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State of the Real Estate Market: February 2021

March 17, 2021

The last full month of winter brought growing hope to Ontario, Alberta and Manitoba for a busy spring market ahead! Despite ongoing pandemic control measures, buyer demand continues to gather steam, as demonstrated by strong February sales across the three provinces. Sellers in these markets have reason to smile: with inventory levels dropping, most regions saw price gains above 19% compared to last year.

In Ontario, the markets continued their break-neck pace as bursts of new listings were snapped up by option-starved buyers, such that sales – which increased between 38% and 113% compared to January – grew almost in lockstep with new listings. By the close of February, active listings in the majority of Ontario regions were at significant deficits ranging from 8% to 60% compared to the same month last year. Short supply and high demand, of course, yielded price gains between 19% and 54% over last year, with the only exception being Toronto, where increasing activity in the lower-priced condo sector limited price growth to 1%.

While Winnipeg’s February market told a story almost identical to Ontario’s – there, sales were 68% higher than the five-year average and prices across all housing types grew by at least 7% compared to last February – Alberta’s major markets started with more inventory but trended in the same direction.

Both the City of Calgary and the Greater Edmonton Area saw sales vaulting over last year’s numbers by more than 50%, but significant year-over-year decreases in inventory are helping to restore balance to these markets and nudging prices upwards.

In seller’s markets such as these, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a local Purplebricks REALTOR® to learn about the latest trends in your market and discover how we can help you reach your real estate goals. 

map of Ontario with purple 'pins' indicating real estate listings

Toronto

Toronto is starting to see the market revving up for spring! Booming sales have been met with a surge of new listings, but with the average price on the rise and sales happening faster than last month, it’s still a seller’s game - especially in the low-rise sector.

For February, the Toronto Regional Real Estate Board (TRREB) reports1 3,741 residential sales in the City of Toronto for a 51% increase over February 20202 and a 40% increase over January.3 Meanwhile, new listings came in at 4,706, up 34% year over year and 33% month over month, bringing the sales-to-new-listings ratio to a strong 79%.

With the growth in sales outpacing the growth in new listings, inventory has edged down from two months in January to 1.9 months (meaning it would take slightly less than two months to sell all available listings at the current rate of sales), while the average days on market for all home types fell 11 days over the same period to 20.

With strong demand for single-family/detached homes since the pandemic began, it’s hardly a surprise that this home type accounted for over 24% of total sales this month, with 915 transactions representing a growth of 28% year over year and 75% month over month. This brought the average selling price up 13% year over year and 7% month over month to $1,684,073.

However, the condo-apartment category is showing glimmerings of hope after prices fell over the course of last year: an uptick in demand brought 2,167 sales in February (representing 58% of all residential transactions in the city) for an increase of 62% year over year and 27% month over month. Though new listings are up 39% year over year and 11% month over month at 2,394, active listings at the close of the month were down a considerable 19% from January’s total, which means inventory is shrinking. Though the average selling price is down 6% compared to February 2020 at $676,837, growing demand has driven it up 8% from January – a trend which TRREB Chief Market Analyst Jason Mercer points out could lead to “renewed price growth … in the second half of the year.”

Like condos, the semi-detached and townhouse categories saw large increases in sales in February. There were 295 sales of semi-detached homes for an increase of 64% year over year and 82% month over month, with the average price rising 10% over both periods to $1,324,244. Townhouses came in at 97 sales for an increase of 83% year over year and 49% month over month, with the average selling price rising 9% and 5% over the same periods to $1,152,595. The average price for all home types in the city is $995,201, up just over half a per cent year over year and up 15% month over month.

Peel

The market in Peel is picking up speed as we head toward spring! A big boost to new listings helped meet strong demand for homes, but an overall increase in activity is accelerating the pace of sales and keeping average selling prices on the rise.

For February, The Toronto Regional Real Estate Board (TRREB) reports4 2,270 residential sales in Peel, representing an increase of 50% year over year5 and 56% month over month6 – impressive growth compared to the 2% drop in sales activity between December and January.7 Though new listings steamed ahead of sales at 3,285 – up 54% from a year ago and 71% from last month – inventory is holding at just 1.2 months for the third month in a row, while the average days on market have fallen from 16 in January to a mere ten. Months of inventory measure how long it would take to sell all available listings at the current rate of sales.

With buyers continuing to prefer detached/single-family homes, 1,064 sales in this sector accounted for 47% of all residential transactions. The average selling price for this home type grew 23% year over year and 3% month over month to $1,324,191. Semi-detached home sales were in greater demand month over month, with sales increasing a substantial 84% and the average selling price rising 21% year over year and 4% month over month to $934,857. For townhouses, price trends nearly followed suit with an increase of 20% and 4% over the same periods to $870,438. Meanwhile, condo apartments sold for an average of $545,427, up 3% year over year and 5% month over month. For all home types, the average selling price came in at $1,023,552, up 19% from a year ago and 8% compared to last month.

Brampton accounted for 50% of the region’s residential sales in February, with the average selling price rising 23% year over year and 4% month over month to $1,014,232.

Durham

It’s not spring yet, but Durham is seeing massive increases in market activity! Intensifying demand was met by an influx of new listings, but with prices moving upward and accelerating sales, it’s still a seller’s market.

For February, the Toronto Regional Real Estate Board (TRREB) reports8 1,384 residential sales in Durham, representing an increase of 56% year over year9 and a remarkable 113% month over month10 – a welcome reversal after the 16% drop in sales between December and January.11 Though new listings grew 53% from a year ago and an impressive 109% from last month to 1,975, inventory shrunk from 0.9 months in January to 0.8 months – down considerably from February 2020’s 1.9 months (months of inventory measure how long it would take to sell all available listings at the current rate of sales). Days on market also fell substantially from 17 days a year ago and 12 days last month to seven, meaning it’s taking an average of one week to sell a home.

Demand for detached/single-family homes in the region isn’t taking any breaks: at 938 transactions, sales are up 51% year over year and 122% month over month. However, a massive wave of new listings brought 128% more houses to the market than in January. With the category taking 71% of all new listings and a close 68% of all sales, the average selling price of a detached home went up by just $1,597 to $989,969, though that’s a substantial 38% gain from February 2020.

Semi-detached homes accounted for 7% of all sales with an average selling price of $796,877, up 53% year over year and 7% month over month. Townhouses accounted for 12% of all sales at an average of $780,944, up 32% year over year and 3% month over month. The only home type to post decreases in average selling price are condo apartments, which accounted for 4% of all sales at an average of $390,191, down 12% year over year and down 15% month over month. For all home types, the average selling price came in at $895,441 for an increase of 36% year over year and 2% month over month.

Halton

Halton is seeing an accelerating market as spring approaches! An upswing in buyer activity was counterbalanced by increased new listings, but it’s still a seller’s market as sales pick up speed and prices continue to climb.

For February, the Toronto Regional Real Estate Board (TRREB) reports12 1,127 residential sales in Halton, representing an increase of 47% year over year13 and an impressive 77% month over month.14 However, after months of new listings failing to meet buyer demand, the number of available homes made encouraging steps toward recovery: at 1,557, new listings grew 40% from a year ago and 82% from last month. Nevertheless, inventory inched back from 1.3 months in January to 1.2 months – down from a full two months in February 2020 (months of inventory measure how long it would take to sell all available listings at the current rate of sales). As testament to the intensifying conditions, days on market came in at a quick 10, nearly cutting last month’s 19-day average in half and well below last February’s 16-day average.

As has been the case since the pandemic began, demand for detached/single-family homes in the region is growing: at 598 transactions, sales for this home type are up 47% year over year and 81% month over month. However, new listings are also on the rise: 835 new houses on the market represented an increase of 87% over January. With detached homes accounting for 54% of all new listings and 53% of all sales, the average selling price remained steadfast, rising by only $57 to $1,539,817 since January. However, prices in this category have risen a notable 25% from February 2020.

In the rest of the residential market, semi-detached homes accounted for 6% of all residential sales with an average selling price of $978,757, up 23% year over year and 4% month over month. Townhouses accounted for 21% of all sales at an average of $962,207, up 22% year over year and 3% month over month. Condo apartments accounted for 12% of all sales at an average of $591,261, up 11% year over year and 7% month over month. For all home types, the average selling price came in at $1,212,303 for an increase of 24% year over year and 5% month over month.

York

York’s seller’s market is getting even hotter as spring draws near! Demand for homes leapt up from last month, and though we also saw a swell of new listings, the markets remain competitive with prices on the rise and sales getting quicker.

For February, the Toronto Regional Real Estate Board (TRREB) reports15 2,023 residential sales in York, representing an increase of 57% both year over year16 and month over month17 – a reassuring shift compared to the 6% drop in sales between December and January.18 Though new listings grew 44% from a year ago and 61% from last month to 2,974, inventory fell from 1.9 months in January to 1.8 months, whereas last February saw a full three months (months of inventory measure how long it would take to sell all available listings at the current rate of sales). Days on market also fell from 26 days last month to 16, an increase of four days from February 2020.

Though strong demand for detached/single-family homes saw sales in this category grow 47% year over year and 65% month over month, a deluge of new listings (totalling 1,829) brought 80% more houses to the market than in January. As such, the category claimed 62% of all new listings but took only 55% of all sales, allowing the average selling price to fall 2% month over month to $1,511,448. Nevertheless, that’s an impressive 25% gain compared to a year ago.

Meanwhile, semi-detached homes accounted for 6% of all sales with an average selling price of $1,042,967, up 28% year over year and 6% month over month. Townhouses accounted for 15% of all sales at an average of $1,030,540, up 20% year over year and 4% month over month. Condo apartments accounted for 18% of all sales at 370 units – an astonishing 120% growth in sales compared to February of last year – with an average price of $601,331, up 3% year over year and 3% month over month. For all home types, the average selling price came in at $1,206,235, up 19% from a year ago and 3% compared to last month.

Ottawa

It’s a seller’s game in Ottawa as we head toward spring. With increasing demand for homes and supply dwindling to a little more than half of what it was a year ago, multiple offers are the norm and prices continue to rise!

For February, the Ottawa Real Estate Board (OREB) reports 1,390 residential properties sold,19 a record for the month representing an increase of 23% year over year and a whopping 44% month over month.20

The strong numbers substantiate OREB President Debra Wright’s comments earlier this year when she asserted the region would have seen higher numbers in January “if there were more properties available.”21 With 426 more sales in February than the month prior, her claim bears out and suggests the region saw a boost in new listings: record sales came despite a 46% year-over-year decrease in housing stock and less than one month’s inventory (meaning it would take less than one month to sell all available properties at the current rate of sales). “Simply put,” Wright explains, “properties that come onto the market are selling very quickly.”22

Indeed, residential-class homes (including detached homes, semi-detached homes, townhouses, and duplexes) sold in an average of 14 days, down from 30 days in February 2020. Sales in this category accounted for 74% of all residential transactions, with the average selling price rising 27% year over year and 6% month over month to $717,914.

Condominium-class homes sold in an average of 22 days – slightly longer than last February’s 19 days despite the sector having been on the rebound in recent months. Wright notes that the slightly longer selling time is more indicative of the fact that the condo market “was thriving and moving very quickly prior to the pandemic.” Sales in this category accounted for 26% of residential transactions, with the average selling price rising 17% year over year and 7% month over month to $407,671. The average selling price for all home types rose a substantial 26% year over year and 8% month over month to $637,117.

Hamilton

Buyers in Hamilton are welcoming more options as a wave of new listings burst onto the market, but it’s still a seller’s market as sales keep pace with new supply and prices continue to go up!

For February, the REALTORS® Association of Hamilton-Burlington (RAHB) reports 1,271 sales across the region,23 representing an increase of 15% over February 2020 and 50% over January24 – an encouraging reversal after the 10% dip in activity from December to January.25

Strong sales were supported by a substantial growth in new listings, which were up 12% year over year and 62% month over month at 1,637. However, with a sales-to-new-listings ratio of 78% (meaning for every 100 new listings, 78 homes sold), markets remain competitive. The average selling price for all home types in the Hamilton region saw a gain of 30% compared to February 2020 and 8% compared to January at $848,719.

The Hamilton region comprises an array of cities with varying home prices and market trends. In Niagara North, the average selling price for all residential property types came in at $749,384, up 18% year over year and down 2% month over month, and in Haldimand County, the average selling price was $632,147, up 17% year over year and down 3% month over month. Meanwhile, Burlington saw an average selling price of $1,067,867, up 27% year over year and 9% month over month, while Hamilton’s average rose to $769,774 for an increase of 30% year over year and 7% month over month.

Niagara 

The busy spring season is firing up in the Niagara Region! Though we saw a much-needed boost to new listings, sales numbers grew even faster, meaning it’s still a seller’s game as prices continue to climb.

For February, the Niagara Association of REALTORS® (NAR) reports 699 residential sales across the region,26 representing an increase of 21% year over year and 38% month over month – this is especially encouraging considering the 10% dip in sales between December and January.27 Meanwhile, new listings jumped up 33% compared to January of this year at 831, bringing the sales-to-new-listings ratio to a strong 84%. With such intense buyer demand, it’s little wonder the average days on market came in at only 20 – half of February 2020’s average and a full nine days faster than January’s.

“With little snow on the ground the spring market appears to have begun,” says Terri McCallum, President of NAR. “As we continue in a strong seller’s market, the increased demand from buyers continues to outpace any increase in listing inventory. As a result, the Niagara Region is experiencing upward pressure on homes prices.”

Indeed, across the region, the benchmark residential price rose 31% year over year and 5% month over month to $578,400.

The Niagara region comprises several cities with varying activity and benchmark prices. St. Catharines saw the most buyer activity with 176 sales and the benchmark price of $559,800 rising 34% year over year and 6% month over month. Niagara Falls followed with 163 sales and the benchmark price of $524,700 up 29% year over year and 5% month over month. At 91 sales, Welland came in third with the benchmark price of $466,700 rising 35% year over year and 4% month over month, while Thorold took fourth spot at 55 sales and the benchmark price of $507,700 up 36% year over year and 6% month over month.

Kitchener-Waterloo

It’s still a hot seller’s market in Kitchener-Waterloo region as spring draws near! Though buyers welcomed a surge of new listings this month, record sales are keeping inventory low and pushing prices higher.

For February, the Kitchener-Waterloo Association of REALTORS® (KWAR) reports 597 residential homes, representing an increase of 28% year over year and 67% month over month28 – this after an increase of only 1% from December to January.29 The previous ten-year average for February is 407 sales.

Supporting the lift in sales was an influx of new listings, which grew 21% year over year and a stunning 71% month over month to 737. While that’s 16% above the ten-year average for February, intense buyer demand is keeping inventory below one month (meaning it would take less than one month to sell all available homes at the current rate of sales), and the number of active listings at month’s end totalled only 295 – 73% below the ten-year February average. Unsurprisingly, the average days on market have dropped to 10, down from 17 days a year ago and 16 days only last month.

According to Nicole Pohl, President of KWAR, “We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply.” Indeed, the year-to-date average selling price for all home types rose 32% compared to the same period last year to $752,289. Meanwhile, the benchmark price for all home types in February was $709,600 for a gain of 28% compared to February 2020 and 6% compared to last month.

Detached homes accounted for 56% of total sales, with the benchmark price of $788,500 up 29% year over year and 6% month over month. Townhouses accounted for 19% of sales, with the benchmark price of $526,700 up 33% year over year and 6% month over month. Apartment-style condos accounted for 17% of sales, with the benchmark price of $341,200 up 14% year over year and a tenth of a percentage compared to January.

Guelph

It isn’t spring yet, but the Guelph market is already breaking records! A massive wave of new listings was met with sky-high sales in February, keeping the region firmly in a seller’s market as prices trend upward.

The Guelph and District Association of REALTORS® (GDAR) reports 485 residential sales,30 representing an increase of 33% year over year and jaw-dropping 92% month over month,31 making it a sales record for the month of February. Supporting the explosion of sales were 620 new listings coming onto market, a 36% gain compared to the same month last year and a welcome 80% gain over last January, when new listings were the lowest they’d been in 15 years. In fact, this was the largest number of new listings for the month of February in the association’s history.

Despite the growth in new listings, inventory dropped from 1.1 months in February 2020 and 0.9 months in January to 0.6 months, meaning it would take a little over two weeks to sell all available homes at the current rate of sales. The long-run average for this time of year is 1.7 months.

“Given the current strength in demand and the appetite of homebuyers, this new supply did little to raise the level of available inventories, which are still sitting at record lows,” says Sabrina Essery, GDAR President. “With fierce competition among potential buyers for anything going on the market now, it’s no surprise that price gains have actually accelerated, and price levels continue to reach new highs.”

The benchmark sale price for all home types in February rose 26% year over year and 6% month over month to $734,000. While detached homes have been the preferred housing type since the pandemic began, prices have risen nearly equally across the main housing categories: for detached houses, the benchmark price rose 26% year over year and 6% month over month to $761,600; for townhouses, it rose 29% year over year and 6% month over month to $546,200; and for condo apartments, it rose 21% year over year and 4% month over month to $418,200.

London

The London and St. Thomas region welcomed the sixth consecutive month of record-breaking sales in February after a wave of new listings hit the market! But with sales and new supply nearly matched, the seller’s market continues to push prices higher.

The London and St. Thomas Association of REALTORS® (LSTAR) reports 824 homes sold across the region,32 a record for the month of February representing an increase of 19% year over year and 51% month over month.33 An influx of homes added to the market made the boost in sales possible: at 989 new listings, the 48% month-over-month growth nearly matched that of sales.

Accordingly, markets remain tight: the average days on market fell from eight in January to seven, and inventory fell from 0.8 months to 0.6 months in the same period – this means it would take just over two weeks to sell all available supply at the current rate of sales. Last February, sales were also happening fast at an average of eight days, though inventory was at a more comfortable 1.8 months.

“Because of the low supply and high demand, we continue to see increases in average sales price across the entire region,” notes LSTAR President Jack Lane. Indeed, the average selling price for all home types in February was $616,065, a 38% gain compared to a year ago and a 1% climb from January.

Selling prices in the detached and townhouse sectors rose by almost the same margins in February: the average price of a detached home was up 38% year over year and 1% month over month at $683,039, while for townhouses, it was up 32% and 2% over the same periods at $492,560. Meanwhile, condo apartments saw an encouraging lift in sales and prices: at 91 transactions (up 60% month over month), the average selling price rose 26% year over year and 22% month over month to $370,621.

Windsor

It’s a seller’s market in Windsor as an increasing number of buyers set their sights on this area and demand outpaces new listings. With only half the number of available homes seen last February, year-over-year prices are going up!

For February, the Windsor-Essex County Association of REALTORS® reports 479 home sales in February, representing an increase of 10% year over year and an impressive 42% month over month.34 Meanwhile, new listings came in at 571 – a 6% dip compared to last February and a 20% growth from January – leaving the sales-to-new-listings ratio unchanged since last month at a tight 84%. With only 392 available listings at the close of February, the region’s inventory has fallen by 51% year over year35 and 5% month over month.

While it’s typical to see prices climbing in hot markets like this, February’s average selling price for all home types was $481,221, up 25% from 12 months ago but down 6% compared to January. This month-over-month decrease is likely owing to the numbers of sales in higher price ranges: where January saw 39% of all residential sales occurring over the $550,000 mark, with eight sales for more than $1 million, including three sales in the $1.4 million+ range, February saw only 28% of sales in the $550,000+ ranges, with six sales for $1 million+ and no sales reaching the $1.4 million mark. It’s helpful to consider that February’s median residential selling price – which represents the midway point between the highest and lowest sale prices – rose 27% from last February and dropped just over half a percent from January to $457,100.

As in months prior, the most active price range for February was $420,000-$549,999 with 34% of all sales. In second place was the $360,000-$419,999 range with 18% of sales, followed closely by $550,000-$699,999 with 17%. Trailing these was the $300,000-$359,999 range with 14% of sales.

Brantford

Brantford’s hot seller’s market is getting even hotter as spring approaches! A wave of new listings made record sales possible, but an overall increase in activity is keeping inventory low and pushing prices higher.

The Brantford Regional Real Estate Association (BRREA) reports 199 residential properties sold,36 a record for the month of February representing an increase of 38% year over year and a stunning 78% month over month.37 The boost in numbers was a welcome change after sales dipped 17% from December to January due to short supply. Indeed, the good-news story for the region came in the form of 249 new listings added to the market, up 42% year over year and 75% month over month. This was the largest number of new listings in the month of February in over five years.

With the growth in new listings just falling short of the growth in sales, supply levels continue to fall: inventory shrank from 0.7 months in January to a mere 0.5 months (well below the long-run average of 2.4 months for this time of year), meaning it would take around two weeks to sell all available homes at the current rate of sales. Accordingly, the number of active listings at month’s end totalled only 103 – up 32% from the month previous but down 58% compared to February 2020.

“The market has been starving for supply and inventories have finally managed to step up from their record lows, albeit remaining at historically subdued levels,” says Ray Petro, President of BRREA. “Given the persistent strength in demand, even if more new supply comes onto the market this spring, we’re likely to see continued price growth in the double digits."

For February, the benchmark price for all home types came in at $560,500 for a gain of 30% year over year and 5% month over month. Across the low-rise sector, price growth was generally consistent: detached homes saw the benchmark price rise 32% year over year and 5% month over month to $584,200, while for townhouses, it rose 23% year over year and 5% month over month to $383,400. Meanwhile, condos saw the benchmark price rise 3% year over year and 2% month over month to $280,500.

Barrie & Simcoe County

A massive wave of new listings helped launch sales to a new record this month, but with inventory levels still far beneath typical levels, sellers are smiling as prices continue to rise!  

The Barrie & District Association of REALTORS® Inc. (BDAR) reports 569 homes sold in Barrie and the surrounding Simcoe County,38 a new sales record for the month of February representing an increase of 35% year over year39 and 88% month over month. In the city of Barrie, residential sales totalled 330, up 46% year over year and a stunning 144% month over month; in surrounding Simcoe County, there were 239 sales for an increase of 21% and 62% over the same periods.  

High sales numbers were made possible by 839 new listings – the most listings added to a February market in over 25 years – which were up 34% compared to a year ago and an incredible 130% from last month. Nevertheless, supply is still running low: at 392 active listings at the close of the month, they’re 74% higher than in January but only half of what they were last February. Meanwhile, inventory is unchanged from last month and down from 1.9 months a year ago to 0.7 months – far below the long-run average of 2.7 months for this time of year. Months of inventory measure how long it would take to sell all available listings at the current rate of sales.

“The incredible surge in sales was very much due to a wave of new supply coming back to the market, with new listings posting the highest February in almost 30 years,” notes Chantal Godard, BDAR President. "This helped to take some of the pressure off the market balance, but make no mistake, even with inventories stepping up from record lows, price gains strengthened even further in February."

Indeed, the average selling price for all home types in the region rose 34% year over year and 1% month over month to a record $767,444, while the benchmark price grew by the same amount year over year to $685,800. Detached homes saw the benchmark price rise 35% year over year to $721,000, while for townhouses/row units, it rose 42% to $500,700, and for condo apartments, it rose 14% to $403,000.

Grey County

The markets picked up steam as a wave of new listings gave way to record-breaking sales in February! With no shortage of demand and prices on the rise, things are looking good for Grey Bruce and Owen Sound sellers.

The REALTORS® Association of Grey Bruce Owen Sound (RAGBOS) reports 223 homes sold in the region,40 representing an increase of 12% year over year and 50% month over month41 and setting a new sales record for the month of February. Strong sales were made possible by a boost to new listings: at 260, there were 4% more homes added to the market than in February 2020 and 49% more than last month – a welcome reversal after January saw a 22% year-over-year decrease.

Though sales are keeping pace with new listings, supply continues to fall from historical levels and sales are speeding up. The average time to sell a home fell from 29 days a year ago and 26 days last month to 11 days. At month’s end, active listings were the lowest they’ve been in the month of February in more than three decades, dropping 55% year over year and rising only 6% month over month to 301. Inventory fell from 3.3 months last year and 1.9 months in January to 1.3 months, which is well below the long-run average of 7.2 months for this time of year. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

As buyer demand remains strong, prices continue to rise. For all home types, the average selling price in February rose 54% year over year and 12% month over month to $613,373. Meanwhile, the average selling price for detached homes grew 56% year over year and 13% month over month to $637,293, and for townhouses, it rose 24% and 22% over the same periods to $453,029. For condo apartments, the average price rose 23% year over year but fell 24% month over month to $285,138. However, at only eight condo sales this month and just three sales in January, the low figures may not be an accurate portrayal of property values in this sector; consult with your local Purplebricks REALTOR® for a more detailed view of how your home is valued in the current market.

Peterborough and the Kawarthas

It was a record-breaking month for the region that’s becoming a hot spot for buyers looking to leave the GTA. A boost in new listings fuelled strong sales, but with inventory still falling, prices are on their way up in this seller’s market!

For February, the Peterborough and the Kawarthas Association of REALTORS® Inc. (PKAR) reports 172 residential home sales,42 representing an increase of 6% year over year and 72% month over month.43 These were the highest sales for the month in five years, pulling ahead of last February by a margin of nine sales. Supporting the growing sales were 228 new listings, which were up 8% from a year ago and a whopping 74% from January, making it the largest number of homes added to a February market in five years.

Despite growth in sales and new listings being almost evenly matched, the market is intensifying as inventory levels edge lower. Active listings at month’s end numbered 139, which was up 40% from last month but down 58% from a year ago – for context, the volume of new listings and sales are nearly 10% above last February’s levels, but the number of active listings has dropped by almost 60%. Accordingly, inventory has fallen from two months last February and one month in January to 0.8 months, well below the long-run average of 3.8 months for this time of year. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

“A slight uptick in new listings coming onto the market was a very welcome sight, although given the current breakneck pace of demand didn’t do much in the way of lifting overall inventories from their record lows,” notes Jon Maxwell, President of PKAR. “Barring a sudden and unexpected flood of listings hitting the market as we approach the busy spring buying season, we anticipate supply constraints to continue driving double-digit price growth.”

For February, the average selling price for all home types rose 33% year over year and 6% month over month to a record $662,226.

Huron and Perth Counties

Homes in Huron and Perth are selling almost as fast as they’re being listed! Though year-over-year numbers show a dip in sales, the February markets are extremely tight and prices are still headed upward.

For February, the Huron Perth Association of REALTORS® (HPAR) reports 147 residential home sales,44 representing a decrease of 4% year over year (only seven transactions below last February’s record high) and an encouraging increase of 62% month over month.45 So too, new listings posted a year-over-year dip of 6% (the difference of just nine listings) but saw a 51% boost compared to January at 154 homes added to the market. With sales and new listings so closely matched, February’s sales-to-new-listings ratio rose from 89% last month to a stiff 95%, meaning for every 100 homes added to the market, 95 were sold.

Supply levels continue to be taxed by the strength of buyer demand. Active listings at month’s end numbered 116, which was up 2% from last month but down 60% from a year ago – for context, this February’s volume of new listings and sales were fairly close to last year’s levels, but the number of active listings has dropped by more than half. Accordingly, inventory has fallen from 1.9 months last February and 1.3 months in January to just 0.8 months, well below the long-run average of 5.2 months for this time of year. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

“New listings were up in February, but given that overall inventories are still sitting at record lows it appears that all of that new supply was gone as fast as it came,” says Kathy Dawson, President of HPAR. “Fierce competition among potential buyers continues to drive price gains well into the double digits."

Indeed, for February, the benchmark price for all home types rose 28% year over year and 6% month over month to $460,800. Meanwhile, for detached homes, the benchmark price rose 29% year over year and 6% month over month to $461,800, while for condo apartments, it rose 5% and 7% over the same periods to $442,400.

map of Manitoba with purple 'pins' indicating real estate listings

Winnipeg

The Winnipeg market is warming up! New listings were no match for growing buyer demand in February, which led to shrinking inventory levels and rising prices for all home types.

The Winnipeg Regional Real Estate Board (WRREB) reports that the region saw 1,240 residential sales in February46 – 68% more than the five-year average and an impressive 48% more than last February. Sales were also 33% higher compared to January, which was a welcome change of pace after transactions for that month fell 4% compared to December.47  

Though buyer demand is ramping up as we head toward the warmer months, February’s new listings came in 3% lower than a year ago and only 4% higher than last month at 1,661. As such, the sales-to-new-listings ratio climbed from 58% in January to a strong 75% (meaning that for every 100 new listings that entered the market, 75 homes sold). With the growth in sales outpacing the growth in new supply year over year, inventory is shrinking: at the close of the month, there were just 2,501 available homes, down 41% year over year.

“New listings entered on our MLS® in February are in keeping with previous years,” notes Kourosh Doustshenas, WRREB president. “The difference … is we are experiencing record-setting month-over-same-month sales, so sellers remain in the driver’s seat.”

Indeed, tightening markets are keeping buyers competitive and allowing sellers to up their prices. In February, detached homes accounted for 66% of all residential sales at an average selling price of $360,194, up 14% year over year and 2% month over month. Meanwhile, condos accounted for 14% of sales with the average price rising 7% and 8% over the same periods to $242,571. Posting the largest month over month price gains were attached homes: at 7% of residential sales (or 91 transactions), the average price rose 11% compared last February and 36% from just one month ago to $308,368.48

map of Alberta with callouts featuring Edmonton and Calgary, with purple 'pins' indicating real estate listings

Calgary

The Calgary market is revving up as spring approaches: with energetic sales shrinking low-rise inventories, selling times are getting shorter and prices are headed upward!

For February, the Calgary Real Estate Board (CREB®) reports 1,836 residential homes sales in the city,49 representing an increase of 54% year over year and 52% month over month,50 making it the best February for sales since 2014.

As sales pick up speed, overall inventory is getting lower. Though new listings came in 13% ahead of last February and 27% ahead of January at 2,848, the sales-to-new-listings ratio is up from 54% last month to 64%, meaning that for every 100 homes listed on the market in February, 64 homes sold. In fact, inventory in February fell to 2.5 months – cut nearly in half from last year’s 4.8 months and down considerably from January’s 3.4 months. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

Lower inventory levels and growing demand continue to put upward pressure on overall prices: in February, the average selling price for all property types rose 9% year over year and 3% month over month to $485,870. As in previous months, overall price increases were led by the detached home sector, where CREB® notes “strong seller’s market conditions” on account of its inventory being below two months. With a shortage of options below the $600,000 mark in that category, the average selling price increased 9% year over year and 2% month over month to $572,670. Meanwhile, the average selling price in the semi-detached category increased 12% year over year and 9% month over month to $521,119, while for rowhouses, it rose 2% and 9% over the same periods to $330,424. On the other end of the spectrum, the condo apartment sector saw increased inventory despite growing sales, which resulted in the average price falling 7% year over year and 2% month over month to $252,638.

Edmonton  

The Edmonton market is picking up steam as we head toward spring! With stronger sales and less inventory than we saw last year, sales are getting faster and prices are on the rise.

The REALTORS® Association of Edmonton (RAE) reports 1,600 residential sales in the Greater Edmonton Area (GEA),51 an increase of 52% year over year and 37% month over month.52 “There have … been more sales of single-family homes, condos and duplexes compared to February of last year as well as last month,” notes Tom Shearer, Chair of REA. “The high level of activity we have seen in February is uncharacteristic for this time of year. We are witnessing a very strong market.”

As testament to the strong selling conditions, new listings came in at 2,649 – up 8% year over year and 11% month over month – but robust sales brought the sales-to-new-listings ratio up from 49% last month to 60% (meaning that for every 100 new listings, 60 homes were sold). As a result, there were 18% fewer active listings at the close of February than at the same time last yearand only 8% more than in January. Boosted sales and fewer options for buyers has accelerated sales, bringing the average days on market to 52 – down considerably from 73 days last February and 65 days last month.

Accordingly, prices went up in February. Representing 65% of all residential sales, detached homes saw the average selling price rise 3% from last February and 2% from last month to $437,977, while condos took 21% of sales and saw the average price rise 8% and 7% over the same periods to $230,929. Meanwhile, duplexes represented 12% of sales, and though the average price rose 7% year over year, it fell by less than half a percent month over month to $343,028. For all residential homes, the average selling price saw an increase of 8% year over year and 4% month over month to $377,931.

If you need to sell or buy a home, a local Purplebricks REALTOR® can help you navigate the market safely and with professional insight. Purplebricks 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 1-855-953-9533 to learn more. 

Headshot of Randall Weese, Broker of Record for Ontario, Broker for Alberta and Associate Broker for Manitoba for Purplebricks Canada

Randall Weese is the Director of Compliance and Brokerage Services at Purplebricks, where he is also the licensed Broker of Record for Ontario, Broker for Alberta, and Associate Broker for Manitoba. A REALTOR® with 14 years’ experience in Ontario, Randall has worked in a variety of business models within the real estate industry. He has been a REALTOR® at one of the largest brokerages in Canada, managed a boutique brokerage, and founded and operated his own brokerage in the Greater Toronto Area. Throughout his career, he has acted as a listing agent on thousands of homes across the country.

Source
[1] TRREB February 2021 Market Report
[2] TRREB February 2020 Market Report
[3] TRREB January 2021 Market Report
[4] TRREB February 2021 Market Report
[5] TRREB February 2020 Market Report
[6] TRREB January 2021 Market Report
[7] TRREB December 2020 Market Report
[8] TRREB February 2021 Market Report
[9] TRREB February 2020 Market Report
[10] TRREB January 2021 Market Report
[11] TRREB December 2020 Market Report
[12] TRREB February 2021 Market Report
[13] TRREB February 2020 Market Report
[14] TRREB January 2021 Market Report
[15] TRREB February 2021 Market Report
[16] TRREB February 2020 Market Report
[17] TRREB January 2021 Market Report
[18] TRREB December 2020 Market Report
[19] OREB February 2021 Market Report
[20] OREB January 2021 Market Report
[21] OREB January 2021 Market Report
[22] OREB February 2021 Market Report
[23] RAHB February 2021 Market Report
[24] RAHB January 2021 Market Report
[25] RAHB January 2021 Market Report
[26] Niagara Association of REALTORS® February 2021 Market Report
[27] Niagara Association of REALTORS® January 2021 Market Report
[28] KWAR February 2021 Market Report
[29] KWAR January 2021 Market Report
[30] CREA: GDAR February 2021 Market Report, retrieved Mar. 9, 2021
[31] Guelph January 2021 Report
[32] LSTAR February 2021 Market Update
[33] LSTAR January 2021 Market Update
[34] WECAR February 2021 Market Report
[35] WECAR February 2020 Market Report
[36] CREA: BRREA February 2021 Market Report, retrieved Mar. 9, 2021
[37] Brantford January 2021 Report
[38] CREA: BDAR February 2021 Market Report, retrieved Mar. 10, 2021
[39] BDAR January 2021 Report
[40] RAGBOS Mar. 9 Press Release: February 2021 & RAGBOS February 2021 Media Report
[41] RAGBOS Feb. 11 Press Release: January 2021
[42] CREA: PKAR February 2021 Market Report, retrieved Mar. 10, 2021
[43] PKAR January 2021 Report
[44] CREA: HPAR February 2021 Market Report, retrieved Mar. 10, 2021
[45] HPAR January 2021 Report
[46] WRREB February 2021 Market Report
[47] WRREB January 2021 Market Report
[48] WRREB February 2020 Market Report
[49] CREB® February 2021 Market Report
[50] CREB® January 2021 Market Report
[51] RAE February 2021 Market Report  
[52] RAE January 2021 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.