Ontario State of the Market Update: February 2022

February was a record-breaking month in Ontario! The average sale price of residential properties surpassed the $1M threshold, setting an all-time record. In addition, dollar volume for homes sold increased substantially in February, marking a $21B volume record for the month of February.  

The Ontario Real Estate Association (OREA) reports 19,309 home sales, which, despite being 20% above the five-year average, was down 11% compared to the highs of February 2021.1  Month over month, the market saw a significant increase in sales, up 55%! This sharp increase in sales is due to the equally substantial increase of new listings.  

New listings totalled 27,232 across the province in February, a decrease of 4% year over year and a substantial increase of 65% month over month. Acting as a much-needed boost to inventory, the sales-to-new-listings (STNL) ratio fell, now sitting at 71%. Ontario is still in a seller’s market, but a lower STNL ratio is a good indication we might be moving towards more balanced conditions, albeit slowly.   

As for inventory at month-end, active listings haven’t been this low in the month of February in three decades, even though there were 47% more active listings at the end of February compared to the end of January. Therefore, despite many regions across the province seeing significant month-over-month boosts in new listings, buyer demand remains high and is keeping months of inventory low. Months of inventory, which measures how long it would take to sell all inventory at the current rate of sales, decreased to 0.7 from 0.8 months in January. 
 
The high demand for homes in Ontario increased the average selling price by 26% year over year and 9% month over month, now sitting at a whopping $1,086,493. If March continues like February with significant boosts to new listings, price growth will likely slow, but only once buyer demand is satisfied.  

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

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Toronto 

Toronto crept closer to balanced conditions in February, as the sales-to-new-listings (STNL) ratio fell 6 percentage points. Although the STNL ratio indicates more balanced conditions, the fact homes are selling nine days faster year over year and seven days faster month over month, along with average selling prices climbing 13%, shows that buyer demand is still high in Toronto. All home types except townhouses experienced strong price growth year over year and month over month, with detached homes and condos seeing the most impressive growth compared to the previous month.

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

  • Market: Seller’s Market 
  • Sales: 3,240 (down 13% year over year and up 44% month over month)
  • New listings: 4,889 (up 4% year over year and up 57% month over month)
  • Active listings: 2,785 (down 17% year over year and up 45% month over month)
  • Sales-to-new-listings ratio: 66% (previous month was 72%)
  • Average days on market: 11 (down 45% year over year and down 39% month over month)
  • Average detached selling price: $2,073,989 (up 23% year over year and up 10% month over month)
  • Average semi-detached selling price: $1,499,489 (up 13% year over year and up 2% month over month)
  • Average townhouse selling price: $1,416,044 (up 23% year over year and down 2% month over month)
  • Average condo selling price: $822,090 (up 22% year over year and up 8% month over month)
  • All residential average selling price: $1,210,889 (up 22% year over year and up 13% month over month) 

Comments from TRREB President Kevin Crigger: “Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs.” 

Peel  

An increase in supply was welcomed in the Peel region as new and active listings saw substantial month-over-month growth, up 83% and 93% respectively. However, inventory is still down substantially year over year and days on market is low at six days. Therefore, despite an increase in supply, buyer demand is still high in the region. This is supported by the average residential selling price for all home types increasing 29% year over year and a more modest 2% month over month. 

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

  • Market: Seller's Market 
  • Sales: 1,874 (down 17% year over year and up 61% month over month)
  • New listings: 2,903 (down 12% year over year and up 83% month over month)
  • Active listings: 1,180 (down 24% year over year and up 93% month over month)
  • Sales-to-new-listings ratio: 65% (previous month was 74%)
  • Average days on market: 6 (down 40% year over year and down 33% month over month)
  • Average detached selling price: $1,752,303 (up 32% year over year and down 2% month over month)
  • Average semi-detached selling price: $1,282,408 (up 37% year over year and up 3% month over month)
  • Average townhouse selling price: $1,197,219 (up 38% year over year and up 5% month over month)
  • Average condo selling price: $728,678 (up 34% year over year and up 6% month over month)
  • All residential average selling price: $1,317,192 (up 29% year over year and up 2% month over month) 

 Comments from TRREB Chief Market Analyst Jason Mercer: “We have seen a slight balancing in the market so far this year, with sales dipping more than new listings. However, because inventory remains exceptionally low, it will take some time for the pace of price growth to slow. Look for a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households putting their home purchase on hold temporarily as they resituate themselves in the market.” 

Durham  

Sales activity heated up again, with the number of sold homes, new listings, and active listings all increasing over 80% month over month. Despite this substantial increase in month-over-month volume, the sales-to-new-listing ratio and days on market were consistent with January (as well as with February 2021). The continued demand put the average selling price of all product types except for condo apartments at over $1M, however, condo apartments saw impressive year-over-year price growth of 69%.  

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

  • Market: Seller's Market
  • Sales: 1,125 (down 19% year over year and up 85% month over month)
  • New listings: 1,613 (down 18% year over year and up 85% month over month)
  • Active listings: 605 (down 25% year over year and up 80% month over month)
  • Sales-to-new-listings ratio: 70% (previous month was 70%)
  • Average days on market: 7 (at par year over year and at par month over month)
  • Average detached selling price: $1,379,287 (up 39% year over year and up 4% month over month)
  • Average semi-detached selling price: $1,074,896 (up 35% year over year and up 8% month over month)
  • Average townhouse selling price: $1,078,828 (up 38% year over year and up 4% month over month)
  • Average condo selling price: $658,151 (up 69% year over year and up 9% month over month)
  • All residential average selling price: $1,228,990 (up 37% year over year and up 5% month over month) 

Comments from TRREB President Kevin Crigger: “Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs.”

York  

Balanced market conditions were the theme for the York region in February, as is indicated by the sales-to-new-listings ratio falling below the 60% threshold. There was a substantial month-over-month increase in new and active listings which was welcome news to buyers. However, even with active listings outpacing sales, which led to the more balanced conditions, demand remains strong as homes spent less days on market, while month-over-month average selling prices continued to climb for all product types. 
 
The Toronto Regional Real Estate Board (TRREB) reports11 12 13

  • Market: Balanced Market  
  • Sales: 1,661 (down 18% year over year and up 81% month over month) 
  • New listings: 2,860 (down 4% year over year and up 95% month over month) 
  • Active listings: 1,586 (down 19% year over year and up 84% month over month)
  • Sales-to-new-listings ratio: 58% (previous month was 63%)
  • Average days on market: 9 (down 44% year over year and down 31% month over month)
  • Average detached selling price: $1,992,741 (up 32% year over year and up 3% month over month)
  • Average semi-detached selling price: $1,410,794 (up 35% year over year and up 3% month over month)
  • Average townhouse selling price: $1,380,956 (up 34% year over year and up 2% month over month)
  • Average condo selling price: $795,683 (up 32% year over year and up 5% month over month)
  • All residential average selling price: $1,587,603 (up 32% year over year and up 5% month over month) 

Comments from TRREB Chief Market Analyst Jason Mercer: “We have seen a slight balancing in the market so far this year, with sales dipping more than new listings. However, because inventory remains exceptionally low, it will take some time for the pace of price growth to slow. Look for a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households putting their home purchase on hold temporarily as they resituate themselves in the market.” 

Halton  

Similar themes continued to play out across TRREB regions, as Halton also moved towards more balanced conditions in February. New and active listings almost doubled month over month which was happy news to buyers and helped bring the sales-to-new-listings (STNL) ratio down further in the Halton region, now sitting at 66%. Despite this, year-over-year inventory numbers are still falling short and properties were sold 30% faster month over month and year over year. The demand is still strong, and competitive market conditions have caused average prices for most home types to rise past the $1M mark.   

The Toronto Regional Real Estate Board (TRREB) reports14 15 16: 

  • Market: Seller's Market
  • Sales: 886 (down 21% year over year and up 78% month over month)
  • New listings: 1,342 (down 14% year over year and up 96% month over month)
  • Active listings: 578 (down 21% year over year and up 94% month over month)
  • Sales-to-new-listings ratio: 66% (previous month was 73%)
  • Average days on market: 7 (down 30% year over year and down 30% month over month)
  • Average detached selling price: $1,938,011 (up 26% year over year and at par month over month)
  • Average semi-detached selling price: $1,324,936 (up 35% year over year and up 1% month over month)
  • Average townhouse selling price: $1,271,993 (up 32% year over year and up 2% month over month)
  • Average condo selling price: $811,136 (up 37% year over year and up 2% month over month)
  • All residential average selling price: $1,530,224 (up 26% year over year and up 3% month over month) 

Comments from TRREB President Kevin Crigger: “Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs.” 

Ottawa 

In February, home sales in the Ottawa region were up 3% compared to last year’s totals, which is impressive because last February saw the highest sales numbers we had seen in over five years. Also impressive is the month-over-month increase in sales, up 52%! This is an increase larger than most years which may signal that a “spring ramp-up” will arrive sooner rather than later. With more demand on the market, average sale prices increased steadily in February.   

The Ottawa Real Estate Board (OREB) reports17: 

  • Market: Seller's Market 
  • Sales: 1,421 (up 3% year over year and up 52% month over month) 
  • New listings: 1,762 (up 12% year over year)
  • Sales-to-new-listings ratio: 144% (previous month was 102%)
  • Number of condominium-class properties sold: 326 (down 10% year over year and up 19% month over month) 
  • Number of residential-class properties sold: 1,095 (up 7% year over year and up 66% month over month)
  • Average condo selling price: $466,682 (up 15% year over year and up 4% month over month)
  • Average residential selling price: $837,517 (up 17% year over year and up 9% month over month) 

Comments from OREB President Penny Torontow: “Although February’s resales were only 3% higher than last year at this time, we saw a 52% increase in the number of transactions compared to January’s figures (936). While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year.” 

Hamilton-Burlington 

In February, the average residential selling price in the Hamilton-Burlington region hit a new record high, driven by strong demand for all home types. New listings were up 84% compared to last month and this substantial boost to inventory did help the sales-to-new-listings (STNL) ratio fall to 73% from 87% in January. It’s still a seller’s market in the region as we head into the spring market.  

The REALTORS® Association of Hamilton-Burlington (RAHB) reports18: 

  • Market: Seller's Market 
  • Sales: 1,228 (down 4% year over year and up 71% month over month)
  • New listings: 1,675 (up 1% year over year and up 84% month over month)
  • Sales-to-new-listings ratio: 73% (previous month was 87%)
  • Average selling price in Hamilton: $1,013,485 (up 31% year over year and up 4% month over month)
  • Average selling price in Burlington: $1,413,836 (up 33% year over year and up 3% month over month)
  • Average selling price in Niagara North: $1,144,225 (up 54% year over year and up 9% month over month)
  • Average selling price in Haldimand County: $913,550 (up 45% year over year and up 5% month over month)
  • All residential average selling price: $1,104,163 (up 30% year over year and up 4% month over month) 

Comments from RAHB President Lou Piriano: “The number of sales and new listings rose substantially month over month and kept pace with the feverish demand of February 2021. However, while the number of new listings surpassed each February over the last ten years, the demand continued to impact inventory and fuel the residential average sale price to a new record high.” 

Niagara   

The Niagara region saw a surge in sales and new listings in February compared to the previous month. As new listings outpaced sales, the sales-to-new-listings ratio decreased from 86% to 73% in February which brought some relief. However, the region is still in sellers’ hands as average days on market decreased month-over-month while the average selling price increased 7%. In other words, homes are selling faster and for more money despite a substantial increase in new listings.   
 
The Niagara Association of REALTORS® (NAR)19: 

  • Market: Seller's Market 
  • Sales: 630 (down 10% year over year and up 39% month over month) 
  • New listings: 864 (up 5% year over year and up 63% month over month)
  • Sales-to-new-listings ratio: 73% (previous month was 86%)
  • Average days on market: 14 (down 30% year over year and down 18% month over month)
  • Benchmark price for a home in St. Catharines: $759,700 (up 36% year over year and up 7% month over month)
  • Benchmark price for a home in Niagara Falls: $741,400 (up 36% year over year and up 8% month over month)
  • Benchmark price for a home in Welland: $664,300 (up 30% year over year and up 5% month over month)
  • Benchmark price for a home in Fort Erie: $646,900 (up 30% year over year and up 7% month over month)
  • Overall benchmark price for a home in the Niagara region: $798,100 (up 33% year over year and up 7% month over month)

Kitchener-Waterloo 

One of Ontario’s hottest housing markets was provided some relief to tight conditions with a substantial month-over-month boost to new and active listings. However, sales were also up compared to last month and ate up most of the inventory that made it to the market. This drove prices up for all product types, resulting in the average price for all residential properties surpassing $1M for the first time in the region. 
 
The Kitchener-Waterloo Association of REALTORS® (KWAR) reports20 21: 

  • Market: Seller's Market 
  • Sales: 600 (at par year over year and up 49% month over month) 
  • New listings: 806 (up 10% year over year and up 57% month over month)
  • Active listings: 290 (down 3% year over year and up 67% month over month)
  • Sales-to-new-listings ratio: 74% (previous month was 78%)
  • Average days on market: 8 (down 20% year over year and down 11% month over month)
  • Average detached selling price: $1,214,067 (up 33% year over year and up 5% month over month)
  • Average townhome selling price: $862,994 (up 42% year over year and up 2% month over month)
  • Average apartment-style condominium selling price: $572,731 (up 37% year over year and up 7% month over month)
  • All residential average selling price: $1,007,109 (up 34% year over year and up 5% month over month) 

Comments from KWAR President Megan Bell: “In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo area. While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.”

Guelph 

Home sales in Guelph fell compared to the astronomical high of February 2021, but it was still the second-best February on record as sales climbed a substantial 70% month over month. New listings were up 59% in February, but active listings at the end of the month were still the lowest seen in over three decades. Nevertheless, the boost in new listings was welcomed by buyers eager to purchase homes in the Guelph seller’s market.   
 
The Guelph and District Association of REALTORS® (GDAR) reports22: 

  • Market: Seller's Market 
  • Sales: 451 (down 9% year over year and up 70% month over month)
  • New listings: 579 (down 7% year over year and up 59% month over month) 
  • Active listings: 228 (down 18% year over year and up 49% month over month) 
  • Sales-to-new-listings ratio: 78% (previous month was 73%)
  • Benchmark price for a detached home: $1,016,200 (up 33% year over year and up 9% month over month) 
  • Benchmark price for a townhome: $740,100 (up 36% year over year and up 8% month over month) 
  • Benchmark price for a condominium: $606,200 (up 38% year over year and up 6% month over month) 
  • Overall benchmark price for a home: $983,800 (up 34% year over year and up 8% month over month)  

Comments from GDAR President Dustin Davis: "Home sales were down from last year’s astronomical February but still came in above all other levels for this month in history. Contrary to many other markets in the province, new listings have seen a resurgence and have been very supportive of demand as well as propping up inventories from sinking back to record lows. It’s going to take more than a few months of stronger new listings to move the needle on market balance though, with year-over-year benchmark price gains still trending north of 30%." 

London 

Sales did not keep pace with the blistering pace of February 2021, but the London and St. Thomas region still witnessed the second-best sales for the month of February on record. Demand is high across the region, and the significant month-over-month boosts to new and active listings did little to curb insatiable buyer demand. The average residential selling price was up a whopping 34% year over year and the upward trajectory of pricing is likely to continue if inventory shortages don’t improve dramatically.  

The London and St. Thomas Association of REALTORS® (LSTAR) reports23 24: 

  • Market: Seller's Market 
  • Sales: 813 (down 1% year over year and up 4% month over month)
  • New listings: 1,021 (up 7% year over year and up 53% month over month)
  • Active listings: 408 (down 11% year over year and up 43% month over month)
  • Sales-to-new-listings ratio: 80% (previous month was 79%)
  • Median days on market: 6 (up 17% year over year and at par month over month)
  • Average detached selling price: $904,800 (up 35% year over year and up 3% month over month)
  • Average townhouse selling price: $680,358 (up 40% year over year and up 6% month over month)
  • Average condo selling price: $474,322 (up 26% year over year and up 2% month over month)
  • All residential average selling price: $825,221 (up 34% year over year and up 4% month over month) 

Comments from LSTAR President Randy Pawlowski: “These numbers illustrate perfectly the acute imbalance between the high demand for homes in our area and the severe housing supply shortage we’re facing. In such conditions, average prices and benchmark prices can’t go anywhere else, but up.” 

Windsor 

Though both sales and new listings saw a solid boost month over month, the number of active listings saw little change. This means that most of the new listings that came onto the market in February were also sold in February. These sellers’ market conditions tightened as the sales-to-new-listings (STNL) ratio climbed to 81% from 76% the previous month.  

The Windsor-Essex County Association of REALTORS® (WECAR) reports25 26: 

  • Market: Seller’s Market
  • Sales: 549 (up 9% year over year and up 32% month over month)
  • New listings: 680 (up 17% year over year and up 25% month over month)
  • Active listings: 347 (down 12% year over year and up 2% month over month)
  • Sales-to-new-listings ratio: 81% (previous month was 76%)
  • All residential average selling price: $704,112 (up 45% year over year and up 11% month over month)

Brantford  

This month was interesting for the Brantford real estate market because the region saw the lowest number of active listings in over 25 years, while also having the highest number of new listings come onto the market for the same period. What this shows is that demand is incredibly high in the region and any new listings coming onto the market are being purchased quickly by eager buyers.  Strong demand is further marked by significant price growth across all home types compared to last year. 
 
The Brantford Regional Real Estate Association (BRREA) reports27:

  • Market: Seller's Market 
  • Sales: 237 (up 11% year over year and up 62% month over month) 
  • New listings: 295 (up 9% year over year and up 45% month over month) 
  • Active listings: 115 (down 12% year over year and up 37% month over month) 
  • Sales-to-new-listings ratio: 80% (previous month was 72%)
  • Benchmark price for a detached home: $859,500 (up 48% year over year and up 9% month over month)
  • Benchmark price for a townhome: $540,200 (up 41% year over year and up 5% month over month) 
  • Benchmark price for a condominium: $390,800 (up 39% year over year and up 4% month over month) 
  • Overall benchmark price for a home: $821,200 (up 47% year over year and up 8% month over month))  

Barrie and Simcoe County 

Barrie and Simcoe County saw another hot sales month in February, marking it as the second-best month on record for home sales. New listings kept pace with sales which did little to change the sales-to-new-listings ratio, keeping the region in a seller’s market. The demand for homes in the region is supported by the benchmark selling prices increasing year over year and month over month for all product types.

The Barrie & District Association of REALTORS® reports28: 

  • Market: Seller's Market 
  • Sales: 466 (down 20% year over year and up 76% month over month) 
  • New listings: 656 (up 20% year over year and up 77% month over month) 
  • Active listings: 287 (down 22% year over year and up 54% month over month)
  • Sales-to-new-listings ratio: 71% (previous month was 72%)
  • Benchmark price for a detached home: $986,000 (up 38% year over year and up 7% month over month) 
  • Benchmark price for a townhome: $696,900 (up 39% year over year and up 9% month over month) 
  • Benchmark price for a condominium: $568,100 (up 44% year over year and up 4% month over month) 
  • Overall benchmark price for a home: $940,600 (up 38% year over year and up 7% month over month)  

Comments from BDAR President Luc Bouillon: "It wasn’t quite the astronomical record of last February, but home sales were still trending higher than any other February in history. New listings surprised on the upside in February, coming in above average and not only putting a stop to the ongoing decline in overall inventories but actually lifting supply levels up from a record low. It's going to take a lot more than just one month of a solid influx of new supply to shift the market balance, as year-over-year benchmark price gains are still approaching 40%."

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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 $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-855-999-9740 to learn more. 

References

1 CREA: OREA February 2022 Market Report  
2 TRREB February 2022 Market Report
3 TRREB January 2022 Market Report
4 TRREB February 2021 Market Report
5 TRREB February 2022 Market Report
6 TRREB January 2022 Market Report
7 TRREB February 2021 Market Report
8 TRREB February 2022 Market Report
9 TRREB January 2022 Market Report 
10 TRREB February 2021 Market Report 
11 TRREB February 2022 Market Report 
12 TRREB January 2022 Market Report 
13 TRREB February 2021 Market Report 
14 TRREB February 2022 Market Report 
 
15 TRREB January 2022 Market Report 
16 TRREB February 2021 Market Report 
 
17 OREB February 2022 Market Report 
18 RAHB February
 2022 Market Report 
19 NAR February 2022 Market Report 
20 KWAR February 2022 Market Report
21 KWAR January 2022 Market Report
22 GDAR February 2022 Market Report  
23 LSTAR February 2022 Market Report 
 
24 LSTAR January 2022 Market Report 
25 WECAR February 2022 Market Report 
26 WECAR February 2021 Market Report 
27 BREA February 2022 Market Report 
28 BDAR February 2022 Market Report 

      

†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.