Ontario State of the Market Update: November 2021

The decline of Ontario year over year home sales activity halted in November and was at par with 2020 totals. The average price for a residential property reached a new record in November, as seller’s markets continue to dominate across the province.

The Ontario Real Estate Association (OREA) reports 19,637 residential transactions, 14% above the five-year average.1 Compared to November 2020, sales were at par with previous totals, but dropped 9% from October 2021. If we sound like a broken record, it’s because this statement remains to be true several months over: there continues to be strong buyer demand forcing downward pressure on supply, creating tight conditions across the province.  

New residential listings totalled 21,043 across the province in November. New listings dropped 6% year over year and fell 15% month over month. Buyer demand is still very strong, but the lack of inventory is not helping those who are looking to sell their home and then buy another home as well. If sellers don’t have another home lined up, they might hesitate to list.  

Active listings experienced double-digit declines year over year, falling a dramatic 45%. The shortage in supply kept the market in the hands of the sellers driving the sales-to-new-listings (STNL) ratio up 5 percentage points from last month.  
Compared to October, the reduced year-over-year supply only slightly affected the months of inventory which measures how long it would take to sell all inventory at the current rate of sales. The months of inventory decreased 13% month over month, coming in at 0.7 for November 2021 compared to October’s 0.8 months of inventory. 
Overall, the average price increased by 24% year over year and 1% month over month. The average price of a home in Ontario is now sitting at $922,580. Prices will not stop their upward trajectory until supply starts to keep pace with relentless buyer demand.    


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.  


Jump to Region



Toronto’s market conditions tightened in November, with the sales-to-new-listings (STNL) ratio increasing to 84% from October’s 74%, as active listings continue to decline both year over year and month of month. Despite it being a record-breaking November for home sales, new listings experienced a substantial 17% decline both monthly and yearly. Supply cannot keep up with demand in Toronto as average selling prices reach an all-time high.  

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

  • Market: Seller’s Market
  • Sales: 3,587 (up 18% year over year and down 6% month over month)
  • New listings: 4,249 (down 17% year over year and down 17% month over month)
  • Active listings: 3,342 (down 54% year over year and down 21% month over month)
  • Sales-to-new-listings ratio: 84% (previous month was 74%)
  • Average days on market: 17 (down 19% year over year and up 6% month over month)
  • Average detached selling price: $1,807,983 (up 22% year over year and up 1% month over month)
  • Average semi-detached selling price: $1,431,988 (up 23% year over year and up 8% month over month)
  • Average townhouse selling price: $1,279,504 (up 21% year over year and down 5% month over month)
  • Average condo selling price: $745,951 (up 17% year over year and up 1% month over month)
  • All residential average selling price: $1,096,736 (up 12% year over year and down 2% month over month) 

Comments from TRREB President Kevin Crigger: “Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy.”  


Like the Toronto region, new and active listings are down substantially year over year and down seasonally month over month. Prices for all dwelling types are up across the board, driven up by the increased buyer demand and decreasing levels of supply. Peel region is firmly in a seller’s market.  

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

  • Market: Seller's Market
  • Sales: 1,716 (down 8% year over year and down 11% month over month)
  • New listings: 1,810 (down 15% year over year and down 13% month over month)
  • Active listings: 748 (down 61% year over year and down 23% month over month)
  • Sales-to-new-listings ratio: 95% (previous month was 92%)
  • Average days on market: 10 (down 41% year over year and down 9% month over month)
  • Average detached selling price: $1,488,131 (up 32% year over year and up 4% month over month)
  • Average semi-detached selling price: $1,071,246 (up 30% year over year and up 5% month over month)
  • Average townhouse selling price: $973,567 (up 30% year over year and up 3% month over month)
  • Average condo selling price: $605,968 (up 22% year over year and up 3% month over month)
  • All residential average selling price: $1,114,138 (up 25% year over year and up 5% month over month) 

Comments from TRREB Chief Market Analyst Jason Mercer: “A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years.”  


Price accelerations have tapered off slightly since the first quarter of 2021 but that doesn’t mean the Ottawa region is seeing signs of more balanced market conditions. The sales-to-new-listings (STNL) ratio  increased another 16 percentage points in November after a substantial increase in October as well. The STNL ratio now sits at a whopping 102%, driving the Ottawa market deeper into a market favouring sellers. Until supply dramatically increases, or buyer demand sharply decreases, prices will likely continue to climb, and the market will remain tight.  

The Ottawa Real Estate Board (OREB) reports8: 

  • Market: Seller's Market 
  • Sales: 1,459 (down 9% year over year and down 13% month over month) 
  • New listings: 1,430 (down 13% year over year and down 27% month over month) 
  • Sales-to-new-listings ratio: 102% (previous month was 86%) 
  • Number of condominium-class properties sold: 373 (down 7% year over year and down 10% month over month) 
  • Number of residential-class properties sold: 1,086 (down 10% year over year and down 14% month over month)
  • Average condo selling price: $432,099 (up 19% year over year and up 7% month over month)
  • Average residential selling price: $716,992 (up 19% year over year and at par month over month) 

Comments from OREB President Debra Wright: “Despite significant increases in average prices over November 2020, month-to-month price accelerations have tapered off slightly, with average prices for residential units on par with October’s and condo average prices increasing by 7%. This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021. However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.” 


Typical for this time of the year, the Hamilton-Burlington region experienced a decline in new listings, with fewer properties changing hands. A decrease in sales didn’t cause the average selling price to change much; the average selling price for all home types only fell 1% month over month, despite October posting a record-breaking month. Single family homes continue to be the most-desired product type in this region with active listings and months of inventory the lowest on record. The seller’s market continues as the sales-to-new-listings (STNL) ratio increased to an outstanding 103%, meaning the number of sales outpaced the number of new listings. The seller’s market continues in the Hamilton-Burlington region.  

The REALTORS® Association of Hamilton-Burlington (RAHB) reports9: 

  • Market: Seller's Market 
  • Sales: 1,199 (down 3% year over year and down 10% month over month) 
  • New listings: 1,169 (down 3% year over year and down 10% month over month) 
  • Sales-to-new-listings ratio: 103% (previous month was 100%) 
  • Average selling price in Hamilton: $835,640 (up 28% year over year and down 3% month over month)
  • Average selling price in Burlington: $1,175,264 (up 28% year over year and up 2% month over month)
  • Average selling price in Niagara North: $913,967 (up 25% year over year and down 3% month over month)
  • Average selling price in Haldimand County: $869,898 (up 50% year over year and up 13% month over month)
  • All residential average selling price: $911,673 (up 27% year over year and down 1% month over month) 

Comments from RAHB President Donna Bacher“Following a record average residential sale price in October, the average sale price held strong in November dipping by only one per cent. This month we experienced fewer properties changing hands and fewer new listings coming to the market overall, which is not unusual as we move closer to the end of the year. We have also never seen inventory this low as the level of active listings and months of inventory available continue to fall. We expect the same story in December which typically sees lower activity levels in general.” 


We are starting to see trends emerge in the Niagara region, as sales numbers are following a similar pattern to previous months. Sales in November dropped 14% month over month and 4% year over year, and new listings dropped 13%, the same monthly decrease as October. Like all of Ontario, the lack of supply is drastically impacting the Niagara housing market. The sales-to-new-listings (STNL) ratio remained consistent at 89%, signalling that conditions didn’t shift further into the hands of the sellers.  
The Niagara Association of REALTORS® (NAR) reports10 :

  • Market: Seller's Market 
  • Sales: 669 (down 4% year over year and down 14% month over month)
  • New listings: 751 (up 13% year over year and down 13% month over month)
  • Sales-to-new-listings ratio: 89% (previous month was 89%)
  • Average days on market: 18 (down 38% year over year and down 36% month over month)
  • Benchmark price for a home in St. Catharines: $654,900 (up 37% year over year and up 3% month over month)
  • Benchmark price for a home in Niagara Falls: $649,800 (up 37% year over year and up 4% month over month)
  • Benchmark price for a home in Welland: $571,300 (up 34% year over year and up 5% month over month)
  • Benchmark price for a home in Fort Erie: $581,200 (up 32% year over year and up 3% month over month)
  • Overall benchmark price for a home in the Niagara region: $701,700 (up 35% year over year and up 3% month over month)

Comments from NAR President Doug Rempel: “Buyer demand is still high and with so few homes available, sellers who list their homes this fall will likely have a tremendous advantage also known as leverage. Buyers want to buy before prices go even higher, they want to buy before interest rates rise, and in the likely event of having to compete with other offers, they want their offer accepted. These three buyer needs give homeowners a leg up when selling their house. Sellers might already realize this leverage enables them to sell at a good price, but it also means they can negotiate the best terms to suit your needs.” 


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 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.