelph, which was a seller’s market.

There were 33,657 active listings at the end of November, 9% fewer than in October but 130% more than in November of last year. Months’ inventory was at 3.1 in November, a huge increase over last November’s 0.7 months.

The average selling price of a home in Ontario in November was $829,934, down 1% from October and down 10% from last year.

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Toronto 

Toronto home sales dropped to 1,798 in November, which was 47% lower than in November of 2021, and 5% lower than last month. New listings were down 4% from last year to 3,562, which was 13% fewer listings than last month. As a consequence of the sharper drop in sales, the sales-to-new-listings ratio shifted from 46% in October to 50% in November, indicating the market was squarely in balanced market conditions.

Homes stayed on the market one day longer in November (22 days) than in October (21 days) and five days longer than in November of last year (17 days). There were 4,931 active listings at the end of November, a 61% increase over last year, but 8% lower than last month. Months’ inventory increased by 42% year over year to 1.9 months, which was 12% higher, month over month. At the current rate of sales, it would take 1.9 months to sell the number of homes available at the end of November.

The average selling prices for detached homes ($1,560,546) and semis ($1,187,016) took a hit in a year-over-year comparison, down by 14% and 17% respectively, but month-over-month the declines were more shallow; down 3% in both cases. The average selling price of a townhome ($1,224,193) declined by 4% both year over year and month over month. Condos ($734,797) held their value the most, dropping by only 2% from last year and by just 1% from last month. The overall average selling price of a home in Toronto in November ($1,050,788) was statistically unchanged from November 2021, but 4% lower than in October of 2022.

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

  • Market:Balanced Market 
  • Sales: 1,798 (down 47% year over year and down 5% month over month)
  • New listings: 3,562 (down 4% year over year and down 13% month over month)
  • Active listings: 4,931 (up 61% year over year and down 8% month over month)
  • Sales-to-new-listings ratio: 50% (previous month was 46%)
  • Average days on market: 22 (up 24% year over year and up 5% month over month)
  • Average detached selling price: $1,560,548 (down 14% year over year and down 3% month over month)
  • Average semi-detached selling price: $1,187,016 (down 17% year over year and down 3% month over month)
  • Average townhouse selling price: $1,224,193 (down 4% year over year and down 4% month over month)
  • Average condo selling price: $734,797 (down 2% year over year and down 1% month over month)
  • All residential average selling price: $1,050,788 (at par year over year and down 4% month over month)

Comments from TRREB President Kevin Crigger: “Increased borrowing costs represent a short-term shock to the housing market. Over the medium-to-long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.” 

Peel

There were 748 home sales in Peel region in November - a steep drop of 47% from last year and 17% lower than in October. There were 1,593 new listings in November, which was 5% more than in November of 2021, but 17% fewer than in October. Peel region remained in balanced market conditions in October, with a sales-to-new-listings ratio of 47%, for the third month in a row.

Homes stayed on the market for an average of 22 days in November, the same as in October, but 120% longer than in November of 2021. At the end of November there were 2,131 active listings. That’s a whopping 208% higher than last year, though down by 8% from October. At the current rate of sales, it would take 1.7 months to sell the current volume of listings, which is a big increase of 114% over last year and a modest increase of 13% over last month.

A small surprise for the Peel region in November was that the average price of a detached home increased by 2% (to $1,351,086) from October while townhomes remained at par and semis and condos decreased by 2% and 7% respectively. In a year-over-year perspective, average prices declined in all home categories by 2% (condos) to 12% (semis). The overall average price for a home in Peel region in November was $1,039,706. That’s at par for last month but 7% lower than last year. 

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

  • Market: Balanced Market 
  • Sales: 748 (down 47% year over year and down 17% month over month)
  • New listings: 1,593 (up 5% year over year and down 17% month over month)
  • Active listings: 2,131 (up 208% 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 120% year over year and at par month over month)
  • Average detached selling price: $1,351,086 (down 9% year over year and up 2% month over month)
  • Average semi-detached selling price: $946,743 (down 12% year over year and down 2% month over month)
  • Average townhouse selling price: $902,418 (down 7% year over year and at par month over month)
  • Average condo selling price: $592,417 (down 2% year over year and down 7% month over month)
  • All residential average selling price: $1,039,706 (down 7% year over year and at par month over month)

Comments from TRREB President Kevin Crigger: “Increased borrowing costs represent a short-term shock to the housing market. Over the medium-to-long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.” 

Durham

Home sales in Durham decreased by 11% between October and November to 564 sales, while new listings decreased by 12% to 1,037. The sales-to-new-listings ratio shifted only slightly from 53% in October to 54% in November, indicating that the region continued to reflect balanced market conditions. Compared to November of 2021, sales were 44% lower and new listings were 1% lower.

The average number of days that homes stayed on the market increased slightly from 16 days in October to 17 days in November, that’s 113% higher than the year-ago average of 8 days. At the close of November there were 1,025 active listings, a small drop of 6% from October but a huge increase of 182% from year-ago levels. The months’ inventory totalled 1.2, indicating that it would take 1.2 months to sell that many active listings at the current rate of sales. October was slightly less at 1.1 while last November had only 0.5 months of inventory.

The average selling price of detached homes ($982,625) and condos ($795,563) in Durham increased by 1% from October, while semis were at par ($757,333) and townhomes ($795,563) decreased by 3%. Average selling prices were noticeably lower than year-ago levels, with detached homes and townhomes 11% lower and semis 10% lower, while condos retained their value with a 1% increase in average selling price compared to November 2021. The overall average price of a home in the Durham region in November was $892,677, statistically unchanged from October but 11% lower than November of 2021. 

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

  • Market: Balanced Market 
  • Sales: 564 (down 44% year over year and down 11% month over month)
  • New listings: 1,037 (down 1% year over year and down 12% month over month)
  • Active listings: 1,025 (up 182% year over year and down 6% month over month)
  • Sales-to-new-listings ratio: 54% (previous month was 53%)
  • Average days on market: 17 (up 113% year over year and up 6% month over month)
  • Average detached selling price: $982,625 (down 11% year over year and up 1% month over month)
  • Average semi-detached selling price: $757,333 (down 10% year over year and at par month over month)
  • Average townhouse selling price: $795,563 (down 11% year over year and down 3% month over month)
  • Average condo selling price: $556,599 (up 1% year over year and up 1% month over month)
  • All residential average selling price: $892,677 (down 11% year over year and at par month over month)

Comments from TRREB President Kevin Crigger: “Increased borrowing costs represent a short-term shock to the housing market. Over the medium-to-long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.” 

York

Sales in York Region decreased by 3% from October to 832 sales, which is 47% fewer than in November of 2021. There were 1,531 new listings in November, a 12% decrease from October and a 15% decrease from last year. The sales-new-listings ratio danced from 49% in October to 54% in November, still reflecting balanced market conditions.

Homes stayed on the market an average of 21 days in November, the same as they did in October but a 62% increase from the 13 days it took to sell a home in November of 2021. There were 2,013 active listings at the close of the month, a drop of 10% month over month but a 79% increase year over year. Months’ inventory edged upward from October’s 1.7 months of supply, indicating it would take 1.9 months to sell the current inventory at the current rate of sales. While still tight, that’s a lot more breathing space than last November’s 1 month of supply.

York Region surprised with an increase of 6% to the average selling price of a detached home, bringing it up to $1,644,439, still 7% below last year’s level. Condos were at par with last month and last year, with an average selling price of $693,118. While semis dropped by 4% and townhomes dropped by 6% month over month, both remained above the $1M mark. Semis had average selling prices 14% lower than last year and townhomes were 10% lower. The overall average selling price of a home in York Region in November was $1,309,646, a jump of 4% higher than last month, but 6% lower than last year.

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

  • Market: Balanced Market 
  • Sales: 832 (down 47% year over year and down 3% month over month)
  • New listings: 1,531 (down 15% year over year and down 12% month over month)
  • Active listings: 2,013 (up 79% year over year and down 10% month over month)
  • Sales-to-new-listings ratio: 54% (previous month was 49%)
  • Average days on market: 21 (up 62% year over year and at par month over month)
  • Average detached selling price: $1,644,439 (down 7% year over year and up 6% month over month)
  • Average semi-detached selling price: $1,057,360 (down 14% year over year and down 4% month over month)
  • Average townhouse selling price: $1,081,335 (down 10% year over year and down 6% month over month)
  • Average condo selling price: $693,118 (at par year over year and at par month over month)
  • All residential average selling price: $1,309,646 (down 6% year over year and up 4% month over month)

Comments from TRREB President Kevin Crigger: “Increased borrowing costs represent a short-term shock to the housing market. Over the medium-to-long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.” 

Halton

Sales in Halton Region dropped by 10% from October to 431 sales in November. That’s 46% fewer sales than in November of 2021. New listings dropped by 22% from October to 802, which is 2% fewer than in November of last year. The steeper month-over-month drop in new listings tilted the sales-to-new-listings ratio from 46% last month to 54% this month, still a reflection of balanced market conditions.

Homes in Halton took an average of 26 days to sell in November, compared to 24 in October and only 10 in November of 2021. There were 1,238 active listings at the close of November, which is 10% fewer than last month but 258% more than last year. For that volume of inventory at the current rate of sales, it would take 1.7 months to sell all of the homes. That is slightly longer than last month’s 1.5 months, but 143% longer than last year’s 0.7 months.

The average selling price of a detached home in Halton dropped by 2% from October to $1,476,310, as did townhomes, at $993,973. Semis dropped by 7% to $962,992. All of these categories were 14%-16% lower than year-ago levels. The outlier was the average selling price of a condo, which dropped by 6% from October but was still 5% above year-ago levels at $719,283. The overall average selling price of a home in Halton Region in November was $1,156,315, 6% lower than October’s average price and 15% lower than last year. 

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

  • Market: Balanced Market
  • Sales: 431 (down 46% year over year and down 10% month over month)
  • New listings: 802 (down 2% year over year and down 22% month over month)
  • Active listings: 1,238 (up 258% year over year and down 10% month over month)
  • Sales-to-new-listings ratio: 54% (previous month was 46%)
  • Average days on market: 26 (up 160% year over year and up 8% month over month)
  • Average detached selling price: $1,476,310 (down 16% year over year and down 2% month over month)
  • Average semi-detached selling price: $962,992 (down 16% year over year and down 7% month over month)
  • Average townhouse selling price: $993,973 (down 14% year over year and down 2% month over month)
  • Average condo selling price: $719,283 (up 5% year over year and down 6% month over month)
  • All residential average selling price: $1,156,315 (down 15% year over year and down 6% month over month)

Comments from TRREB President Kevin Crigger: “Increased borrowing costs represent a short-term shock to the housing market. Over the medium-to-long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.” 

Ottawa

Home sales in the Ottawa region decreased by 14% between October and November to 846 sales, which was 42% fewer sales than in November of 2021. New listings were 12% higher than last year but 22% lower than last month, coming in at 1,598 new listings.  With new listings dropping more sharply than sales did, the sales-to-new-listings ratio shifted from 48% last month to 53% this month, still indicating a prevalence of balanced market conditions.

There were 3.5 months of supply for residential class properties in November, and 3.4 months for condo class. This is a huge easing of the market since year-ago levels when the available supply was 0.9 months and 1.1 months respectively.

The average selling price of a residential class property in Ottawa in November was $680,031. That’s at par with October but 5% lower than year-ago average price. For condominium class properties, the average selling price was $415,533, down 7% from last month and down 4% from last year. 

The Ottawa Real Estate Board (OREB) reports:5 6

  • Market: Balanced Market
  • Sales: 846 (down 42% year over year and down 14% month over month)
  • New listings: 1,598 (up 12% year over year and down 22% month over month)
  • Sales-to-new-listings ratio: 53% (previous month was 48%)
  • Number of condominium-class properties sold: 188 (down 50% year over year and down 18% month over month)
  • Number of residential-class properties sold: 658 (down 39% year over year and down 13% month over month)
  • Average condo selling price: $415,533 (down 4% year over year and down 7% month over month)
  • Average residential selling price: $680,031 (down 5% year over year and at par month over month)

Comments from OREB President Penny Torontow: “November’s sales were expectedly low given the typical slowdown this time of year, but they also reflect today’s economic conditions. This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more. As a result, those who can, are waiting and watching.” 

Hamilton 

Home sales in Hamilton declined in November by 7% compared to October and by 44% compared to last year, to land at 425 sales. Hamilton Mountain had the greatest share of sales (96) while Stoney Creek (67), Hamilton Centre (55), and Hamilton East (48) made strong showings. New listings declined by 17% month over month to 791, which was 3% below last year’s levels. As a consequence of the greater drop in new listings relative to the drop in sales, the sales-to-new-listings ratio shifted from 48% in October to 54% in November, indicating that Hamilton remained in balanced market conditions in November.

Homes took an average of 28 days to sell in November, compared to 29 in October. There were 1,278 active listings at the end of the month. At the current rate of sales, it would take 3 months to sell that volume of inventory.

November was the 9th consecutive month of price declines in the Hamilton region, but with an average selling price of $761,244 it is still well above the pre-pandemic average price of $591,334 in November 2019. In fact, all of the regions that we investigated this fall were still above their pre-pandemic prices.

Interestingly, while Hamilton Mountain and Stoney Creek had the lion’s share of sales, they also had the sharpest month-over-month price drops, of 6% and 10% respectively, while average selling prices in Hamilton East increased by 1% month over month and in Hamilton Centre by 3% month over month. 

The REALTORS® Association of Hamilton-Burlington (RAHB) reports:7 8 9 10

  • Market: Balanced Market
  • Sales: 425 (down 44% year over year and down 7% month over month)
  • New listings: 791 (down 3% year over year and down 17% month over month)
  • Sales-to-new-listings ratio: 54% (previous month was 48%)
  • Active listings: 1,278 (up 221% year over year and down 8% month over month)
  • Average days on market: 28 (up 134% year over year and down 2% month over month)
  • Average price for a home in Hamilton Mountain: $680,725 (down 14% year over year and down 6% month over month)
  • Average price for a home in Stoney Creek: $744,164 (down 16% year over year and down 10% month over month)
  • Average price for a home in Hamilton Centre: $552,285 (down 11% year over year and up 3% month over month)
  • Average price for a home in Hamilton East: $596,227 (down 12% year over year and up 1% month over month)
  • Overall average price for a home in the Hamilton region: $761,244 (down 9% year over year and down 4% month over month)

Comments from RAHB President Lou Piriano: “The RAHB market area has seen some much-needed improvements in supply levels allowing for more choice and negotiation power for buyers and the levels are more consistent with long-term trends for November. It is important to note that while shifting conditions have caused prices to trend down from the peak, the pace of monthly decline has eased over the past several months. Overall, residential prices are still significantly above levels reported prior to the pandemic.” 

Niagara

Home sales for November in the Niagara region fell by 18% from October levels, and by 50% from year-ago levels. New listings declined by 15% from October but were 17% higher than in November of 2021. The sales-to-new-listings ratio shifted slightly from 39% in October to 38% in November indicating a continuance of buyer’s market conditions in the Niagara region. Homes took an average of 43 days to sell in November, one day faster than in October, but 139% slower than in November of 2021.

Benchmark prices fell across the board in Niagara region with Welland falling steepest; by 4% month over month and by 10% year over year to land at $524,900. Niagara Falls and Fort Erie both fell by 2% month over month, while Niagara Falls dropped by 9% year over year to land at $627,600 and Fort Erie fell 7% to land at $535,200. St Catharines held its value most, declining by only 1% from October, but by 9% from November of last year to land at a benchmark price of $577,900. The overall benchmark price for a home in the Niagara region in November was $642,600, down 2% from last month and down 8% from last year. As always, the outlier was Niagara-on-the-Lake, where the benchmark price, while falling, remained above the $1M mark at $1,077,900. 

The Niagara Association of REALTORS® (NAR) reports:11 12

  • Market: Buyer’s Market
  • Sales: 335 (down 50% year over year and down 18% month over month)
  • New listings: 880 (up 17% year over year and down 15% month over month)
  • Sales-to-new-listings ratio: 38% (previous month was 39%)
  • Average days on market: 43 (up 139% year over year and down 2% month over month)
  • Benchmark price for a home in St. Catharines: $577,900 (down 9% year over year and down 1% month over month)
  • Benchmark price for a home in Niagara Falls: $627,600 (down 9% year over year and down 2% month over month)
  • Benchmark price for a home in Welland: $524,900 (down 10% year over year and down 4% month over month)
  • Benchmark price for a home in Fort Erie: $535,200 (down 7% year over year and down 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $642,600 (down 8% year over year and down 2% month over month)

Waterloo Region 

There were 453 home sales in Waterloo Region in November, an 8% drop from last month and 44% below year-ago levels. New listings declined as well, by 9% from October and by 7% from last year, coming in at 752 new listings in November. The sales-to-new-listings ratio edged to 60% from 59% last month, teetering on seller’s market vs balanced market conditions.

In November, homes sold in 21 days on average, which was 5% faster than in October and 52% longer than in November of 2021 when homes sold on average in 10 days. There were 860 active listings at the close of November. At the current rate of sales, it would take 1.3 months to sell the active inventory, and while that is low, it is 333% longer than it would have taken a year ago.

Month-over-month average selling prices dropped in all home categories by 3% (detached and townhomes) to 6% (condos) except for semis; at an average selling price of $642,328, semi-detached homes increased by 3%. Detached homes clocked in at $836,609 while towns averaged $618,669 and condos averaged $458,384. The overall average selling price for a home in Waterloo Region in November was $736,024, a 4% decrease from October, and 10% below year-ago prices.

The Waterloo Region Association of REALTORS® (WRAR) reports:13 14

  • Market: Seller’s Market (based on sales-to-new-listings ratio)
  • Sales: 453 (down 44% year over year and down 8% month over month)
  • New listings: 752 (down 7% year over year and down 9% month over month)
  • Active listings: 860 (up 209% year over year and down 7% month over month)
  • Sales-to-new-listings ratio: 60% (previous month was 59%)
  • Average days on market: 21 (up 52% year over year and down 5% month over month)
  • Average detached selling price: $838,609 (down 13% year over year and down 3% month over month)
  • Average semi-detached selling price: $642,328 (down 9% year over year and up 3% month over month)
  • Average townhome selling price: $618,669 (down 12% year over year and down 3% month over month)
  • Average apartment-style condominium selling price: $458,384 (down 8% year over year and down 6% month over month)
  • All residential average selling price: $736,024 (down 10% year over year and down 4% month over month)

Comments from KWAR President Megan Bell: “Home sales continued to decrease in November, as they traditionally do at this time of year. At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July. The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November followed that trend. We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.”

Guelph

There were 225 home sales in the Guelph region in November, a solid 16% drop from October and 41% below year-ago sales levels. New listings dropped to 364, a month-over-month decline of 15% but a 3% increase over November of last year. As a consequence, the sales-to-new-listings ratio shifted from 63% in October to 62% in November, still indicating a prevalence of seller’s market conditions in Guelph.

There were 565 active listings at the end of November, a drop of 12% from October but an increase of 312% from last year’s inventory levels. There were 2.5 months of inventory, indicating that it would take 2.5 months to sell the current inventory at the current rate of sales, a big increase on last year’s 0.4 months.

Benchmark home prices varied little in a month-over-month comparison, with detached homes at par for October, townhouses dropping by 1% and condos increasing by 2%. From a year-over-year perspective, benchmark prices were down in all categories; by 3% for apartments, by 4% for townhouses, and by 7% for detached homes. The overall benchmark price for a home in Guelph region was $809,400 in November. That was unchanged from October and 7% lower than November of 2021.

The Guelph and District Association of REALTORS® (GDAR) reports:15

  • Market: Seller’s Market
  • Sales: 225 (down 41% year over year and down 16% month over month)
  • New listings: 364 (up 3% year over year and down 15% month over month)
  • Active listings: 565 (up 312% year over year and down 12% month over month)
  • Sales-to-new-listings ratio: 62% (previous month was 63%)
  • Benchmark price for a detached home: $901,600 (down 7% year over year and at par month over month)
  • Benchmark price for a townhome: $655,300 (down 4% year over year and down 1% month over month)
  • Benchmark price for a condominium: $528,000 (down 3% year over year and up 2% month over month)
  • Overall benchmark price for a home: $809,400 (down 7% year over year and at par month over month)

Comments from GDAR President Dustin Davis: “The trend remained the same in our local market during the month of November, with the pace of MLS® home sales posting another month of below-average numbers. Although down from the last few months, new listings were slightly above average for this time of year. Overall inventory slipped below 600 available homes for the first time since April but are still holding strong at a historically average level. Traditionally, the holiday season is a slow time of year for our region, and we expect nothing less as we head into the end of 2022. With one more interest rate hike on the horizon it is reasonable to expect that if existing conditions persist, market activity will remain subdued at least during the first quarter of the new year.” 

London

November home sales in London-St Thomas region declined by 11% from October to 451 homes sold, which was 44% below year-ago levels. New listings declined by 10% from October to 875, which was 6% above year-ago levels. The sales-to-new-listings ratio remained the same as October, at 52% which indicates the region experienced balanced market conditions in November.

On average, homes sold in 25 days in November, up by 2 days from October but much longer than year-ago days on market of just 7 days. There were 1,497 active listings at the end of November. The market has eased considerably compared to year-ago active listings of just 392. Months’ inventory indicates it would take 3.3 months to sell all the active listings as the current rate of sales, again, is a big easing compared to last year when there was just 0.5 months of supply.

The average selling price of a detached home in the London region declined by 2% month over month to $668,151, an 8% decline from last year. Townhomes were down by 12% year over year and by 3% month over month to $496,446. The average selling price of a condo in the London-St Thomas region decreased by 17% month over month to $344,994, which is 12% lower than year-ago prices. The overall average selling price for a home in the London-St Thomas region in November was $615,247. That’s down 4% from October and down 8% from year-ago prices. 

The London and St. Thomas Association of REALTORS® (LSTAR) reports:16 17

  • Market: Balanced Market 
  • Sales: 451 (down 44% year over year and down 11% month over month) 
  • New listings: 875 (up 6% year over year and down 10% month over month) 
  • Active listings: 1,497 (up 282% year over year and down 8% month over month) 
  • Sales-to-new-listings ratio: 52% (previous month was 52%) 
  • Median days on market: 25 (up 257% year over year and up 9% month over month) 
  • Average detached selling price: $668,151 (down 8% year over year and down 2% month over month) 
  • Average townhouse selling price: $496,446 (down 12% year over year and down 3% month over month) 
  • Average condo selling price: $344,994 (down 12% year over year and down 17% month over month) 
  • All residential average selling price: $615,247 (down 8% year over year and down 4% month over month)

Windsor

Home sales in the Windsor region declined by 10% month over month to 331 sales, 51% below year-ago levels. The majority of the home sales were in the $550K - $750K, though encouragingly, there were 59 sales of homes priced below $300K.

There were 726 new listings in November, a small 5% drop from October and 18% below 2021 levels. The sales-to-new-listings ratio shifted from 48% to 46%, indicating that the Windsor region continued to experience balanced market conditions in November.

There were 1,274 active listings at the close of November, a drop of 4% from October but 109% higher than last year. At the current rate of sales, it would take 3.8 months to sell the active inventory. This is a sharp contrast to last November, when months’ inventory was 0.9 months.

The overall average selling price for a home in the Windsor area in November was $511,275. That’s 6% lower than in October and 10% lower than in November of 2021. 

The Windsor-Essex County Association of REALTORS® (WECAR) reports:18 19 20

  • Market: Balanced Market
  • Sales: 331 (down 51% year over year and down 10% month over month)
  • New listings: 726 (down 18% year over year and down 5% month over month)
  • Active listings: 1,274 (up 109% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 46% (previous month was 48%)
  • All residential average selling price: $511,275 (down 10% year over year and down 6% month over month)

Brantford

Home sales in the Brantford region dropped by 12% from October to 104, which was 50% fewer sales than in November of 2021. There were 236 new listings, which was 1% fewer than last month, but 22% more than last year. The sales-to-new-listings ratio shifted from 49% in October to 44% in November, trending more towards buyer’s market territory.

There were 384 active listings at the end of November, a drop of 7% from October but a whopping 341% more than last November. There were 3.7 months of inventory in November, indicating it would take 3.7 months to sell the current supply of available listings at the current rate of sales - a big jump from last year’s 0.4 months!

Benchmark price for a detached home was unchanged compared to October, while townhomes and condos decreased by 3%. Detached homes were down 9% year over year while townhomes were down 4% and condos were up by 2%. The overall benchmark price for a home in the Brantford region was $676,495 in November. That was 2% higher than last month but 17% lower than last year.

The Brantford Regional Real Estate Association (BRREA) reports:21 22

  • Market: Balanced Market 
  • Sales: 104 (down 50% year over year and down 12% month over month) 
  • New listings: 236 (up 22% year over year and down 1% month over month) 
  • Active listings: 384 (up 341% year over year and down 7% month over month) 
  • Sales-to-new-listings ratio: 44% (previous month was 49%) 
  • Benchmark price for a detached home: $701,000 (down 9% year over year and at par month over month) 
  • Benchmark price for a townhome: $575,900 (down 4% year over year and down 3% month over month) 
  • Benchmark price for a condominium: $388,100 (up 2% year over year and down 3% month over month) 
  • Overall benchmark price for a home: $676,495 (down 17% year over year and up 2% month over month) 

Barrie and Simcoe County

There were 267 home sales in the Barrie region in November, which was 17% fewer than in October and 32% fewer than last November. There were 500 new listings; a 23% decline from October but an 18% gain on year-ago levels. The sales-to-new-listings ratio shifted from 50% in October to 53% in November, indicating that Barrie was still experiencing balanced market conditions.

There were 808 active listings at the end of November, a 16% drop from October, but a 219% gain over year-ago levels. Months’ inventory also made huge gains year over year; from 0.6 months last November, to 3 months this past November, indicating that it would take 3 months to sell all the active listings at the current rate of sales.

Benchmark prices for townhomes and condos were unchanged from October but were 6% and 2% lower than year-ago prices. Townhomes were pegged at $562,500 while condos were pegged at $534,100. Detached homes did not fare as well, with a 2% decline from October and a 9% decline from last November to come in at $820,000. The overall benchmark price for a home in the Barrie region was $814,383, unchanged from October but 11% lower than last year.

The Barrie & District Association of REALTORS® reports:23 24

  • Market: Balanced Market
  • Sales: 267 (down 32% year over year and down 17% month over month)
  • New listings: 500 (up 18% year over year and down 23% month over month)
  • Active listings: 808 (up 219% year over year and down 16% month over month)
  • Sales-to-new-listings ratio: 53% (previous month was 50%)
  • Benchmark price for a detached home: $820,000 (down 9% year over year and down 2% month over month)
  • Benchmark price for a townhome: $562,500 (down 6% year over year and at par month over month)
  • Benchmark price for a condominium: $534,100 (down 2% year over year and at par month over month)
  • Overall benchmark price for a home: $782,500 (down 9% year over year and down 2% month over month)

Comments from BDAR President Luc Woolsey: "Although home sales are still trending well below average levels for this time of year, looking through the seasonality on a month-to-month basis we can see that activity has stabilized at slightly higher levels over the past few months after reaching a bottom in July. New listings remain at historically strong levels and have raised overall inventories to levels not seen since mid-2019. There may still be some trepidation among buyers waiting to come back into the market as we continue adjusting to a highest interest rate environment, but sellers have proven they are not shying away from listing their homes through MLS®."

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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.

†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.