Ontario State of the Market Update: January 2022

Even with a shortage in supply, last month was still the second-best January on record when it comes to home sales in Ontario. Buyer demand remains high, leading to sharp decreases in active, and new listings year over year, and a 26% year-over-year increase in the average price for residential properties. Seller’s market conditions are still prevalent across the province. 

The Ontario Real Estate Association (OREA) reports 12,437 home sales, 10% above the five-year average and 17% above the 10-year average for the month of January.1 Sales fell 11% compared to January 2021, which in part could be due to low inventory across the province. Even though several regions in the province have seen month-over-month increases in active and new listings, there continues to be a shortage in supply as year-over-year figures saw decreases in most regions. This combined with relentless buyer demand created tight conditions in January.  

New listings totalled 16,502 across the province in January, a decrease of 8% year over year and a significant increase of 57% month over month. Despite the increase from the previous month, this is still the lowest number of new listings for the month of January in 35 years.    

In terms of active listings, there were 9,434 listings available at the end of January. This represents a substantial 40% decrease year over year and a 20% increase month over month. The continued shortage in supply meant the sales-to-new-listings (STNL) ratio stayed in seller’s market territory at 75%.  
 
The reduced year-over-year supply continued to put downward pressure on months of inventory, which measures how long it would take to sell all inventory at the current rate of sales, decreasing to 0.8 from 1.1 months in January 2021.  
 
Overall, the average price for a home in Ontario increased by 26% year over year, now sitting at $998,629. It’s likely prices will continue their upward trajectory until supply starts to meet the relentless buyer demand.    

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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 local 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
Peel
Durham
York
Halton
Ottawa
Hamilton
Niagara
Kitchener-Waterloo
Guelph
London
Windsor
Brantford
Barrie and Simcoe County

Toronto 

Though new and active listings both fell from January 2021’s totals, Toronto saw some relief to the supply shortage in the form of month-over-month increases. New listings increased a substantial 58% compared to December 2021, and active listings climbed 6% month over month. This increase in new properties on the market prompted the sales-to-new-listings (STNL) ratio to fall to 72% from 122% last month. Even with month-over-month increases in supply, conditions remained firmly in the seller’s hands with high demand and strong year-over-year price growth for all product types. 

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

  • Market: Seller’s Market 
  • Sales: 2,247 (down 16% year over year and down 6% month over month)
  • New listings: 3,110 (down 12% year over year and up 58% month over month)
  • Active listings: 1,918 (down 46% year over year and up 6% month over month)
  • Sales-to-new-listings ratio: 72% (previous month was 122%)
  • Average days on market: 18 (down 42% year over year and down 5% month over month)
  • Average detached selling price: $1,886,413 (up 19% year over year and up 11% month over month)
  • Average semi-detached selling price: $1,471,535 (up 22% year over year and up 10% month over month)
  • Average townhouse selling price: $1,450,940 (up 32% year over year and up 16% month over month)
  • Average condo selling price: $760,643 (up 22% year over year and up 4% month over month)
  • All residential average selling price: $1,073,111 (up 24% year over year and up 5% month over month) 

Peel  

Although still in a seller’s market, both new and active listings saw significant 42% and 60% increases, respectively, month over month. This caused the sales-to-new-listings (STNL) ratio to fall substantially in January, dropping to 74% from 110% the previous month. Despite some relief on the supply front, the average residential selling price increased 9% month over month, in addition to being up 36% year over year.

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

  • Market: Seller's Market 
  • Sales: 1,166 (down 20% year over year and down 6% month over month) 
  • New listings: 1,583 (down 17% year over year and up 42% month over month) 
  • Active listings: 610 (down 44% year over year and up 60% month over month)
  • Sales-to-new-listings ratio: 74% (previous month was 110%)
  • Average days on market: 9 (down 44% year over year and down 10% month over month)
  • Average detached selling price: $1,778,899 (up 39% year over year and up 11% month over month)
  • Average semi-detached selling price: $1,241,905 (up 38% year over year and up 11% month over month)
  • Average townhouse selling price: $1,142,084 (up 36% year over year and up 10% month over month)
  • Average condo selling price: $686,827 (up 32% year over year and up 6% month over month)
  • All residential average selling price: $1,291,955 (up 36% year over year and up 9% month over month

Durham

Following a similar theme to previously mentioned regions covered by the Toronto Regional Real Estate Board, in January, the sales-to-new-listings (STNL) ratio fell substantially in the Durham region. This was driven by sharp month-over-month increases in new listings, up 55%. However, supply numbers are still falling short compared to last year and the tight conditions have caused strong demand to drive significant price growth for all home types.

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

  • Market: Seller's Market 
  • Sales: 609 (down 7% year over year and down 9% month over month)
  • New listings: 874 (down 8% year over year and up 55% month over month)
  • Active listings: 336 (down 26% year over year and up 121% month over month)
  • Sales-to-new-listings ratio: 70% (previous month was 119%)
  • Average days on market: 7 (down 42% year over year and down 22% month over month)
  • Average detached selling price: $1,325,708 (up 34% year over year and up 13% month over month)
  • Average semi-detached selling price: $999,122 (up 34% year over year and up 12% month over month)
  • Average townhouse selling price: $1,037,536 (up 37% year over year and up 9% month over month)
  • Average condo selling price: $604,964 (up 32% year over year and up 8% month over month)
  • All residential average selling price: $1,175,010 (up 34% year over year and up 14% month over month) 

York  

York saw a near return to balanced conditions in January, as indicated by the fall of the sales-to-new-listings (STNL) ratio, now sitting at 63%. This decrease is a result of a 13% decrease in sales and a 60% increase in new listings month over month. However, average days on market dropped by one day compared to December, and average prices continued to climb for all product types, despite a large increase in new listings. This indicates that although the STNL ratio points to more balanced conditions in January, it may not become the norm as buyer demand remains high.   

The Toronto Regional Real Estate Board (TRREB) reports11 12 

  • Market: Seller's Market 
  • Sales: 920 (down 29% year over year and down 13% month over month) 
  • New listings: 1,464 (down 21% year over year and up 60% month over month) 
  • Active listings: 861 (down 46% year over year and up 41% month over month)
  • Sales-to-new-listings ratio: 63% (previous month was 115%)
  • Average days on market: 13 (down 50% year over year and down 7% month over month)
  • Average detached selling price: $1,931,404 (up 26% year over year and up 6% month over month)
  • Average semi-detached selling price: $1,367,306 (up 39% year over year and up 10% month over month)
  • Average townhouse selling price: $1,359,829 (up 37% year over year and up 6% month over month)
  • Average condo selling price: $761,593 (up 30% year over year and up 8% month over month)
  • All residential average selling price: $1,519,583 (up 30% year over year and up 7% month over month) 

Halton  

The Halton region experienced a 56% increase in new listings in January, which brought the sales-to-new-listings (STNL) ratio down to 73% from 112% the previous month. Even with more listings available, homes were still selling faster and for more money, on average, month over month. Aside from condominiums, the average selling price for other property types are over $1 million.  

The Toronto Regional Real Estate Board (TRREB) reports13 14 : 

  • Market: Seller's Market 
  • Sales: 497 (down 22% year over year and up 1% month over month) 
  • New listings: 685 (down 20% year over year and up 56% month over month) 
  • Active listings: 298 (down 45% year over year and up 56% month over month) 
  • Sales-to-new-listings ratio: 73% (previous month was 112%)
  • Average days on market: 10 (down 47% year over year and down 9% month over month)
  • Average detached selling price: $1,942,724 (up 26% year over year and up 7% month over month)
  • Average semi-detached selling price: $1,317,038 (up 40% year over year and up 12% month over month)
  • Average townhouse selling price: $1,248,450 (up 33% year over year and up 11% month over month)
  • Average condo selling price: $792,661 (up 43% year over year and up 13% month over month)
  • All residential average selling price: $1,484,265 (up 28% year over year and up 11% month over month) 

Ottawa 

Sales in the Ottawa region were on par with the same time last year, while month over month both residential-class and condominium-class sales increased, up 10% and 5% respectively. The lack of supply in the market continues to push average selling prices higher. The average selling price for a residential-class property was up 9% month over month, while condominium-class properties increased 12% over the same period. Even with pandemic lockdowns and frigid temperatures, the fast-moving Ottawa market was not slowed down. 

 The Ottawa Real Estate Board (OREB) reports15: 

  • Market: Seller's Market 
  • Sales: 936 (down 3% year over year and up 9% month over month) 
  • New listings: 600 (down 58% month over month) 
  • Sales-to-new-listings ratio: 144% (previous month was 102%) 
  • Number of condominium-class properties sold: 275 (down 5% year over year and up 5% month over month) 
  • Number of residential-class properties sold: 661 (down 2% year over year and up 10% month over month)
  • Average condo selling price: $447,943 (up 18% year over year and up 12% month over month)
  • Average residential selling price: $771,739 (up 14% year over year and up 9% month over month) 

Comments from OREB President Penny Torontow: “January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced. This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now – and the price increases will continue to reflect that until the housing stock grows.” 

Hamilton-Burlington 

In January, new listing increased substantially which caused the sales-to-new-listings (STNL) ratio to drop to 87% from a whopping 137% the previous month. Despite this, the region is still considered to be in a seller’s market. This is reflected by the upward climb of average residential selling prices, up 35% year over year and 14% month over month. Plus, for the first time ever, the average sale price surpassed the $1M mark in the Hamilton-Burlington region. 

The REALTORS® Association of Hamilton-Burlington (RAHB) reports16: 

  • Market: Seller's Market
  • Sales: 718 (down 14% year over year and down 11% month over month)
  • New listings: 827 (down 11% year over year and up 41% month over month)
  • Sales-to-new-listings ratio: 87% (previous month was 137%)
  • Average selling price in Hamilton: $976,423 (up 35% year over year and up 13% month over month)
  • Average selling price in Burlington: $1,369,337 (up 40% year over year and up 12% month over month)
  • Average selling price in Niagara North: $1,045,801 (up 36% year over year and up 18% month over month)
  • Average selling price in Haldimand County: $873,280 (up 34% year over year and up 14% month over month)
  • All residential average selling price: $1,058,756 (up 35% year over year and up 14% month over month) 

Comments from RAHB President Lou Piriano: “The average sale price for all residential properties reached a record-high in January at $1,058,756 across the RAHB market area. This is the first time that the average sale price has topped $1,000,000.”  

Niagara 

In the Niagara region, new listings saw a 31% increase from last month but were still down 14% year over year. The boost in new listings coupled with month-over-month sales declines resulted in the sales-to-new-listing (STNL) ratio coming down from the unsustainable 117% in December 2021 to 86% in January. Still firmly in a seller’s marketing, average days on market continued to decrease as average price growth continued its upward trend, up 35% year over year and 4% month over month.  
 
The Niagara Association of REALTORS® (NAR)17: 

  • Market: Seller's Market 
  • Sales: 454 (down 10% year over year and down 4% month over month) 
  • New listings: 529 (down 14% year over year and up 31% month over month) 
  • Sales-to-new-listings ratio: 86% (previous month was 117%)
  • Average days on market: 17 (down 41% year over year and down 23% month over month)
  • Benchmark price for a home in St. Catharines: $709,800 (up 35% year over year and up 5% month over month)
  • Benchmark price for a home in Niagara Falls: $686,500 (up 35% year over year and up 4% month over month)
  • Benchmark price for a home in Welland: $630,400 (up 34% year over year and up 5% month over month)
  • Benchmark price for a home in Fort Erie: $604,600 (up 31% year over year and up 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $748,800 (up 33% year over year and up 4% month over month) 

Kitchener-Waterloo 

Kitchener-Waterloo homes sales hit a record high for January, as relentless buyer demand is showing no signs of slowing down. Some relief was seen as new listings and active listings increased month over month, up 77% and 67% respectively. As a result, the sales-to-new-listings (STNL) ratio fell to 78%, which keeps the region in a seller’s market. 
 
The Kitchener-Waterloo Association of REALTORS® (KWAR) reports18 19: 

  • Market: Seller's Market 
  • Sales: 402 (up 12% year over year and up 17% month over month)
  • New listings: 514 (up 17% year over year and up 77% month over month)
  • Active listings: 174 (down 22% year over year and up 67% month over month)
  • Sales-to-new-listings ratio: 78% (previous month was 118%)
  • Average days on market: 9 (down 44% year over year and down 10% month over month)
  • Average detached selling price: $1,152,707 (up 36% year over year and up 13% month over month)
  • Average townhome selling price: $836,306 (up 48% year over year and up 17% month over month)
  • Average apartment-style condominium selling price: $538,239 (up 42% year over year and up 8% month over month)
  • All residential average selling price: $955,665 (up 37% year over year and up 14% month over month) 

Comments from KWAR President Megan Bell: “While it’s a new year, the song remains the same with homebuying demand outstripping supply in January. This has resulted in price jumps across all property types.” 

Guelph 

January was another strong month for the Guelph real estate market, seeing average benchmark prices increase by 31% year over year. There was a 6% boost in new listings year over year, but demand continued to outstrip supply leading to a substantial 26% decrease in active listings year over year. The sales-to-new-listings (STNL) ratio was 73% in January, meaning the region remains in a seller’s market. 

The Guelph and District Association of REALTORS (GDAR) reports20 : 

  • Market: Seller's Market 
  • Sales: 266 (up 1% year over year) 
  • New listings: 365 (up 6% year over year) 
  • Active listings: 153 (down 26% year over year) 
  • Sales-to-new-listings ratio: 73% 
  • Benchmark price for a detached home: $936,700 (up 30% year over year) 
  • Benchmark price for a townhome: $686,800 (up 33% year over year) 
  • Benchmark price for a condominium: $571,900 (up 35% year over year) 
  • Overall benchmark price for a home: $910,400 (up 31% year over year)  

Comments from GDAR President Dustin Davis: "Home sales kicked off the year with a very strong showing, notching one of the best January levels in history. New listings have been trending below average for a while now. Overall inventories are still declining due to the incredible strength in demand and not enough new supply to keep up but haven’t quite hit rock-bottom yet. However, that may just be a matter of time given how current trends are playing out in our market. With conditions being historically tight at the moment, we are once again back in 30% territory for year-over-year benchmark price gains." 

London 

The London and St. Thomas region saw the second-best January for home sales at 529 homes sold, supported by a stark month-over-month increase in new listings and active listings of 56% and 63%, respectively. This brought the sales-to-new-listings (STNL) ratio down to 79%, however, overall inventory remains low as active listings are 30% lower than the same time last year.  With double-digit price growth and surging buyer demand, seller’s market conditions are still prevalent in the region.   
 
The London and St. Thomas Association of REALTORS® (LSTAR) reports21 22: 

  • Market: Seller's Market 
  • Sales: 529 (down 4% year over year and at par month over month)
  • New listings: 669 (up 3% year over year and up 56% month over month)
  • Active listings: 286 (down 30% year over year and up 63% month over month)
  • Sales-to-new-listings ratio: 79% (previous month was 113%)
  • Median days on market: 7 (up 7% year over year and down 13% month over month)
  • Average detached selling price: $880,371 (up 32% year over year and up 14% month over month)
  • Average townhouse selling price: $643,951 (up 34% year over year and up 8% month over month)
  • Average condo selling price: $463,466 (up 48% year over year and up 17% month over month)
  • All residential average selling price: $793,222 (up 30% year over year and up 12% month over month) 

Comments from LSTAR President Randy Pawlowski: “Despite the fact that slightly more new listings came on the market, there were only 0.5 months of inventory available at the end of January. In other words, at the current pace of sales, the entire listing inventory of LSTAR could be liquidated in just two weeks, something that we have never seen before.”

Windsor 

In Windsor, the average residential selling price increased by double-digits both year over year and month over month. The 35% month-over-month increase in new listings was not enough to satisfy buyer demand as indicated by the 18% year-over-year decrease in active listings. With homes in short supply in the region, seller’s market conditions continue.  

 The Windsor-Essex County Association of REALTORS® (WECAR) reports23 24: 

  • Market: Seller’s Market  
  • Sales: 416 (down 5% year over year and down 9% month over month) 
  • New listings: 546 (up 11% year over year and up 35% month over month) 
  • Active listings: 340 (down 18% year over year and up 7% month over month)
  • Sales-to-new-listings ratio: 76% (previous month was 113%)
  • All residential average selling price: $636,422 (up 26% year over year and up 11% month over month)

Brantford 

It was a record January for sales in the Brantford region as 146 properties changed hands. There continues to be strong demand across all home types driving the average benchmark price for a home up a substantial 42% year over year. Although there was a 29% year-over-year increase in new listings, active listings were still down 13% year over year marking inventory lows not seen in January for over three decades. Conditions continue to favour sellers in this region.   

The Brantford Regional Real Estate Association (BRREA) reports
25: 

  • Market: Seller's Market 
  • Sales: 146 (up 14% year over year)  
  • New listings: 204 (up 29% year over year)  
  • Active listings: 84 (down 13% year over year)  
  • Sales-to-new-listings ratio: 72% 
  • Benchmark price for a detached home: $790,900 (up 43% year over year)
  • Benchmark price for a townhome: $513,500 (up 41% year over year) 
  • Benchmark price for a condominium: $375,600 (up 37% year over year) 
  • Overall benchmark price for a home: $758,300 (up 42% year over year)  

Comments from BREA President John Oddi: "Consistently strong demand continued unabated, aided by an above-average number of new listings during the month. Consequently, overall inventory reversed the large decline we saw at the end of December. The combination of voracious demand and limited available homes for buyers continues to drive upward price pressure. The MLS® HPI composite benchmark price surpassed the $750K mark for the first time in January. With no relief from current conditions insight, it is reasonable to expect that market balance will remain heavily in favour of sellers and prices will continue to experience year-over-year gains in the 40% range." 

Barrie & Simcoe County 

Barrie & Simcoe County saw a modest 3% boost to new listings year over year, but active listings did not follow suit decreasing 15% year over year. This low supply was likely a factor in the decreased year over year sales activity of 15%. As a result of these tight seller’s market conditions, price growth saw a double-digit increase. 

The Barrie & District Association of REALTORS® reports26: 

  • Market: Seller's Market
  • Sales: 265 (down 15% year over year) 
  • New listings: 370 (up 3% year over year) 
  • Active listings: 186 (down 15% year over year)
  • Sales-to-new-listings ratio: 72% 
  • Benchmark price for a detached home: $921,900 (up 39% year over year) 
  • Benchmark price for a townhome: $640,500 (up 36% year over year) 
  • Benchmark price for a condominium: $545,600 (up 48% year over year) 
  • Overall benchmark price for a home: $880,300 (up 39% year over year)  

Comments from BDAR President Luc Bouillon: “There was a clear uptick in new listing during January which prevented a further decline in overall inventory. However, active listings remain below 200 homes and are hovering only slightly above the all-time low set this past December. With so few homes for buyers to choose from there is fierce competition for any new properties that come onto the market. As a result, both the average price and the MLS® HPI composite benchmark price were up by well over 30% year-over-year. In fact, the average price broke through the $1 million dollar mark for the first time in history. If the current market conditions persist, it is reasonable to expect that prices will remain elevated for the foreseeable future.”

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If you need to sell or buy a home, a local FairSquare Group Realty agent can help you navigate the market safely and with professional insight. 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 1-855-999-9740 to learn more. 

References

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