Ontario State of the Market Update: October 2021

Ontario is still experiencing a substantial decline in sales activity compared to last year, as sales fell 13% year over year. Despite this, October still saw the second-best results for this month on record. Seller’s markets dominate most regions across the province, as record-low inventory numbers continue. 

The Ontario Real Estate Association (OREA) reports 21,674 residential transactions, coming in 8% above the five-year average.1 Compared to October 2020, sales were down 13%, but did increase 4% from September 2021. There is still strong buyer demand that is forcing downward pressure on supply, creating tight conditions across the province.  

New residential listings totalled 24,720 across the province in October. New listings dropped 27% year over year and fell 13% month over month. Buyer demand remains incredibly high, and those looking to sell their home who could add more inventory to the market are likely looking to buy another home as well. As a result, the record-low inventory may discourage some sellers from putting their home on the market if they do not have another one lined up.  

Active listings experienced similar double-digit declines year over year, falling 44%. Supply also continued to fall month over month, decreasing by 16%. The shortage in supply kept the market in the hands of the sellers. This drove the sales-to-new-listings ratio up 15% from last month. Ontario was closer to balanced conditions at the end of the summer, but it has returned to tighter more seller-favoured conditions.  
Compared to September, the reduced year-over-year supply 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 20% month over month, coming in at 0.8 for October 2021 compared to September’s one month of inventory. 
Overall, the average price increased by 23% year over year and 3% month over month. With the average price of a home now sitting at $912,763. It is likely we will continue to see price increases or hold steady until supply and inventory becomes more balanced.    


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 goal

Jump to Region


Toronto returned to a seller’s market in October, with the sales-to-new-listings (STNL) ratio tightening to 74%. This represents a 17% increase from last month. Active and new listings are still down substantially, but home sales were up 8% year over year and 14% month over month. This indicates there is still pent-up buyer demand contributing to the re-tightening of conditions.  

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

  • Market: Seller's Market 
  • Sales: 3,794 (up 8% year over year and up 12% month over month)
  • New listings: 5,140 (down 34% year over year and down 14% month over month)
  • Active listings: 4,247 (down 51% year over year and down 12% month over month)
  • Sales-to-new-listings ratio: 74% (previous month was 57%)
  • Average days on market: 16 (down 6% year over year and at par month over month)
  • Average detached selling price: $1,784,979 (up 21% year over year and at par month over month)
  • Average semi-detached selling price: $1,322,229 (up 15% year over year and up 1% month over month)
  • Average townhouse selling price: $1,343,920 (up 26% year over year and up 17% month over month)
  • Average condo selling price: $739,647 (up 11% year over year and down 1% month over month)
  • All residential average selling price: $1,122,463 (up 9% year over year and up 3% month over month) 

Comments from TRREB President Kevin Crigger: “The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply.” 


Sellers tightened their grip on Peel, as the sales-to-new-listings (STNL) ratio increased to 92% from 80% last month. A shortage of supply continues to hamper the region, as new and active listings are down 38% and 64%, respectively, year over year. While the residential average selling price for all home types increased 20% year over year, it did fall 2% compared to last month signalling some levelling off  in price growth. 

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

  • Market: Seller's Market 
  • Sales: 1,920 (down 13% year over year and up 5% month over month)
  • New listings: 2,090 (down 38% year over year and down 9% month over month)
  • Active listings: 970 (down 64% year over year and down 22% month over month)
  • Sales-to-new-listings ratio: 92% (previous month was 80%)
  • Average days on market: 11 (down 27% year over year and down 8% month over month)
  • Average detached selling price: $1,433,956 (up 28% year over year and down 2% month over month)
  • Average semi-detached selling price: $1,020,941 (up 27% year over year and up 4% month over month)
  • Average townhouse selling price: $947,287 (up 30% year over year and up 3% month over month)
  • Average condo selling price: $591,159 (up 13% year over year and down 2% month over month)
  • All residential average selling price: $1,065,595 (up 19% year over year and down 2% month over month) 

Comments from TRREB Chief Market Analyst Jason Mercer: "The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue. A key part of future economic development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy.” 


Ottawa had an active real estate market in October. Sales are up 4% month over month and down 21% year over year. However, the year-over-year downturn occurred only because there was a sales frenzy in fall 2020 due to the pent-up demand from the delayed spring market. The demand for housing remains incredibly high which is shown by the sales-to-new-listings (STNL) ratio increasing a substantial 21% month over month, now sitting at 86%, planting Ottawa firmly in a seller’s market.  

The Ottawa Real Estate Board (OREB) reports8: 

  • Market: Seller's Market 
  • Sales: 1,677 (down 21% year over year and up 4%% month over month) 
  • New listings: 1,960 (down 33% year over year and down 13% month over month) 
  • Sales-to-new-listings ratio: 86% (previous month was 71%) 
  • Number of condominium-class properties sold: 414 (down 14% year over year and up 14% month over month) 
  • Number of residential-class properties sold: 1,263 (down 24% year over year and up 2% month over month)
  • Average condo selling price: $404,760 (up 10% year over year and down 5% month over month)
  • Average residential selling price: $716,378 (up 19% year over year and up 2% month over month) 

Comments from OREB President Debra Wright: “October’s resale market was active, busy, and stable – and followed the typical (pre-pandemic) ebb and flow that we commonly see as we enter the fall season. The only reason we see a year-over-year decrease in comparison to last October is because 2020’s sales peak had shifted from the spring months to September/October due to the initial Covid-19 lockdown.” 
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The Hamilton-Burlington region posted a new average sale price record for the month of October with the average residential selling price skyrocketing to $922,297 from $881,656 the previous month. Sales are down 18% year over year and up 8% month over month; this is due to the lack of inventory in the market. The shortage in active listings contributed to the sales-to-new-listings (STNL) ratio jumping to 100%, meaning the same number of homes that came onto the market in October was matched by the number of homes that sold. In other words, supply is incredibly low and buyer demand is high. 
The REALTORS® Association of Hamilton-Burlington (RAHB) reports9: 

  • Market: Seller's Market 
  • Sales: 1,329 (down 18% year over year and up 8% month over month)
  • New listings: 1,330 (down 23% year over year and down 9% month over month)
  • Sales-to-new-listings ratio: 100% (previous month was 84%)
  • Average selling price in Hamilton: $864,474 (up 30% year over year and up 9% month over month)
  • Average selling price in Burlington: $1,148,587 (up 28% year over year and up 8% month over month)
  • Average selling price in Niagara North: $941,251 (up 37% year over year and up 12% month over month)
  • Average selling price in Haldimand County: $772,656 (up 32% year over year and down 7% month over month)
  • All residential average selling price: $922,297 (up 27% year over year and up 5% month over month) 

Comments from RAHB President Donna Bacher: “Following September’s momentum, October posted a new average sale price record for residential properties...The number of sales are down significantly from last October’s highs and up slightly from the typical activity we usually experience in October. The level of active listings and months of inventory available remains concerning as demand continues to drive the market. We do not anticipate this to change as 2021 comes to a close.” 


Despite October sales in the Niagara region being down 14% year over year, sales climbed 10% month over month as new listings fell 13%. The increase in sales with the decrease of new listings resulted in the market tightening further and continuing to favour sellers. As a result, the overall benchmark price for a home is still rising in the region, climbing 34% year over year and 2% month over month. Buyer demand is still high and pent-up, with a shortage of supply the constant catalyst. 
The Niagara Association of REALTORS® (NAR)10:

  • Market: Seller's Market 
  • Sales: 774 (down 14% year over year and up 10% month over month) 
  • New listings: 865 (down 19% year over year and down 13% month over month)
  • Sales-to-new-listings ratio: 89% (previous month was 71%)
  • Average days on market: 28 (up 47% year over year and up 27% month over month)
  • Benchmark price for a home in St. Catharines: $634,000 (up 37% year over year and up 3% month over month)
  • Benchmark price for a home in Niagara Falls: $626,700 (up 34% year over year and up 2% month over month)
  • Benchmark price for a home in Welland: $546,400 (up 31% year over year and at par month over month)
  • Benchmark price for a home in Fort Erie: $564,100 (up 31% year over year and up 1% month over month)
  • Overall benchmark price for a home in the Niagara region: $679,400 (up 34% year over year and up 2% 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


Need to sell or buy a home? FairSquare Group Realty can help.  

We’re the real estate brokerage that offers a smart, modern choice for Canadians. With thousands in commission savings for sellers, $2,000 cash back* for buyers, and experienced professional support every step of the way, it’s the new way home. Yours. 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.

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.