Ontario State of the Market Update: March 2022

The Ontario Real Estate Association (OREA) reported 24,409 home sales in March, which marked the third best March ever recorded.1 Month over month, the market saw a significant increase in sales, up 26%! This sharp increase in sales is due to the dramatic increase of new listings.

New listings totalled 39,772 across the province in March, a decrease of 11% year over year and a sizeable increase of 46% month over month. Acting as a much-needed boost to inventory, the sales-to-new-listings (STNL) ratio fell, now sitting at 61%. Ontario is teetering on 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 haven’t been this low in the month of March in three decades, even though there were 45% more active listings at the end of March compared to the end of February. 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 at just 0.8 months and average selling prices above the $1 million mark. The average selling price increased 18% year over year and decreased 3% month over month, sitting at $1,052,920 for a home in Ontario.

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Toronto

Toronto has almost returned to balanced conditions in March, as the sales-to-new-listings (STNL) ratio fell to 61% (A STNL ratio of 40-60% is considered to be balanced conditions). Although the STNL ratio indicates more balanced conditions, homes are still selling faster both month over month and year over year, along with average selling prices continuing to climb over the same time periods. 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: Seller's Market
  • Sales: 3,981 (down 22% year over year and up 23% month over month)
  • New listings: 6,537 (down 9% year over year and up 34% month over month)
  • Active listings: 3,726 (down 6% year over year and up 34% month over month)
  • Sales-to-new-listings ratio: 61% (previous month was 66%)
  • Average days on market: 10 (down 17% year over year and down 9% month over month)
  • Average detached selling price: $1,920,018 (up 10% year over year and down 7% month over month)
  • Average semi-detached selling price: $1,545,447 (up 20% year over year and up 3% month over month)
  • Average townhouse selling price: $1,473,569 (up 22% year over year and up 4% month over month)
  • Average condo selling price: $831,351 (up 17% year over year and up 1% month over month)
  • All residential average selling price: $1,218,546 (up 13% year over year and up 1% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

Peel

Active and new listings greatly outpaced home sales in March which resulted in the Peel region entering balanced market conditions based on the sales-to-new-listings (STNL) ratio of 51%. The increase in supply helped decrease average selling prices by 4% month over month, though average prices are still up 20% year over year and are well over $1 million. Homes are only selling one day slower compared to February, which does indicate that inventory coming onto the market is still being picked up by awaiting buyers. Going into April, the Peel region enjoyed 61% more active listings compared to March and just 1% less active listings compared to March 2021.

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

  • Market: Balanced Market
  • Sales: 2,107 (down 34% year over year and up 12% month over month)
  • New listings: 4,105 (down 13% year over year and up 41% month over month)
  • Active listings: 1,897 (down 1% year over year and up 61% month over month)
  • Sales-to-new-listings ratio: 51% (previous month was 65%)
  • Average days on market: 7 (down 13% year over year and up 17% month over month)
  • Average detached selling price: $1,675,480 (up 23% year over year and down 4% month over month)
  • Average semi-detached selling price: $1,218,895 (up 30% year over year and down 5% month over month)
  • Average townhouse selling price: $1,134,081 (up 30% year over year and down 5% month over month)
  • Average condo selling price: $729,040 (up 28% year over year and at par month over month)
  • All residential average selling price: $1,269,242 (up 20% year over year and down 4% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

Durham

Durham entered balanced market conditions in March, as new listings outpaced sales. A 62% month-over-month increase in active listings was welcomed by home buyers who scooped up homes at the same rate as the previous month, leaving the average days on market at seven days. The increase in listings helped abate selling prices from climbing further. Apart from condominiums, the balance of product types saw month-over-month decreases in average selling prices, upwards of 9%. Even still, the average selling price is still up a substantial 27% year over year and is still well 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: 1,390 (down 33% year over year and up 24% month over month)
  • New listings: 2,473 (down 13% year over year and up 53% month over month)
  • Active listings: 978 (up 7% year over year and up 62% month over month)
  • Sales-to-new-listings ratio: 56% (previous month was 70%)
  • Average days on market: 7 (at par year over year and at par month over month)
  • Average detached selling price: $1,254,499 (up 27% year over year and down 9% month over month)
  • Average semi-detached selling price: $977,258 (up 32% year over year and down 9% month over month)
  • Average townhouse selling price: $1,008,487 (up 31% year over year and down 7% month over month)
  • Average condo selling price: $697,840 (up 45% year over year and up 6% month over month)
  • All residential average selling price: $1,148,685 (up 27% year over year and down 7% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

York

It is the second month in a row that the York region has seen balanced market conditions, as indicated by the sales-to-new-listings (STNL) ratio of 48%. Although sales did increase month over month to the tune of 16%, both new and active listings outpaced sales by both increasing 40% compared to February. However, the increase in new listings did not cause the number of days on market to increase month over month, but it did result in average selling prices decreasing by 5%, or just over $70,000 on average, in the same period.

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

  • Market: Balanced Market
  • Sales: 1,921 (down 34% year over year and up 16% month over month)
  • New listings: 3,994 (down 16% year over year and up 40% month over month)
  • Active listings: 2,217 (down 12% year over year and up 40% month over month)
  • Sales-to-new-listings ratio: 48% (previous month was 58%)
  • Average days on market: 9 (down 10% year over year and at par month over month)
  • Average detached selling price: $1,892,716 (up 23% year over year and down 5% month over month)
  • Average semi-detached selling price: $1,333,232 (up 26% year over year and down 6% month over month)
  • Average townhouse selling price: $1,320,830 (up 28% year over year and down 4% month over month)
  • Average condo selling price: $791,329 (up 25% year over year and down 1% month over month)
  • All residential average selling price: $1,515,897 (up 20% year over year and down 5% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

Halton

The Halton region moved to a balanced market in March, as new listings increased at a greater rate than sales month over month, up 54% and 28% respectively. The volume of active listings at month end is encouraging for buyers, as volume was up both year over year and month over month. The increase in new listings caused homes to sit one day longer on market than the month previous and impacted average selling prices by just 1%. Therefore, although the region is seeing more inventory on the market, demand still appears to be high.

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

  • Market: Balanced Market
  • Sales: 1,135 (down 31% year over year and up 28% month over month)
  • New listings: 2,069 (down 8% year over year and up 54% month over month)
  • Active listings: 921 (up 7% year over year and up 59% month over month)
  • Sales-to-new-listings ratio: 55% (previous month was 66%)
  • Average days on market: 8 (down 20% year over year and up 14% month over month)
  • Average detached selling price: $1,913,204 (up 23% year over year and down 1% month over month)
  • Average semi-detached selling price: $1,251,558 (up 28% year over year and down 6% month over month)
  • Average townhouse selling price: $1,240,160 (up 27% year over year and down 3% month over month)
  • Average condo selling price: $808,020 (up 14% year over year and at par month over month)
  • All residential average selling price: $1,515,730 (up 22% year over year and down 1% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

Ottawa

The Ottawa market continued to favour sellers in March as demand remained strong despite a 49% increase in new listings month over month. This did help increase inventory in both condominium-class and residential-class properties. However, inventory remains low and average selling prices continue their upward trend indicating a strong spring market is likely on the horizon for the Ottawa market.

The Ottawa Real Estate Board (OREB) reports5:

  • Market: Seller's Market
  • Sales: 2,011 (down 12% year over year and up 42% month over month)
  • New listings: 2,632 (down 6% year over year and up 49% month over month)
  • Sales-to-new-listings ratio: 76% (previous month was 81%)
  • Number of condominium-class properties sold: 518 (down 10% year over year and up 59% month over month)
  • Number of residential-class properties sold: 1,493 (down 12% year over year and up 36% month over month)
  • Average condo selling price: $479,405 (up 10% year over year and up 3% month over month)
  • Average residential selling price: $853,615 (up 13% year over year and up 2% month over month)

Comments from OREB President Penny Torontow: “Although the number of sales in March decreased from last year at this time, it was still a robust and busy start to the spring season...Last March was unseasonably warm in comparison, and the lion-like weather that pervaded most of this March may have played a role. More likely, the lifting of some restrictions and opportunity for unfettered travel during the spring break had peoples’ attention turning towards other activities during the month.”

Hamilton-Burlington

The Hamilton-Burlington region made a step towards more balanced conditions as new listings outpaced home sales bringing the sales-to-new-listings (STNL) ratio to 64% (a ratio of 40%-60% is considered to be a balanced market). The increase in new listings helped level off average selling prices, decreasing 3% month of month. However, compared to the same time last year, homes prices are still up 23% and inventory is still considered low.

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

  • Market: Seller's Market
  • Sales: 1,637 (down 21% year over year and up 33% month over month)
  • New listings: 2,542 (down 6% year over year and up 52% month over month)
  • Sales-to-new-listings ratio: 64% (previous month was 73%)
  • Average selling price in Hamilton: $1,003,193 (up 25% year over year and down 1% month over month)
  • Average selling price in Burlington: $1,305,593 (up 20% year over year and down 8% month over month)
  • Average selling price in Niagara North: $1,025,827 (up 19% year over year and down 10% month over month)
  • Average selling price in Haldimand County: $980,569 (up 42% year over year and up 7% month over month)
  • All residential average selling price: $1,073,342 (up 23% year over year and down 3% month over month)

Comments from RAHB President Lou Piriano: “Across the RAHB market area, there was a slight dip in the residential average sale price, although it did remain over the $1,000,000 mark. We do not see the dip in the average sale price after one month of change as a trend or permanent circumstance. The residential market for all dwelling types continues to have less than one month of inventory which means it would take approximately 20 days to sell all the properties available. We are still experiencing a seller’s market fueled by high demand and low supply. A balanced market typically has two to three months of inventory.”

Niagara 

The Niagara region saw a 32% increase in sales and a 50% increase in new listings in March compared to the previous month. As new listings outpaced sales, the sales-to-new-listings ratio decreased from 73% to 64% in March which brought some relief to inventory levels. However, the region is still in sellers’ hands as average days on market decreased month-over-month while the average selling price increased 3%. In other words, homes are selling faster and for more money despite a substantial increase in new listings, which shows demand is still high in the region. 

The Niagara Association of REALTORS® (NAR) reports7:

  • Market: Seller's Market
  • Sales: 830 (down 22% year over year and up 32% month over month)
  • New listings: 1,293 (down 12% year over year and up 50% month over month)
  • Sales-to-new-listings ratio: 64% (previous month was 73%)
  • Average days on market: 11 (down 31% year over year and down 21% month over month)
  • Benchmark price for a home in St. Catharines: $763,200 (up 28% year over year and up 1% month over month)
  • Benchmark price for a home in Niagara Falls: $769,600 (up 34% year over year and up 4% month over month)
  • Benchmark price for a home in Welland: $686,500 (up 35% year over year and up 3% month over month)
  • Benchmark price for a home in Fort Erie: $681,200 (up 35% year over year and up 5% month over month)
  • Overall benchmark price for a home in the Niagara region: $825,300 (up 32% year over year and up 3% month over month)

Kitchener-Waterloo

An increase in sales and new listings resulted in the sales-to-new-listings (STNL) ratio decreasing to 64%, indicating movement towards more balanced conditions may be on the horizon for the region. This increase in new listings resulted in average selling prices decreasing 5% month over month, while active listings increased a substantial 52%, which is much welcome news to buyers. Despite this large increase, homes are still selling in eight days on average, which is on par with the same time last year, as well as the previous month.

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

  • Market: Seller's Market
  • Sales: 725 (down 27% year over year and up 19% month over month)
  • New listings: 1,131 (down 17% year over year and up 40% month over month)
  • Active listings: 441 (up 1% year over year and up 52% month over month)
  • Sales-to-new-listings ratio: 64% (previous month was 74%)
  • Average days on market: 8 (at par year over year and at par month over month)
  • Average detached selling price: $1,132,637 (up 26% year over year and down 6% month over month)
  • Average townhome selling price: $796,696 (up 27% year over year and down 8% month over month)
  • Average apartment-style condominium selling price: $565,782 (up 33% year over year and down 1% month over month)
  • All residential average selling price: $960,181 (up 26% year over year and down 5% month over month)

Comments from KWAR President Megan Bell: “The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February. While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.”

Guelph

The Guelph region saw the third best March on record for home sales as new listings surged 45% month over month. Although still in a seller’s market, the number of active listings at month end was up significantly compared to February, which will help facilitate a strong spring market and potentially lead to more balanced conditions. Benchmark selling prices for all product types are still up year over year and month over month, indicating that despite a substantial increase in new listings, demand is still high in the region.   

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

  • Market: Seller's Market
  • Sales: 537 (down 26% year over year and up 19% month over month)
  • New listings: 838 (down 4% year over year and up 45% month over month)
  • Active listings: 348 (up 14% year over year and up 53% month over month)
  • Sales-to-new-listings ratio: 64% (previous month was 78%)
  • Benchmark price for a detached home: $1,053,300 (up 32% year over year and up 4% month over month)
  • Benchmark price for a townhome: $749,500 (up 31% year over year and up 1% month over month)
  • Benchmark price for a condominium: $637,500 (up 39% year over year and up 5% month over month)
  • Overall benchmark price for a home: $1,017,400 (up 32% year over year and up 3% month over month)

Comments from GDAR President Dustin Davis: "The continued strength in demand has been aided more recently by a long-awaited resurgence in new listings returning to the market, signifying the beginning of the spring market. We’re hoping to see a sustained influx of new listings through the next few months, which for now have lifted overall inventories slightly from their record lows."

London

The London region saw a 51% increase in new listings month over month, which led to see the highest number of new listings for any March previously recorded. Despite the increase in new listings, the market is still favouring sellers as average days on market remained unchanged at a low seven days. As for average selling prices, they remained at par month over month, indicating that demand is still high despite more homes coming onto the market.

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

  • Market: Seller's Market
  • Sales: 1,049 (down 14% year over year and up 29% month over month)
  • New listings: 1,544 (up 4% year over year and up 51% month over month)
  • Active listings: 664 (up 21% year over year and up 63% month over month)
  • Sales-to-new-listings ratio: 68% (previous month was 80%)
  • Median days on market: 7 (up 17% year over year and at par month over month)
  • Average detached selling price: $894,306 (up 28% year over year and down 1% month over month)
  • Average townhouse selling price: $692,187 (up 37% year over year and up 2% month over month)
  • Average condo selling price: $501,961 (up 25% year over year and up 6% month over month)
  • All residential average selling price: $823,954 (up 29% year over year and at par month over month)

Comments from LSTAR President Randy Pawlowski13: “Despite the record number of listings, our inventory – the number of active listings at month end – saw just a slight increase from last month, creeping up from 0.5 months to only 0.6. The sales-to-new-listings ratio for the entire jurisdiction of LSTAR was 67.9%, much lower than a year ago, but still indicating a sellers’ market.”

Windsor

A significant boost in new listings month over month resulted in active listings increasing 39%, which is welcome news to buyers as the Windsor market trended toward more balanced conditions. Despite the boost to active listings, the average selling price still increased month over month by 3%, and remains up a substantial 35% compared to March 2021.  

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

  • Market: Seller’s Market
  • Sales: 698 (down 5% year over year and up 27% month over month)
  • New listings: 1,051 (up 15% year over year and up 55% month over month)
  • Active listings: 482 (up 15% year over year and up 39% month over month)
  • Sales-to-new-listings ratio: 66% (previous month was 81%)
  • All residential average selling price: $723,739 (up 35% year over year and up 3% month over month)

Brantford

New listings and active listings surged in March, up 42% and 67% respectively. In fact, this was the largest number of new listings added in the month of March on record. The dramatic increase in new listings coupled with a more modest increase in sales resulted in the sales-to-new-listings (STNL) ratio decreasing substantially, from seller’s market conditions at 80% to almost balanced market conditions at 61%. Despite the substantial increase in inventory, benchmark selling prices increased marginally month over month.

The Brantford Regional Real Estate Association (BRREA) reports16:

  • Market: Seller's Market
  • Sales: 254 (down 12% year over year and up 7% month over month)
  • New listings: 419 (up 15% year over year and up 42% month over month)
  • Active listings: 192 (up 28% year over year and up 67% month over month)
  • Sales-to-new-listings ratio: 61% (previous month was 80%)
  • Benchmark price for a detached home: $859,000 (up 39% year over year and at par month over month)
  • Benchmark price for a townhome: $576,400 (up 35% year over year and up 7% month over month)
  • Benchmark price for a condominium: $406,300 (up 58% year over year and up 4% month over month)
  • Overall benchmark price for a home: $825,200 (up 39% year over year and up 1% month over month)

Barrie and Simcoe County

Barrie and Simcoe County saw a substantial increase in new and active listings compared to February, up 63% and 69% respectively. This influx in supply was welcomed by buyers as the region moved into more balanced conditions as indicated by the sales-to-new-listings (STNL) ratio of 51% (a ratio of 40-60% is considered to be balanced conditions). For benchmark selling prices, detached homes broke the $1 million mark, as all product types continued to climb marginally month over month.

The Barrie & District Association of REALTORS® reports17:

  • Market: Balanced Market
  • Sales: 545 (down 35% year over year and up 17% month over month)
  • New listings: 1,072 (down 1% year over year and up 63% month over month)
  • Active listings: 485 (up 12% year over year and up 69% month over month)
  • Sales-to-new-listings ratio: 51% (previous month was 71%)
  • Benchmark price for a detached home: $1,003,600 (up 35% year over year and up 2% month over month)
  • Benchmark price for a townhome: $700,800 (up 32% year over year and up 1% month over month)
  • Benchmark price for a condominium: $592,400 (up 44% year over year and up 4% month over month)
  • Overall benchmark price for a home: $958,400 (up 36% year over year and up 2% month over month)

Comments from BDAR President Luc Bouillon: "A substantial influx of new supply was a very welcome sight in March. Overall inventories had previously dropped to the lowest levels on record with little relief in sight, and although the market is still experiencing some of the tightest conditions in history at least we have a bit more breathing room. The resurgence of supply may be an early start to the spring market, so we’ll see how much more of this comes to market and to what extent buyer appetites absorb this new inventory.”

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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. 

†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.