Ontario Real Estate Market Update: September 2022

Ontario Real Estate Market Update: September 2022 Ontario Real Estate Market Update: September 2022

Ontario

Home sales across Ontario1 decreased by 10% from August, and by 38% from September of last year for a total of 12,968 sales. That's a steeper decline than the national year-over-year decline of 32%.

There were 28,040 new listings added to the supply in September, the lowest number of September new listings in over a decade. New listings were down year over year, but up by 6% month over month, tilting the sales-to-new-listings ratio from 54% in August to 46% in September. Ontario remained in balanced market conditions in September.

There were 39,097 active listings at the end of September, a 2% increase over August and a 78% increase over last September. At September’s rate of sales and new listings, it would take 3 months to sell all of the active listings, compared to 2.7 months in August, or 1.1 months last September, thus easing the market and providing buyers with time to make decisions. 

The average price of a home in Ontario in September was $836,300, down 6% from last year but up 1% from August.

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Toronto

Toronto swung back into buyer’s market territory in September, with a sales-to-new-listings ratio of 39%. Month-over-month sales dropped by 8% while new listings rose by 19% over the same period. A look at year-over-year sales shows a decline of 49% while new listings showed a less drastic decline of 24%. 

The increase in new listings and decrease in sales resulted in an increase of active listings by 7% month over month, and an increase in month’s inventory to 1.6 months of supply, up from 1.5 in August. Homes sold an average of one day faster in September than in August. 

In a month-over-month comparison, the overall average selling price of a home in Toronto increased by 3% in September, remaining above the $1M mark at $1,061,876. This was despite a 4% drop in the average selling price of detached homes, which represented 29% of the market sales. The average price of a detached home in August was $1,585,589. The average selling price of condos, townhomes, and semis increased, with townhomes gaining the most ground at 8% month over month. 

Compared to 2021, overall average selling price was down 3% and detached homes were down 11%. Condos and semis declined by 1% and 7%, respectively, while townhouses held their value with a 4% year-over-year increase.

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

  • Market:Buyer’s Market 
  • Sales: 1,744 (down 49% year over year and down 8% month over month) 
  • New listings: 4,493 (down 24% year over year and up 19% month over month) 
  • Active listings: 5,485 (up 14% year over year and up 7% month over month) 
  • Sales-to-new-listings ratio: 39% (previous month was 50%) 
  • Average days on market: 22 (up 38% year over year and down 4% month over month) 
  • Average detached selling price: $1,585,589 (down 11% year over year and down 4% month over month) 
  • Average semi-detached selling price: $1,210,715 (down 7% year over year and up 7% month over month) 
  • Average townhouse selling price: $1,193,557 (up 4% year over year and up 8% month over month) 
  • Average condo selling price: $769,058 (down 1% year over year and up 4% month over month) 
  • All residential average selling price: $1,061,876 (down 3% year over year and up 3% month over month)

Comments from TRREB President Kevin Crigger: “We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development.”

Peel

Peel region home sales declined again in September, down 12% from August, which is a less sharp decline than the previous month-over-month drop of 19%. New listings dropped 6% month-over-month that’s less than half the decline of the previous month-over-month drop of 13%. The sales-to-new-listings ratio shifted from 50% to 47% over the last month indicating a continuation of balanced market conditions. In a year-over-year comparison, sales were down 49% in September and new listings were down 13%.

Homes took an average of two days longer to sell in September than in August, and the housing inventory increased from 1.2 months of supply to 1.3 months. At the end of September, there were 2,504 houses available for sale, that’s 5% fewer than at the end of August, but 102% more than at the end of August last year.

The average selling price of a home in Peel region dropped 2% month over month and 4% year over year, to $1,044,385, remaining above the $1M mark. Condos represented 16% of total sales and saw an increase of 4% in average price month over month, while detached homes were responsible for 45% of the sales and a 2% decline in average price. Year over year, the overall average selling price was down 4%, while condos were up 8% and detached homes were down 10%.

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

  • Market: Balanced Market 
  • Sales: 936 (down 49% year over year and down 12% month over month) 
  • New listings: 1,992 (down 13% year over year and down 6% month over month) 
  • Active listings: 2,504 (up 102% year over year and down 5% month over month) 
  • Sales-to-new-listings ratio: 47% (previous month was 50%) 
  • Average days on market: 24 (up 100% year over year and up 9% month over month) 
  • Average detached selling price: $1,319,828 (down 10% year over year and down 2% month over month) 
  • Average semi-detached selling price: $968,063 (down 2% year over year and up 1% month over month) 
  • Average townhouse selling price: $905,022 (down 1% year over year and down 1% month over month) 
  • Average condo selling price: $626,851 (up 8% year over year and up 4% month over month) 
  • All residential average selling price: $1,044,385 (down 4% year over year and down 2% month over month)

Comments from TRREB President Kevin Crigger: “We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development.” 

Durham

New listings in the Durham region declined by 6% in September, while month-over-month sales declined by 18%. This tipped the sales-to-new-listings ratio from 63% in August (a seller’s market) to 55% in September, indicating balanced market conditions.

Homes stayed on the market 6% longer in September than in August, and housing supply increased from 0.9 months to 1 month of supply in September. Active listings dropped by 3% month over month, to 1,090 homes for sale at the end of the month. While supply is still low, it is 86% higher than in September of 2021, when there were only 585 homes for sale in the whole region at the end of the month.

Average selling price in the Durham region declined by 1% in all home categories, except for condos, which rose by 4% month over month to $537,515. In a year-over-year glance, condo selling prices were up 5% while other categories declined by 2% to 8%. Overall average selling price in the region dropped by 1% month over month and by 6% year over year to $915,027, a less pronounced decline than the swing of the sales-to-new-listings ratio might have suggested.

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

  • Market: Balanced Market 
  • Sales: 662 (down 34% year over year and down 18% month over month) 
  • New listings: 1,194 (down 9% year over year and down 6% month over month) 
  • Active listings: 1,090 (up 86% year over year and down 3% month over month) 
  • Sales-to-new-listings ratio: 55% (previous month was 63%) 
  • Average days on market: 18 (up 100% year over year and up 6% month over month) 
  • Average detached selling price: $1,002,111 (down 8% year over year and down 1% month over month) 
  • Average semi-detached selling price: $761,625 (down 2% year over year and down 1% month over month) 
  • Average townhouse selling price: $805,082 (down 3% year over year and down 1% month over month) 
  • Average condo selling price: $573,515 (up 5% year over year and up 4% month over month) 
  • All residential average selling price: $915,027 (down 6% year over year and down 1% month over month)

Comments from TRREB President Kevin Crigger: “We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development.” 

York

The York region landed itself squarely in balanced market conditions in September, with a sales-to-new-listings ratio of 50%.  Home sales declined by 13% month over month while new listings increased by 4%. In a year-over-year glance, homes sales were down by 45% and new listings were down by 24%. 

There was no change to the number of days it took to sell a home in York region and little change to months’ inventory; there were 1.6 months of supply in September compared to 1.5 months in August. Active listings were statistically unchanged from August, coming in at 2,309 homes for sale at the end of September.

Overall average selling price for a home in the York region in September declined by 2% month over month to $1,246,490, still well above the $1M mark. Detached homes dropped by 3% and semis and towns by 1%, while the average selling price of a condo increased by 2% month over month to $695,455.

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

  • Market: Balanced Market 
  • Sales: 927 (down 45% year over year and down 13% month over month) 
  • New listings: 1,848 (down 24% year over year and up 4% month over month) 
  • Active listings: 2,309 (up 35% year over year and at par month over month) 
  • Sales-to-new-listings ratio: 50% (previous month was 60%) 
  • Average days on market: 23 (up 44% year over year and at par month over month) 
  • Average detached selling price: $1,527,795 (down 12% year over year and down 3% month over month) 
  • Average semi-detached selling price: $1,039,600 (down 9% year over year and down 1% month over month) 
  • Average townhouse selling price: $1,089,171 (down 5% year over year and down 1% month over month) 
  • Average condo selling price: $695,455 (up 6% year over year and up 2% month over month) 
  • All residential average selling price: $1,246,490 (down 8% year over year and down 2% month over month)

Comments from TRREB President Kevin Crigger: “We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development.” 

Halton

Halton Region in September was a fairly balanced market overall. Sales declined by 5% month over month, while new listings increased by 15%. Homes sold on average in 24 days, one day faster than in August, while the supply of homes increased to 1.3 months of inventory from 1.2 in August. Active listings increased by 5%, while the sales-to-new-listings ratio shifted from 56% in August to 46% in September. 

The year-over-year picture looks different, with sales in September 33% below sales last year, and new listings up 11%. Homes were selling in 11 days last year with only 0.7 months of inventory. 

The overall average selling price was up by 2% month over month, landing at $1,231,803. Selling prices of detached homes and semis were both up by an average of 3% month over month, with townhomes at par, while the average selling price of a condo was down by 11% from August, landing at $667,978. Year-over-year average prices were at par or down by up to 4%, except for condos, which were down 11%. 

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

  • Market: Balanced Market 
  • Sales: 557 (down 33% year over year and down 5% month over month) 
  • New listings: 1,204 (up 11% year over year and up 15% month over month) 
  • Active listings: 1,401 (up 161% year over year and up 5% month over month) 
  • Sales-to-new-listings ratio: 46% (previous month was 56%) 
  • Average days on market: 24 (up 118% year over year and down 4% month over month) 
  • Average detached selling price: $1,571,185 (down 1% year over year and up 3% month over month) 
  • Average semi-detached selling price: $1,061,547 (at par year over year and up 3% month over month) 
  • Average townhouse selling price: $996,562 (down 4% year over year and at par month over month) 
  • Average condo selling price: $667,978 (down 11% year over year and down 11% month over month) 
  • All residential average selling price: $1,231,803 (down 1% year over year and up 2% month over month)

Comments from TRREB President Kevin Crigger: “We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development.” 

Ottawa

Ottawa continued to reflect balanced market conditions in September, with a sales-to-new-listings ratio of 46%. Month-over-month sales declined by 5% while new listings increased by 13%. Compared to the previous year, sales were down by 33% and new listings were down by 5%. 

The average selling price for residential class homes in the Ottawa region changed very little month over month, coming in at $706,658, while the average price for condos increased by 7% to $450,987. Year-over-year average prices were higher in both categories, with residential class up by 1% and condo class up by 6%.

The Ottawa Real Estate Board (OREB) reports:5

  • Market: Balanced Market 
  • Sales: 1,080 (down 33% year over year and down 5% month over month) 
  • New listings: 2,371 (down 5% year over year and up 13% month over month) 
  • Sales-to-new-listings ratio: 46% (previous month was 54%) 
  • Number of condominium-class properties sold: 264 (down 27% year over year and down 8% month over month) 
  • Number of residential-class properties sold: 816 (down 34% year over year and down 4% month over month) 
  • Average condo selling price: $450,987 (up 6% year over year and up 7% month over month) 
  • Average residential selling price: $706,658 (up 1% year over year and at par month over month)

Comments from OREB President Penny Torontow: “September’s lower sales performance reflects continued hesitancy among buyers as they watch interest rates rise and consider the speculation surrounding price trends. With rising interest rates, the mortgage stress test has sidelined some potential buyers, while others are likely scrutinizing their budgets for affordability amidst inflation and cost of living increases.” 

Hamilton 

Home sales decreased in all Hamilton regions in September, with Dundas seeing the biggest drop, by 48% month over month and 62% year over year. Hamilton Mountain had the greatest number of sales (98), followed by Stoney Creek (72) and Hamilton Centre (66). Overall home sales dropped by 1% month over month to 425, that’s down 3% from last year.

New listings in Hamilton increased by 10% from August to 1,056 homes, also a 10% increase over last September. The sales-to-new-listings ratio sat on the edge of a balanced market in September, at 40%, reflecting continued breathing room for buyers after the tight market of the last two years.

The length of time to sell a home varied among the regions, from an average of 21.5 days on market in Flamborough, to an average of 32.1 in Hamilton East. Supply varied considerably from region to region, with Hamilton Mountain having 2.7 months of inventory in September to Flamborough with 8.75 months of supply.

Month-over-month average home prices rose in most Hamilton regions between 2% (Hamilton Mountain) and 9% (Waterdown) except for Glanbrook, where the average home price fell by 4% to $880,445; Flamborough, where the average home price fell by 14% to 1,349,892; and Ancaster, where the average home price fell by 20% to $1,047,548.

The overall average selling price in the Hamilton region in September fell by 1% month over month to $782,611 which is a 3% decline from last September.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports:6 7 8

  • Market: Balanced Market 
  • Sales: 425 (down 41% year over year and down 21% month over month) 
  • New listings: 1,056 (up 10% year over year and up 10% month over month) 
  • Sales-to-new-listings ratio: 40% (previous month was 56%) 
  • Active listings: 1,446 (up 145% year over year and up 8% month over month) 
  • Average days on market: 28 (up 87% year over year and down 1% month over month) 
  • Average price for a home in Hamilton Mountain: $758,506 (down 5% year over year and up 2% month over month) 
  • Average price for a home in Stoney Creek: $818,821 (down 5% year over year and up 4% month over month) 
  • Average price for a home in Hamilton Centre: $563,412 (down 3% year over year and up 4% month over month) 
  • Average price for a home in Hamilton East: $631,867 (down 4% year over year and up 3% month over month) 
  • Overall average price for a home in the Hamilton region: $782,611 (down 3% year over year and down 1% month over month)

Comments from RAHB President Lou Piriano: “Significant gains in lending rates impacting affordability and concern regarding a housing correction has dampened consumer confidence. This is contributing to the decline in sales seen throughout our market.” 

Niagara

The Niagara region slipped into buyer’s market territory in September, with a sales-to-new-listings ratio of 34%. Sales across the region were down by 13% month over month, while new listings were up by 8%. The biggest drop in sales was in Niagara Falls which declined by 20% from August.

Year-over-year sales were down 44% while new listings were up 18%. The biggest decline for home sales was in Fort Erie, down by 53%.

Overall benchmark price for the Niagara region declined by 4% month over month, to $661,900. Benchmark price in St. Catharines, Niagara Falls, and Welland declined by 4% month over month, while Fort Erie declined by slightly more than the others at 5%. To paint a broader picture, benchmark price in the region is only 1% lower than it was in September of 2021.

The Niagara Association of REALTORS® (NAR) reports:9 10 11

  • Market: Buyer’s Market 
  • Sales: 399 (down 44% year over year and down 13% month over month) 
  • New listings: 1,177 (up 18% year over year and up 8% month over month) 
  • Sales-to-new-listings ratio: 34% (previous month was 42%) 
  • Average days on market: 37 (up 68% year over year and up 19% month over month) 
  • Benchmark price for a home in St. Catharines: $595,100 (down 1% year over year and down 4% month over month) 
  • Benchmark price for a home in Niagara Falls: $650,300 (at par year over year and down 4% month over month) 
  • Benchmark price for a home in Welland: $550,200 (down 1% year over year and down 4% month over month) 
  • Benchmark price for a home in Fort Erie: $551,100 (at par year over year and down 5% month over month) 
  • Overall benchmark price for a home in the Niagara region: $661,900 (down 1% year over year and down 4% month over month)

Comments from NAR President Jim Brown:“Our market in Niagara continues to soften. Although inventory is up, sales have slowed resulting in a continued reduction in overall average prices.”  

Waterloo Region

Waterloo region moved into balanced market conditions in September, with a sales-to-new-listings ratio of 56%. Sales declined by 21% month over month, for a total of 518, while new listings decreased by 2% to 918. This left 978 homes available for sale at the end of September, the equivalent of 1.4 months inventory. On average, homes took 23 days to sell in September.

The average price for a home in the Waterloo region in September was $752,421, on par with last month but down 5% from last year. At $638,284, townhomes held their value most, with an increase of 4% month over month, while semis, averaging $637,205, lost the most ground at 3% less than last month. Condos dropped only 2% month over month but had the biggest year-over-year decline of 9%, landing at $455,262. 
 
The Waterloo Region Association of REALTORS® (WRAR) reports:12 13

  • Market: Balanced Market 
  • Sales: 518 (down 25% year over year and down 21% month over month) 
  • New listings: 918 (down 4% year over year and down 2% month over month) 
  • Active listings: 978 (up 109% year over year and down 3% month over month) 
  • Sales-to-new-listings ratio: 56% (previous month was 71%) 
  • Average days on market: 23 (up 57% year over year and up 5% month over month) 
  • Average detached selling price: $862,435 (down 7% year over year and up 1% month over month) 
  • Average semi-detached selling price: $637,205 (down 7% year over year and down 3% month over month) 
  • Average townhome selling price: $638,284 (down 3% year over year and up 4% month over month) 
  • Average apartment-style condominium selling price: $455,262 (down 9% year over year and down 2% month over month) 
  • All residential average selling price: $752,421 (down 5% year over year and at par month over month)

Comments from KWAR President Megan Bell: “Home sales continued to decline in the wake of yet another interest rate hike by the Bank of Canada last month. The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs.”

Guelph

Guelph region swung back into balanced market conditions in September, with a sales-to-new-listings ratio of 50%. Sales declined by 4% month over month while new listings increased by 21%, easing the market somewhat.

The supply of homes for sale increased from 2.5 months in August to 2.6 months in September, an impressive increase of 271% from September 2021’s 0.7 months of inventory. At the end of September, the number of active listings available for sale was 695, on par from August and up 161% from August of last year.

The overall benchmark price for a home in the Guelph region in September was $821,700, down 2% from August but on par for September of 2021. Month-over-month benchmark prices declined for all home categories with condos losing the most ground with a 4% decline and detached homes holding the most ground with a 1% decline.

The Guelph and District Association of REALTORS® (GDAR) reports:14

  • Market: Balanced Market 
  • Sales: 268 (down 28% year over year and down 4% month over month) 
  • New listings: 531 (up 14% year over year and up 21% month over month) 
  • Active listings: 695 (up 161% year over year and at par month over month) 
  • Sales-to-new-listings ratio: 50% (previous month was 64%) 
  • Benchmark price for a detached home: $916,800 (at par year over year and down 1% month over month) 
  • Benchmark price for a townhome: $663,900 (up 3% year over year and down 3% month over month) 
  • Benchmark price for a condominium: $525,700 (up 3% year over year and down 4% month over month) 
  • Overall benchmark price for a home: $821,700 (at par year over year and down 2% month over month)

Comments from GDAR President Dustin Davis: “Home sales were running well below average levels for this time of year and will likely continue to do so until interest rates have stabilized, and buyers have had a chance to absorb the impact of these higher rates and re-evaluate their financial positions.” 

London

Home sales declined in the London region in September, by 18% month over month to 497 homes sold. New listings increased by 9% over the same period to 1,171. The sales-to-new-listings ratio swung back to 42%, remaining within balanced market conditions.

There were 3.4 months of supply in September compared to 2.7 months in August, which eased the pressure on inventory. There were 1,693 active listings at the end of September, up 3% month over month, and up 174% year over year. On average, homes took 22 days to sell, same as in August. 

The overall average selling price for a home in the London region was $635,256 in September, a 2% decrease from August and at par with September of 2021. Month-over-month average price for a detached home was at par in September, while townhouses were up 1% and the more affordable condos were up 3%.

The London and St. Thomas Association of REALTORS® (LSTAR) reports:15 16 17

  • Market: Balanced Market
  • Sales: 497 (down 43% year over year and down 18% month over month) 
  • New listings: 1,171 (up 11% year over year and up 9% month over month) 
  • Active listings: 1,693 (up 174% year over year and up 3% month over month) 
  • Sales-to-new-listings ratio: 42% (previous month was 57%) 
  • Median days on market: 22 (up 214% year over year and at par month over month) 
  • Average detached selling price: $694,609 (up 1% year over year and at par month over month) 
  • Average townhouse selling price: $496,213 (down 6% year over year and up 1% month over month) 
  • Average condo selling price: $387,313 (up 8% year over year and up 3% month over month) 
  • All residential average selling price: $635,256 (at par year over year and down 2% month over month)

Windsor

The Windsor region moved out of buyer’s market conditions in September and into a balanced market with a sales-to-new-listings ratio of 46%. Home sales in the region increased by 3% month over month while new listings decreased by 16%.

Overall average selling price for a home in the Windsor region was $523,928, up 1% month over month, though down 5% year over year. The majority of homes sold (100) were in the range of $420,000 to $549,999 with a tapering above and below that range, and topping out above $1.4M. Interestingly, in the more affordable range, there were 4 home sales in the $140,000 to $179,000 range, 8 home sales in the $180,000 to $219,999 range, and 22 home sales in the $220,000 to $259,999 range, indicating that there are still deals to be had in Windsor.

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

  • Market: Balanced Market 
  • Sales: 403 (down 42% year over year and up 3% month over month) 
  • New listings: 885 (down 15% year over year and down 16% month over month) 
  • Active listings: 1,457 (up 86% year over year and down 9% month over month) 
  • Sales-to-new-listings ratio: 46% (previous month was 37%) 
  • All residential average selling price: $523,928 (down 5% year over year and up 1% month over month)

Brantford

Brantford home sales in September were up 1% from August to 153 sales, and down 28% from September of 2021. New listings increased by 2% month over month to 336, which is 20% higher than last year. The sales-to-new-listings ratio remained the same from August to September, indicating that Brantford continued to experience balanced market conditions.

The number of active listings available at the end of September increased slightly from August to 443, which is 150% higher than September of 2021. As in August, Brantford had 2.9 months of supply of inventory at the end of September, which is 263% higher than September of 2021, reflecting considerable easing in the market since then.

Benchmark prices decreased in all home categories month over month between 2% (detached homes) and 4% (condos and townhouses). Compared to last year, detached homes were down by 2% while townhouses were up by 10% and condos were up by 12%. The overall benchmark price for a home in the Brantford area was $694,000 in September.

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

  • Market: Balanced Market 
  • Sales: 153 (down 28% year over year and up 1% month over month) 
  • New listings: 336 (up 20% year over year and up 2% month over month) 
  • Active listings: 443 (up 150% year over year and up 3% month over month) 
  • Sales-to-new-listings ratio: 46% (previous month was 46%) 
  • Benchmark price for a detached home: $712,500 (down 2% year over year and down 2% month over month) 
  • Benchmark price for a townhome: $635,400 (up 10% year over year and down 4% month over month) 
  • Benchmark price for a condominium: $429,200 (up 12% year over year and down 4% month over month) 
  • Overall benchmark price for a home: $694,000 (at par year over year and down 3% month over month)

Barrie and Simcoe County

Barrie and Simcoe County remained in balanced market conditions in September, with a sales-to-new-listings ratio of 41%. Home sales in the region increased 5% month over month to 332, a 25% drop on a year-over-year basis. New listings increased by 11% to 818, a jump of 44% over last year.

The number of active listings decreased by 2% from August, with 1,087 homes available at the end of September. This nonetheless represents a 206% increase in active listings over September of 2021. The supply of homes for sale decreased by 6% from August to 3.3 months of supply, still a significant increase of 313% over September 2021’s 0.8 months of supply.

Overall benchmark price for Barrie and Simcoe County was $800,900 in September, a 4% decrease from August, but statistically unchanged from September of 2021. Benchmark price for all home categories declined month over month, with condos seeing the biggest drop of 6% while detached homes fared the best with only a 3% decline. A year-over-year benchmark price comparison shows that detached homes were at par in September, while benchmark price for a townhouse was up 1% and for condos was up 5%.

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

  • Market: Balanced Market 
  • Sales: 332 (down 25% year over year and up 5% month over month) 
  • New listings: 818 (up 44% year over year and up 11% month over month) 
  • Active listings: 1,087 (up 206% year over year and down 2% month over month) 
  • Sales-to-new-listings ratio: 41% (previous month was 43%) 
  • Benchmark price for a detached home: $841,100 (on par year over year and down 3% month over month) 
  • Benchmark price for a townhome: $557,400 (up 1% year over year and down 4% month over month) 
  • Benchmark price for a condominium: $538,200 (up 5% year over year and down 6% month over month) 
  • Overall benchmark price for a home: $800,900 (at par year over year and down 4% month over month)

Comments from BDAR President Luc Woolsey: "Home sales in our region are still well below average levels for this time of year but have picked up on a monthly basis compared to the little activity we had over the summer. New listings are holding up remarkably well, a good sign that sellers have not fled the market and are continuing to list their properties. Because of lower demand over the past several months, overall supply levels are moving up from record lows. If this trend continues, buyers will once again have ample selection to choose from."

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†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.

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