Ontario State of the Market Update: April 2022

The Ontario Real Estate Association (OREA) reported 20,021 home sales in April, which is typical volume for this time of year.1 Month over month, the market saw a decrease in sales after a hotter March market, down 18%. And even though there was more inventory in the market month over month, demand slowed in April.  

New listings totalled 39,490 across the province in April, a decrease of 8% year over year and 1% month over month. Sales decreased more than new listings month over month, which resulted in the sales-to-new-listings (STNL) ratio falling, now sitting at 51%. Ontario has entered a balanced market, since a STNL ratio of 40-60% is considered to be a balanced market.  

 As for inventory at month-end, active listings saw a sizeable increase month over month, up 36%. This increase without the sales to chip away at it caused the months of inventory to increase from 0.8 to 1.4 months. Average selling prices fell below the $1 million mark in April. The average selling price increased 13% year over year and decreased 6% month over month, sitting at $985,354 for a home in Ontario. 

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Map of Ontario showing where FairSquare operates

Toronto 

Toronto has returned to balanced conditions in April, as the sales-to-new-listings (STNL) ratio fell to 49% (A STNL ratio of 40-60% is considered to be balanced conditions). Although the STNL ratio indicates more balanced conditions, homes are only selling two days slower compared to March, despite the 27% increase in active listings over the same time period. In addition, average selling prices are holding steady, up 14% year over year and 2% month over month. Buyer demand is still high for all product types and the average selling price continues to be well over $1 million for townhomes, semi-detached homes, and detached homes.  

 The Toronto Regional Real Estate Board (TRREB) reports2 3 4: 

  • Market: Balanced Market 
  • Sales: 3,024 (down 36% year over year and down 24% month over month)
  • New listings: 6,164 (down 18% year over year and down 6% month over month)
  • Active listings: 4,732 (up 2% year over year and up 27% month over month)
  • Sales-to-new-listings ratio: 49% (previous month was 61%)
  • Average days on market: 12 (up 9% year over year and up 20% month over month)
  • Average detached selling price: $1,947,975 (up 26% year over year and up 2% month over month)
  • Average semi-detached selling price: $1,494,640 (up 14% year over year and down 3% month over month)
  • Average townhouse selling price: $1,345,443 (up 11% year over year and down 9% month over month)
  • Average condo selling price: $820,835 (up 13% year over year and down 1% month over month)
  • All residential average selling price: $1,243,070 (up 14% year over year and up 2% month over month) 

Comments from TRREB President Kevin Crigger: “Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase.” 

Peel

Active and new listings greatly outpaced home sales in April which resulted in the Peel region entering buyer market conditions based on the sales-to-new-listings (STNL) ratio of 39%. The increase in supply helped decrease average selling prices by 2% month over month, though average prices are still up 20% year over year and are well over $1 million. Homes are also taking three days longer to sell on average compared to March, which supports active listings increasing a substantial 35% month over month – great news for home buyers in Peel!  

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:

  • Market: Buyer's Market
  • Sales: 1,535 (down 44% year over year and down 27% month over month)
  • New listings: 3,893 (down 8% year over year and down 5% month over month)
  • Active listings: 2,564 (up 22% year over year and up 35% month over month)
  • Sales-to-new-listings ratio: 39% (previous month was 51%)
  • Average days on market: 10 (at par year over year and up 43% month over month)
  • Average detached selling price: $1,626,029 (up 23% year over year and down 3% month over month)
  • Average semi-detached selling price: $1,144,949 (up 24% year over year and down 6% month over month)
  • Average townhouse selling price: $1,040,528 (up 22% year over year and down 8% month over month)
  • Average condo selling price: $701,272 (up 24% year over year and down 4% month over month)
  • All residential average selling price: $1,242,343(up 20% year over year and down 2% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month. It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months.”

Durham

Durham remained in balanced market conditions in April, as new listings continued to outpace sales. Even after a substantial increase in active listings in March, homes on the market increased further this month, up 31% month over month and 45% year over year. The increase in active listings helped stunt selling prices from climbing further. All product types saw month-over-month decreases in average selling prices, upwards of 11%. Even still, the average selling price is still up a substantial 20% year over year and is still above the $1 million mark for a home in the Durham region.

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:

  • Market: Balanced Market
  • Sales: 1,089 (down 39% year over year and down 22% month over month)
  • New listings: 2,338 (at par year over year and down 6% month over month)
  • Active listings: 1,278 (up 45% year over year and up 31% month over month)
  • Sales-to-new-listings ratio: 47% (previous month was 56%)
  • Average days on market: 8 (down 11% year over year and up 14% month over month)
  • Average detached selling price: $1,192,065 (up 20% year over year and down 5% month over month)
  • Average semi-detached selling price: $870,689 (up 17% year over year and down 11% month over month)
  • Average townhouse selling price: $928,999 (up 22% year over year and down 8% month over month)
  • Average condo selling price: $659,734 (up 34% year over year and down 6% month over month)
  • All residential average selling price: $1,075,332 (up 20% year over year and down 6% month over month)

Comments from TRREB President Kevin Crigger: “Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase.”

York

After being in a balanced market in February and March, York region moved into buyer’s market conditions in April, as indicated by the sales-to-new-listings (STNL) ratio of 38% (under 40% is considered to be a buyer’s market). Although both sales and new listings decreased month over month to the tune of 36% and 18%, respectively, active listings increased 20% over the same time period, adding welcome inventory to the market. The increase in active listings caused average days on market to increase by three days compared to March, though it is on par with average days on market seen in April 2021. As a result of increased inventory and softer demand, average selling prices decreased 6% month over month, but are still up 11% year over year.

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:

  • Market: Buyer's Market
  • Sales: 1,230 (down 50% year over year and down 36% month over month)
  • New listings: 3,269 (down 19% year over year and down 18% month over month)
  • Active listings: 2,665 (down 2% year over year and up 20% month over month)
  • Sales-to-new-listings ratio: 38% (previous month was 48%)
  • Average days on market: 12 (at par year over year and up 33% month over month)
  • Average detached selling price: $1,761,834 (up 14% year over year and down 7% month over month)
  • Average semi-detached selling price: $1,259,347 (up 21% year over year and down 6% month over month)
  • Average townhouse selling price: $1,265,285 (up 22% year over year and down 4% month over month)
  • Average condo selling price: $759,751 (up 14% year over year and down 4% month over month)
  • All residential average selling price: $1,426,650 (up 11% year over year and down 6% month over month)

Comments from TRREB President Kevin Crigger: “Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase.”

Halton

The Halton region remained in a balanced market in April, as new listings increased at a greater rate than sales month over month, down 7% and 27% respectively. The volume of active listings at month end is encouraging for buyers, as volume was up significantly both year over year and month over month. The increase in new listings caused homes to sit two days longer on market than the month previous and impacted average selling prices by decreasing 9%. The region is seeing more inventory on the market and pricing is starting to reflect that.

The Toronto Regional Real Estate Board (TRREB) reports2 3 4:

  • Market: Balanced Market
  • Sales: 824 (down 41% year over year and down 27% month over month)
  • New listings: 1,922 (down 2% year over year and down 7% month over month)
  • Active listings: 1,273 (up 34% year over year and up 38% month over month)
  • Sales-to-new-listings ratio: 43% (previous month was 55%)
  • Average days on market: 10 (at par year over year and up 25% month over month)
  • Average detached selling price: $1,779,951 (up 16% year over year and down 7% month over month)
  • Average semi-detached selling price: $1,099,648 (up 11% year over year and down 12% month over month)
  • Average townhouse selling price: $1,101,830 (up 16% year over year and down 11% month over month)
  • Average condo selling price: $746,478 (up 10% year over year and down 8% month over month)
  • All residential average selling price: $1,383,948 (up 15% year over year and down 9% month over month)

Comments from TRREB President Kevin Crigger: “Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase.”

Ottawa

The Ottawa market continued to favour sellers; however, the sales-to-new-listings (STNL) ratio declined from 76% in March to 66% in April. This indicates the market is in a seller’s market but may signal we are potentially trending towards more balanced conditions as sales decreased 6% and new listings increased 8% month over month. Despite an increase in new listings, average selling prices saw little movement compared to March; condominium-class properties decreased 3% and residential-class properties decreased just 1% month over month. The fact the market remains at under one month of supply is helping keep average selling prices high.

The Ottawa Real Estate Board (OREB) reports5:

  • Market: Seller's Market
  • Sales: 1,889 (down 21% year over year and down 6% month over month)
  • New listings: 2,846 (down 11% year over year and up 8% month over month)
  • Sales-to-new-listings ratio: 66% (previous month was 76%)
  • Number of condominium-class properties sold: 470 (down 13% year over year and down 9% month over month)
  • Number of residential-class properties sold: 1,419 (down 23% year over year and down 5% month over month)
  • Average condo selling price: $829,318 (up 12% year over year and down 3% month over month)
  • Average residential selling price: $473,702 (up 11% year over year and down 1% month over month)

Comments from OREB President Penny Torontow: “With the number of transactions just slightly over the 5-year average, this was one of the weakest performing Aprils we have seen in a while. Considering that the number of new listings increased last month, it is a bit of a surprise that sales were off... The fact remains that it is still a Seller’s market with supply under one month. Bidding wars and multiple offers persist in some pockets, prices continue to rise, albeit more moderately, and the market remains relatively strong.”

Hamilton-Burlington

The Hamilton-Burlington region entered balanced conditions as new listings outpaced home sales bringing the sales-to-new-listings (STNL) ratio to 53% (a ratio of 40%-60% is considered to be a balanced market). The increase in new listings helped decrease average selling prices by 6% month . However, compared to the same time last year, home prices are still up 18% and inventory is still considered low, despite a 10-year high of new listings coming onto the market.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports6:

  • Market: Balanced Market
  • Sales: 1,298 (down 31% year over year and down 21% month over month)
  • New listings: 2,451 (down 7% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 53% (previous month was 64%)
  • Average selling price in Hamilton: $949,149 (up 21% year over year and down 5% month over month)
  • Average selling price in Burlington: $1,228,723 (up 16% year over year and down 6% month over month)
  • Average selling price in Niagara North: $1,080,942 (up 18% year over year and up 5% month over month)
  • Average selling price in Haldimand County: $794,095 (up 17% year over year and down 19% month over month)
  • All residential average selling price: $1,013,081 (up 18% year over year and down 6% month over month)

Comments from RAHB President Lou Piriano: “With the exception of last year, new listings coming to market exceed that of every other April for the last ten years. With the increase in inventory, buyers are finally experiencing more choices in the market. While inventory is still below the norm, we finally see signs of a more balanced market as the number of active listings increases. The rise in interest rates has likely attributed to a decrease in the number of sales month over month in every residential property category across the RAHB market area. While average prices remain strong, and still above the $1 million mark, we did experience another dip for the second month in a row."

Niagara 

After a substantial increase in sales and new listings in March, the Niagara region saw a more modest April with a 15% decrease in sales and a 7% increase in new listings month over month.  As new listings outpaced sales, the sales-to-new-listings ratio decreased from 64% to 51% in April which brought some relief to inventory levels and moved the market into balanced conditions. As a result, the average days on market increased month-over-month by three days, while the average selling price decreased 1%.

The Niagara Association of REALTORS®(NAR)7:

  • Market: Balanced Market
  • Sales: 707 (down 35% year over year and down 15% month over month)
  • New listings: 1,382 (up 4% year over year and up 7% month over month)
  • Sales-to-new-listings ratio: 51% (previous month was 64%)
  • Average days on market: 14 (down 7% year over year and up 27% month over month)
  • Benchmark price for a home in St. Catharines: $765,700 (up 25% year over year and at par month over month)
  • Benchmark price for a home in Niagara Falls: $763,700 (up 31% year over year and down 1% month over month)
  • Benchmark price for a home in Welland: $652,800 (up 24% year over year and down 5% month over month)
  • Benchmark price for a home in Fort Erie: $667,000 (up 27% year over year and down 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $814,600 (up 27% year over year and down 1% month over month)

Kitchener-Waterloo

A decrease in sales coupled with an increase in new listings resulted in the sales-to-new-listings (STNL) ratio decreasing from 64% in March to 50% in April, indicating the Kitchener-Waterloo region is now in balanced market conditions. The 59% increase in active listings month over month influenced homes sitting on the market for one additional day compared to March, as well as selling for 6% less over the same time period. Year over year, average prices still remain up an impressive 20%.

The Kitchener-Waterloo Association of REALTORS® (KWAR) reports8 9:

  • Market: Balanced Market
  • Sales: 633 (down 25% year over year and down 13% month over month)
  • New listings: 1,277 (up 16% year over year and up 13% month over month)
  • Active listings: 703 (up 49% year over year and up 59% month over month)
  • Sales-to-new-listings ratio: 50% (previous month was 64%)
  • Average days on market: 9 (at par year over year and up 13% month over month)
  • Average detached selling price: $1,060,992 (up 18% year over year and down 6% month over month)
  • Average townhome selling price: $785,394 (up 20% year over year and down 11% month over month)
  • Average apartment-style condominium selling price: $600,219 (up 35% year over year and up 6% month over month)
  • All residential average selling price: $907,205 (up 20% year over year and down 6% month over month)

Comments from KWAR President Megan Bell: "Last month introduced a small measure of relief to the market. While the number of sales remains strong, and sale prices continue to turn out robust annual gains, we’re seeing fewer multiple offers and more conditions on offers making their way back into the market... The trajectory the market was on was simply not sustainable, however, I want to emphasize it would be premature to draw any conclusions on just a single month’s activity.  The housing market in Waterloo Region is still very much a sellers’ market, but sellers may need to adjust their expectations."

Guelph

The Guelph region saw the largest number of new listings added in the month of April on record. This increase in new listings coupled with a decrease in sales resulted in the sales-to-new-listings (STNL) ratio decreasing from 64% in March to 49% in April; this indicates the market is currently balanced. Benchmark selling prices are still up substantially year over year, to the tune of 29%. However, month over month the benchmark price decreased by 2% and is hovering at the $1M mark.

The Guelph and District Association of REALTORS (GDAR) reports10:

  • Market: Balanced Market
  • Sales: 419 (down 27% year over year and down 22% month over month)
  • New listings: 857 (up 14% year over year and up 2% month over month)
  • Active listings: 533 (up 38% year over year and up 53% month over month)
  • Sales-to-new-listings ratio: 49% (previous month was 64%)
  • Benchmark price for a detached home: $1,034,600 (up 28% year over year and down 2% month over month)
  • Benchmark price for a townhome: $734,100 (up 28% year over year and down 2% month over month)
  • Benchmark price for a condominium: $640,700 (up 37% year over year and up 1% month over month)
  • Overall benchmark price for a home: $1,001,700 (up 29% year over year and down 2% month over month)

Comments from GDAR President Dustin Davis: "Sales activity was down from last April’s record to more typical levels for this time of year. New listings, on the other hand, shot up to a new record in April, helping to continue lift overall inventories from the rock-bottom levels of late 2021 and shifting the market towards more balanced territory. If these trends continue to play out over the remainder of the year in response to higher interest rates, we may likely see a return to more normal market conditions after the historical tightness of the past two years."

London

After a substantial increase of new listings in March, April saw a more modest increase of 4% month over month. The increase in new listings coupled with a decrease in sales, resulted in the sales-to-new-listings (STNL) ratio decreasing from 68% in March to 55% in April. This indicates the London region is experiencing balanced market conditions. This is further supported by the 52% increase in active listings month over month, which influenced average days on market to increase by one day and average selling prices for all product types to decrease by 6%.

The London and St. Thomas Association of REALTORS® (LSTAR) reports11 12:

  • Market: Balanced Market
  • Sales: 877 (down 23% year over year and down 16% month over month)
  • New listings: 1,609 (up 10% year over year and up 4% month over month)
  • Active listings: 1,010 (up 52% year over year and up 52% month over month)
  • Sales-to-new-listings ratio: 55% (previous month was 68%)
  • Median days on market: 8 (up 14% year over year and up 14% month over month)
  • Average detached selling price: $840,415 (up 19% year over year and down 6% month over month)
  • Average townhouse selling price: $618,049 (up 26% year over year and down 11% month over month)
  • Average condo selling price: $476,283 (up 23% year over year and down 5% month over month)
  • All residential average selling price: $771,682 (up 19% year over year and down 6% month over month)

Comments from LSTAR President Randy Pawlowski13: “These figures suggest a soft landing of the local real estate market: the April home sales are on par with the ten-year average and last month's sales-to-new listings ratio of 54.5% signals that we’re trending towards a more balanced market.”

Windsor

A significant boost in new listings in March and April compared to the first two months of 2022 has aided in adding considerable inventory to the Windsor market. Since sales did not keep pace with new listings, it caused the sales-to-new-listings (STNL) ratio to drop to 55%, indicating the region is now in balanced market conditions. Average selling prices are still up over 20% year over year, however prices declined 4% compared to March.

The Windsor-Essex County Association of REALTORS® (WECAR) reports14 15 16:

  • Market: Balanced Market
  • Sales: 586 (down 19% year over year and down 16% month over month)
  • New listings: 1,074 (up 13% year over year and up 2% month over month)
  • Active listings: 726 (up 51% year over year and up 51% month over month)
  • Sales-to-new-listings ratio: 55% (previous month was 66%)
  • All residential average selling price: $692,759 (up 21% year over year and down 4% month over month)

Barrie and Simcoe County

Barrie and Simcoe County saw a modest increase in new listings month over month, and a more sizeable decrease in sales over the same time period. As a result, the sales-to-new-listings (STNL) ratio decreased from 51% in March to 38% in April, which pushed the region into a buyer’s market. Active listings increased a substantial 50% month over month, a much-welcomed boost in supply for buyers. Benchmark selling prices for detached homes fell below the $1M mark, and average selling prices for all product types decreased 2%, but remain up year over year to the tune of 31%.

The Barrie & District Association of REALTORS® reports17:

  • Market: Buyer's Market
  • Sales: 419 (down 42% year over year and down 23% month over month)
  • New listings: 1,109 (up 16% year over year and up 4% month over month)
  • Active listings: 726 (up 57% year over year and up 50% month over month)
  • Sales-to-new-listings ratio: 38% (previous month was 51%)
  • Benchmark price for a detached home: $982,700 (up 31% year over year and down 2% month over month)
  • Benchmark price for a townhome: $682,500 (up 27% year over year and down 3% month over month)
  • Benchmark price for a condominium: $593,300 (up 34% year over year and at par month over month)
  • Overall benchmark price for a home: $939,500 (up 31% year over year and down 2% month over month)

Comments from BDAR President Luc Woolsey: "Sales activity declined from last year’s astronomical record to the lower end of the average range for this time of year. New listings, on the other hand, posted a record showing for the month of April. With sales down and new listings up this meant that some much-needed supply flowed back into the market.”

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If you need to sell or buy a home, a 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  when they purchase a home with one of our REALTORS®. Call 1-855-999-9740 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. *Cash back – How the Home Buying Service cash back works: FairSquare Group Realty will share with the buyer the commission it receives from the seller’s agent up to a maximum of $2,000 in cash back. No cash back if the commission received is lower than $5,000. Where available.

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.