Ontario State of the Market Update: September 2021

The Ontario Real Estate Association (OREA) reports 20,775 residential transactions, coming in 6.4% above the five-year average.1 Compared to the month of September 2020, sales were down 21%. There is still high demand for property with downward pressure on inventory, forcing tight seller’s market conditions across the province.  

New residential listings totalled 28,556 across the province in September. New listings dropped 26% year over year, but interestingly increased 16% month over month. This reflects typical seasonality we see coming out of August and may signal an eventual shift towards more balanced conditions.  

Active listings experienced similar double-digit declines year over year, falling 39%. But showed some signs of slowing down the decline month over month, increasing 5%. The shortage in supply kept the market in the hands of the sellers, but the sales-to-new-listing ratio dropped 10% from last month, another indication of a move to more balanced conditions. 
 
Compared to August, the reduced year-over-year supply did not affect 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 stayed consistent at 1 for September 2021, dropping slightly from last September’s 1.3 months of inventory.2
 
Overall, the average price increased by 20% year over year and 6% month over–month.3 With the average price of a home now sitting at $887,290, it is likely we will continue to see price increases until supply and inventory evens out and now sits at $887,290, it is likely we will continue to see price increases until supply and inventory even out.

--

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

Toronto 

After labour day, there is usually an uptick in sales following a slower summer period, and September 2021 was no different for the Toronto real estate market. The number of homes sold only dropped 4% from the hot market of September 2020 and increased 13% month-over-month, which is reflective of typical seasonal trends. The condo market has been experiencing a resurgence as year-over-year average selling prices increased 9%. It was also the only product type to see an increase in sales volume, up 16% compared to September 2020.  

 The Toronto Regional Real Estate Board (TRREB) reports4 5 6 : 

  • Market: Balanced Market
  • Sales: 3,397 (down 4% year over year and up 13% month over month)
  • New listings: 5,946 (down 32% year over year and up 41% month over month)
  • Active listings: 4,821 (down 44% year over year and up 18% month over month)
  • Sales-to-new-listings ratio: 57% (previous month was 71%)
  • Average days on market: 16 (at par year over year and down 16% month over month)
  • Average detached selling price: $1,778,928 (up 20% year over year and up 6% month over month)
  • Average semi-detached selling price: $1,304,504 (up 14% year over year and up 7% month over month)
  • Average townhouse selling price: $1,148,501 (up 3% year over year and down 1% month over month)
  • Average condo selling price: $744,730 (up 9% year over year and up 3% month over month)
  • All residential average selling price: $1,090,196 (up 7% year over year and up 9% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers re-entered the ownership market. Look for this trend to continue.”  

Peel  

After a lengthy period firmly in the hands of the seller, Peel took a step back towards more balanced conditions. This is reflected by the drop in the sales-to-new listings ratio which fell 7% month over month, now sitting at 80%. It is still a seller’s market with demand high in the region, but there may be cooler times on the horizon. Active and new listings are still substantially down month over month and year over year.  The average selling price has increased both year over year and month over month. 

 The Toronto Regional Real Estate Board (TRREB) reports7 8 9 : 

  • Market: Seller's Market
  • Sales: 1,829 (down 23% year over year and up 1% month over month)
  • New listings: 2,295 (down 40% year over year and up 11% month over month)
  • Active listings: 1,239 (down 57% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 80% (previous month was 87%)
  • Average days on market: 12 (down 20% year over year and down 8% month over month)
  • Average detached selling price: $1,462,264 (up 30% year over year and up 6% month over month)
  • Average semi-detached selling price: $982,439 (up 20% year over year and up 2% month over month)
  • Average townhouse selling price: $916,001 (up 23% year over year and up 4% month over month)
  • Average condo selling price: $580,184 (up 13% year over year and at par month over month)
  • All residential average selling price: $1,087,321 (up 20% year over year and up 5% month over month) 

Comments from TRREB President Kevin Crigger: "Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done.” 

Ottawa  

Activity in the Ottawa region started to pick up again near the end of September after an expected drop following the Labour Day holiday weekend in Canada. Sales are down 31% compared to last year, but only fell 2% month over month. Average prices continue to increase for both condominium-class and residential-class homes.  

The Ottawa Real Estate Board (OREB) reports10 : 

  • Market: Seller's Market
  • Sales: 1,607 (down 31% year over year and down 2% month over month)
  • New listings: 2,252 (down 23% year over year and up 11% month over month)
  • Number of condominium-class properties sold: 363 (down 36% year over year and down 9% month over month) 
  • Sales-to-new-listings ratio: 71% (previous month was 77%)
  • Number of residential-class properties sold: 1,244 (down 30% year over year and up 6% month over month)
  • Average condo selling price: $425,362 (up 14% year over year and up 5% month over month)
  • Average residential selling price: $702,155 (up 13% year over year and up 4% month over month) 

Comments from OREB President Debra Wright: “As per usual, the resale market in the early part of the month moved slowly due to the Labour Day holiday weekend and parents settling their children back into their school routines. Activity began to accelerate towards the end of the month, which is behaviour typical of the market in September.” 

Hamilton-Burlington 

Demand for property in the Hamilton-Burlington region is still very high. The extreme low number of new and active listings has contributed to a new average sale price record of $881,656 for the month of September, despite a 14% month-over-month increase in new listings. The region is positioned to continue to be a seller’s market in October.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports11: 

  • Market: Seller's Market
  • Sales: 1,226 (down 30% year over year and up 2% month over month)
  • New listings: 1,461 (down 26% year over year and up 14% month over month)
  • Sales-to-new-listings ratio: 84% (previous month was 94%)
  • Average selling price in Hamilton: $796,611 (up 20% year over year and up 2% month over month)
  • Average selling price in Burlington: $1,064,685 (up 18% year over year and up 2% month over month)
  • Average selling price in Niagara North: $839,161 (up 23% year over year and down 3% month over month)
  • Average selling price in Haldimand County: $831,003 (up 58% year over year and up 3% month over month)
  • All residential average selling price: $881,656 (up 22% year over year and down 5% month over month) 

Comments from RAHB President Donna BacherAfter months of relatively flat prices, September’s historically low listing and inventory levels have moved the average sale price to a new record…The demand remains strong, and the supply remains low. Overall, we need more supply on the market to meet the demands of buyers and investors. There’s nothing on the horizon to indicate that October will be any different.” 

Niagara   

The Niagara region is still in a seller’s market, but the sales-to-new-listings ratio dropped 14% month over month reflecting some movement towards balanced conditions. The average benchmark price continued its upward climb, now sitting at $665,600, 34% higher than last year’s numbers and a 1% increase from last month. The number of homes sold missed last year's mark by 27% and fell 5% from last month.  
 
The Niagara Association of REALTORS® (NAR) reports12: 

  • Market: Seller's Market
  • Sales: 707 (down 23% year over year and down 5% month over month)
  • New listings: 994 (down 14% year over year and up 14% month over month)
  • Sales-to-new-listings ratio: 71% (previous month was 85%)
  • Average days on market: 22 (down 29% year over year and up 10% month over month)
  • Benchmark price for a home in St. Catharines: $615,900 (up 35% year over year and down 1% month over month)
  • Benchmark price for a home in Niagara Falls: $613,100 (up 35% year over year and up 1% month over month)
  • Benchmark price for a home in Welland: $545,100 (up 36% year over year and up 3% month over month)
  • Benchmark price for a home in Fort Erie: $557,700 (up 33% year over year and up 2% month over month)
  • Overall benchmark price for a home in the Niagara region: $665,600 (up 34% year over year and up 1% month over month) 

--

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.