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State of the Real Estate Market: July 2021

After an unsustainable level of market activity in March, a slowdown in the number of sales continued into July. Both home sales and the number of newly listed properties declined month-over-month. While sales activity was expected to drop, it’s the extreme shortage on supply that is contributing to unbalanced conditions, favouring sellers in Ontario, Alberta, and Manitoba.

Every single region featured in this report experienced anywhere from 8% to 32% to declines in new listings month-over-month. On average, the number of new listed homes dropped 19% compared to June. The larger city centers were not an exception to this, with Toronto, Calgary and York posting double digit declines. In turn, this put pressure on the sales-to-new listing (STNL) ratio. Five regions featured in this report reported double-digit increases for the STNL ratio – Barrie, Guelph, Hamilton, Halton and York. As indicated by the STNL ratios, many regions remaining firmly in a seller’s market, while a handful are heading towards more balanced conditions.

Despite STNL ratio trends, there are indications that the markets may be starting to stabilize as more typical seasonal trends were noted. Sales declined month over month. Months of inventory increased in many regions, despite being low compared to historic averages. This is welcome news to buyers as more homes coming onto the market are taking longer to sell than seen in spring and for much of 2020.

Looking at average selling prices, Ontario, Alberta and Manitoba all recorded year-over-year price gains, with Ontario clocking in at a substantial 26% increase. In fact, there were only three regions to experience 10% or less increase on their year-over-year sales price: Edmonton (5%), Toronto (6%), Calgary (10%). Some regions like Grey County, Kitchener-Waterloo, and Niagara saw over a 30% increase.

While the consensus in the report is that the markets in Ontario, Manitoba and Alberta are currently favouring sellers, most regions saw average selling prices decline month-over-month once again, which is typical for summer. This is very similar to last month's effects and is another indication that the break-neck pace of early spring has slowed.

Limited inventory and climbing prices have made being a homebuyer tedious, but experts believe market conditions will balance out. Many sellers are concerned with enjoying the remainder of summer, especially as COVID-19 restrictions have begun to loosen. This more than anything has contributed to historically low inventories across the country. But as more inventory hits the market, more deals and investments will arise for buyers.

If you’re looking to make a purchase or planning to sell, the professional guidance and insights of an experienced REALTOR® can’t be overestimated. Speak to a local Purplebricks REALTOR® to learn about the latest trends in your area and discover how we can help you reach your real estate goals.

Purplebricks Ontario Listings on a graphic map

Ontario 

July marked a time to breathe for the entire Ontario real estate market. New listings haven’t been this low in the month of July for over a decade. Even with low levels of supply and reduced sale activity, this was still the fourth best July Ontario has ever experienced on record.

The Ontario Real Estate Association (OREA) reports 22,029 residential transactions, coming in 4.4% above the five-year average. 1 Compared to July 2020 when the market was unseasonably hot due to pent up demand from the delayed spring market, sales were down 20% in July. This is resulting in a more typical summer market unfolding. 2

New listings across the province also slowed drastically by 22% month over month at 28,328, resulting in a sales-to-new-listings ratio of 78% (up 6% compared to June). But, with reduced supply in the market, months of inventory (which measures how long it would take to sell all inventory at the current rate of sales) remained consistent month over month at just 1 month of inventory, compared to 1.2 months in July 2020 and the long-run average of 2.8 months for this time of year.  

The trend of low supply seen in June continued into July with active listings the lowest they have been in the month of July in more than three decades. At 23,160, active listings were down 32% year over year and down 8% month over month.

This month saw extremely reduced inventory and decrease in sales compared to last month and last July, down 16% and 20% respectively. Despite declines in sold homes, we didn’t see prices fluctuate that much, with the average residential selling price for the province dropping 3% month-over-month. Looking year over year, average selling prices are up a whopping 18%, coming in at $835,269. A notable trend in the market is the resurgence of the condo market in select regions across the province.

Toronto

Toronto moved back into a seller’s market in July. It’s interesting to note that new listings are down year-over-year, which was to be expected, but they are also down substantially compared to June. However, sales did not drop as dramatically as new listings month over month causing the sales-to-new-listing ratio to increase.

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

  • Market: Seller's Market
  • Sales: 3,269 (up 8% year over year and down 15% month over month)
  • New listings: 5,108 (down 8% year over year and down 20% month over month)
  • Active listings: 4,705 (down 16% year over year and down 8% month over month)
  • Sales-to-new-listings ratio: 64% (previous month was 60%)
  • Average days on market: 16 (down 13% year over year and up 14% month over month)
  • Average detached selling price: 1,633,649 (up 10% year over year and down 4% month over month)
  • Average semi-detached selling price: $1,205,814 (up 7% year over year and down 5% month over month)
  • Average townhouse selling price: $1,172,796 (up 15% year over year and down 6% month over month)
  • Average condo selling price: $715,977 (up 5% year over year and at par month over month)
  • All residential average selling price: $1,016,580 (up 6% year over year and down 6% month over month)

Comments from TRREB President Kevin Crigger: "Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the marketplace.”

Peel

On trend with many other regions in Ontario, Peel saw new and active listings drop in comparison to last year’s highs. But prices are holding firm with the average residential selling price up 15% year-over-year and down only 3% month-over-month.

The Toronto Regional Real Estate Board (TRREB) reports: 5 6 7 

  • Market: Seller's Market
  • Sales: 1,980 (down 3% year over year and down 13% month over month)
  • New listings: 2,446 (down 9% year over year and down 24% month over month)
  • Active listings: 1,586 (down 24% year over year and down 17% month over month)
  • Sales-to-new-listings ratio: 81% (previous month was 71%)
  • Average days on market: 13 (down 25% year over year and up 8% month over month)
  • Average detached selling price: 1,359,718 (up 21% year over year and up 1% month over month)
  • Average semi-detached selling price: $931,494 (up 17% year over year and up 2% month over month)
  • Average townhouse selling price: $867,854 (up 17% year over year and up 2% month over month)
  • Average condo selling price: $568,079 (up 9% year over year and down 1% month over month)
  • All residential average selling price: $1,008,584 (up 15% year over year and down 3% month over month)

Comments from TRREB President Kevin Crigger: "Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the marketplace.

Durham

Both new and active listings continue to be driven down both year-over-year and month-over-month in the Durham Region. The sales-to-new-listings ratio indicates Durham is still in a seller’s market, but the ratio stayed at par with the previous month while average selling prices held steady indicating some stability may be on the horizon.

The Toronto Regional Real Estate Board (TRREB) reports: 8 9 10 

  • Market: Seller's Market
  • Sales: 1,104 (down 30% year over year and down 23% month over month)
  • New listings: 1,280 (down 33% year over year and down 23% month over month)
  • Active listings: 576 (down 51% year over year and down 19% month over month)
  • Sales-to-new-listings ratio: 86% (previous month was 86%)
  • Average days on market: 11 (down 31% year over year and up 10% month over month)
  • Average detached selling price: $1,014,939 (up 30% year over year and down 1% month over month)
  • Average semi-detached selling price: $770,437 (up 32% year over year and up 5% month over month)
  • Average townhouse selling price: $779,684 (up 24% year over year and at par month over month)
  • Average condo selling price: $463,236 (up 10% year over year and down 11% month over month)
  • All residential average selling price: $910,197 (up 28% year over year and down 1% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: “The annual rate of price growth has moderated since the early spring but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022.”

York

Sales, active listings, and new listings continue to decrease in York region. However, the seller’s market intensified, and the average price of all residential properties is up 16% year-over-year and up 2% month over month.

The Toronto Regional Real Estate Board (TRREB) reports: 11 12

  • Market: Seller's Market
  • Sales: 1,767 (down 5% year over year and down 12% month over month)
  • New listings: 2,223 (down 33% year over year and down 24% month over month)
  • Active listings: 1,921 (down 42% year over year and down 19% month over month)
  • Sales-to-new-listings ratio: 79% (previous month was 69%)
  • Average days on market: 16 (down 20% year over year and up 14% month over month)
  • Average detached selling price: $1,598,306 (up 23% year over year and up 4% month over month)
  • Average semi-detached selling price: $1,053,302 (up 20% year over year and up 3% month over month)
  • Average townhouse selling price: $1,062,653 (up 24% year over year and up 3% month over month)
  • Average condo selling price: $633,426 (up 11% year over year and down 1% month over month)
  • All residential average selling price: $1,271,831 (up 16% year over year and up 2% month over month)

Comments from TRREB President Kevin Crigger: “Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the marketplace."

Halton

The seller's market in the Halton region continued as the sales-to-new-listing ratio increased substantially month over month. Active and new listings saw large volume reductions which is holding average selling prices relatively steady in July

The Toronto Regional Real Estate Board (TRREB) reports: 13 14

  • Market: Seller's Market
  • Sales: 925 (down 23% year over year and down 16% month over month)
  • New listings: 1,073 (down 34% year over year and down 26% month over month)
  • Active listings: 635 (down 51% year over year and down 22% month over month)
  • Sales-to-new-listings ratio: 86% (previous month was 76%)
  • Average days on market: 12 (down 33% year over year and at par month over month)
  • Average detached selling price: $1,517,449 (up 24% year over year and down 3% month over month)
  • Average semi-detached selling price: $987,002 (up 23% year over year and up 2% month over month)
  • Average townhouse selling price: $936,105 (up 19% year over year and down 1% month over month)
  • Average condo selling price: $602,195 (down 24% year over year and down 12% month over month)
  • All residential average selling price: $1,171,937 (up 18% year over year and down 4% month over month)

Comments from TRREB Chief Market Analyst Jason Mercer: The annual rate of price growth has moderated since the early spring but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022.”

Ottawa

The Ottawa real estate market is trending toward balanced conditions in July as buyers and sellers followed the traditional cycle of the spring and summer season. Limited supply is keeping average selling prices up substantially year over year, while the number of sales fell off in part due to limited supply

The Ottawa Real Estate Board (OREB) reports15

  • Sales: 1,724 (down 21% year over year and down 19% month over month)
  • Number of condominium-class properties sold: 412 (down 24% year over year and down 15% month over month)
  • Number of residential-class properties sold: 1,312 (down 20% year over year and down 20% month over month)
  • Average condo selling price: $419,545 (up 17% year over year and down 4% month over month)
  • Average residential selling price: $685,426 (up 17% year over year and down 6% month over month)

Comments from OREB President Debra Wright: "July’s unit sales followed the traditional cycle of the spring and summer markets, which tend to peak around April or May and then slow down as Buyers and Sellers turn their attention to their vacations and other outdoor recreational activities

Hamilton

The seller's market continues in the Hamilton region, although the average price, number of homes sold, and the number of new listings all fell month over month in July. The region is experiencing record-low inventory as homes coming onto the market continue to be purchased quickly.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports: 16

  • Market: Seller's Market
  • Sales: 1,275 (down 20% year over year and down 20% month over month)
  • New listings: 1,388 (down 20% year over year and down 24% month over month)
  • Sales-to-new-listings ratio: 92% (previous month was 80%)
  • Average selling price in Hamilton: $779,783 (up 24% year over year and down 1% month over month)
  • Average selling price in Burlington: $1,042,741 (up 18% year over year and down 8% month over month)
  • Average selling price in Niagara North: $877,632 (up 22% year over year and down 3% month over month)
  • Average selling price in Haldimand County: $706,235 (up 30% year over year and up 6% month over month)
  • All residential average selling price: $847,104 (up 22% year over year and down 2% month over month)

Comments from RAHB President Donna Bacher: "Overall, this month, we are seeing the number of sales and active listings slightly decrease compared to the previous four months which is in line with seasonal trends. We are continuing to experience high demand coupled with record low inventory in almost all property types which is driving sale prices."

Niagara

A reduced number of listings continued to tighten Niagara region market conditions in July as the seller’s market continues. However, with the increase in days on market and average selling prices remaining consistent month over month, more balanced conditions are expected to be on the horizon. This could be good news for buyers moving forward.

The Niagara Association of REALTORS® (NAR) reports: 17

  • Market: Seller's Market
  • Sales: 749 (down 25% year over year and down 15% month over month)
  • New listings: 991 (down 16% year over year and down 17% month over month)
  • Sales-to-new-listings ratio: 76% (previous month was 74%)
  • Average days on market: 20 (down 50% year over year and up 11% month over month)
  • Benchmark price for a home in St. Catharines: $614,100 (up 37% year over year and down 1% month over month)
  • Benchmark price for a home in Niagara Falls: $606,200 (up 38% year over year and up 1% month over month)
  • Benchmark price for a home in Welland: $526,400 (up 35% year over year and down 1% month over month)
  • Benchmark price for a home in Fort Erie: $533,500 (up 34% year over year and down 1% month over month)
  • Overall benchmark price for a home in the Niagara Region: $652,200 (up 36% year over year and down 1% month over month)

Comments from NAR President Doug Rempel: “This adjustment or ‘cooling down’ was anticipated and is reflected in national statistics but it does not mean that the market is ‘falling apart.'”

Kitchener-Waterloo

Although still firmly in a seller's market, the Kitchener-Waterloo market slowed down in July. Inventory for homes in the region is extremely low driving intensely competitive market conditions. The average price for homes in the area increased month-over-month, while the number of homes sold decreased.

The Kitchener-Waterloo Association of REALTORS® (KWAR) reports: 18 19

  • Market: Seller's Market
  • Sales: 611 (down 17% year over year and down 14% month over month)
  • New listings: 675 (down 24% year over year and down 22% month over month)
  • Active listings: 281 (down 53% year over year and down 19% month over month)
  • Sales-to-new-listings ratio: 91% (previous month was 86%)
  • Average days on market: 11 (down 35% year over year and at par month over month)
  • Benchmark price for a detached home: $822,300 (up 31% year over year and up 0.2% month over month)
  • Benchmark price for a townhome: $564,500 (up 40% year over year and down 0.4% month over month)
  • Benchmark price for a condominium: $385,900 (up 20% year over year and up 3.3% month over month)
  • Overall benchmark price for a home: $748,700 (up 31% year over year and down 0.4% month over month)

Comments from KWAR President Nicole Pohl: “Although home sales slowed down to some degree in July compared to June, overall demand remains very strong. The current inventory of homes available for sale in the Kitchener-Waterloo area is extremely low, making Waterloo Region one of the most competitive markets in Ontario."

Guelph

The seller’s market in Guelph continued as the region saw the lowest number of new listings added in the month of July in more than a decade, as well as active listings sitting at a three-decade record low for the same month. This is supported by the sales-to-new-listing ratio increasing by a substantial 12% in July.

The Guelph and District Association of REALTORS (GDAR) reports: 20 21

  • Market: Seller's Market
  • Sales: 442 (down 23% year over year and down 22% month over month)
  • New listings: 489 (down 16% year over year and down 32% month over month)
  • Active listings: 304 (down 29% year over year and down 17% month over month)
  • Sales-to-new-listings ratio: 90% (previous month was 78%)
  • Benchmark price for a detached home: $830,100 (up 31% year over year and up 1% month over month)
  • Benchmark price for a townhome: $572,200 (up 30% year over year and up 1% month over month)
  • Benchmark price for a condominium: $480,200 (up 22% year over year and up 4% month over month)
  • Overall benchmark price for a home: $793,800 (up 30% year over year and up 1% month over month)

Comments from GDAR President Sabrina Essery: Home sales were down from last year’s astronomical record to just a touch below average levels for this time of year. New listings also declined but to a greater extent than sales activity, which means that overall supply levels are still at record levels and falling. Even with reduced sales the market remains historically tight and overall benchmark price gains are hovering around 30%. Without a meaningful shift in the balance between supply and demand we expect these trends to persist over the near future.”

London

993 homes sold in the London and St. Thomas region marking the second highest number of sales in the month of July. However, experts suggest the market is trending towards stabilization as the volume of homes sold is more in-line with pre-pandemic levels. The seller’s market is being driven further by low inventory and healthy buyer demand.

The London and St. Thomas Association of REALTORS® (LSTAR) reports 22:

  • Market: Seller's Market
  • Sales: 993 (down 18% year over year and down 24% month over month)
  • New listings: 1,196 (up 11% year over year and down 23% month over month)
  • Active listings: 822 (down 34% year over year and down 7% month over month)
  • Sales-to-new-listings ratio: 83% (previous month was 77%)
  • Median days on market: 10 (no change year over year and up 25% month over month)
  • Average detached selling price: $664,436 (up 26% year over year and down 4% month over month)
  • Average townhouse selling price: $488,945 (up 27% year over year and down 7% month over month)
  • Average condo selling price: $381,410 (up 36% year over year and down 1% month over month)
  • All residential average selling price: $614,913 (up 27% year over year and down 4% month over month)

Comments from LSTAR President Jack Lane 23 “July’s average sales price was slightly lower than the year-to-date value, which reflects the moderating trend seen across the country, reinforcing, at the same time, the idea that our local real estate market is starting to level off. However, the high demand for housing and the historically low inventory levels that we are currently experiencing still make for a robust housing market, where the Sellers have the upper hand.”

Windsor

Active listings continued to increase in the region while the number of new listings fell setting the table for more balanced conditions. The average selling price in the region decreased marginally by 2% month over month, while the average home price sits 27% higher than the same time last year.

The Windsor-Essex County Association of REALTORS® (WECAR) reports: 24 25

  • Market: Seller’s Market
  • Sales: 631 (down 14% year over year and down 13% month over month)
  • New listings: 1,047 (up 14% year over year and down 8% month over month)
  • Active listings: 753 (down 21% year over year and up 17% month over month)
  • Sales-to-new-listings ratio: 60% (previous month was 64%)
  • All residential average selling price: $542,334 (up 27% year over year and down 2% month over month)

Brantford

Last July’s record sales pace did not carry though into this year, but Brantford is still a seller’s market. Historically low levels of inventory helped drive the benchmark price for all properties up 36% year-over-year in the region, but the sales-to-new-listings ratio did decrease by 6%. This indicates some movement towards a more balanced market.

The Brantford Regional Real Estate Association (BRREA) reports: 26 27

  • Market: Seller's Market
  • Sales: 224 (down 34% year over year and down 28% month over month)
  • New listings: 290 (down 18% year over year and down 22% month over month)
  • Active listings: 204 (down 28% year over year and up 1% month over month)
  • Sales-to-new-listings ratio: 77% (previous month was 83%)
  • Benchmark price for a detached home: $649,500 (up 36% year over year and down 1% month over month)
  • Benchmark price for a townhome: $466,900 (up 37% year over year and up 3% month over month)
  • Benchmark price for a condominium: $379,300 (up 36% year over year and up 17% month over month)
  • Overall benchmark price for a home: $633,000 (up 36% year over year and up 0.3% month over month)

Barrie

Barrie remains firmly in a seller's market as active listings haven't been this low in July in more than three decades. With supply low, prices will continue in their upward trajectory if new listings do not catch up with sales volume.

The Barrie & District Association of REALTORS® reports: 28 29

  • Market: Seller's Market
  • Sales: 509 (down 30% year over year and down 13% month over month)
  • New listings: 619 (down 21% year over year and down 27% month over month)
  • Active listings: 423 (down 43% year over year and down 19% month over month)
  • Sales-to-new-listings ratio: 82% (previous month was 69%)
  • Benchmark price for a detached home: $767,800 (up 37% year over year and up 1% month over month)
  • Benchmark price for a townhome: $542,400 (up 46% year over year and up 2% month over month)
  • Benchmark price for a condominium: $453,500 (up 31% year over year and down 4% month over month)
  • Overall benchmark price for a home: $733,900 (up 37% year over year and up 1% month over month)

Comments from BDAR President Chantal Godard: "New listings dropped by more than sales, so overall supply levels are at record lows and still falling. We expect a moderation from the breakneck pace in sales that we saw in the second half of last year as we move through the rest of 2021, but unless supply picks up again, we’ll continue to see very strong price growth and tight market conditions."

Sarnia

With active listings experiencing record lows in the Sarnia-Lambton region, average selling prices are still up substantially year over year. This firmly plants the region in a seller's market at a 90% sales-to-new-listings ratio.

The Sarnia-Lambton Real Estate Board (SLREB) reports: 30 31

  • Market: Seller's Market
  • Sales: 177 (down 12% year over year and down 4% month over month)
  • New listings: 197 (down 6% year over year and down 9% month over month)
  • Active listings: 136 (down 38% year over year and down 6% month over month)
  • Sales-to-new-listings ratio: 90% (previous month was 86%)
  • All residential average selling price: $502,246 (up 22% year over year and down 5% month over month)

Comments from SLREB President Rob Longo: "The number of newly listed properties last month was consistent with historical averages for this time of year. Overall inventory appears to have stabilized over the last few months but, active listings are still a long way from what we would consider sustainable. Due to the lack of available properties currently on the market we expect prices in our region will remain elevated in the near term. We will have to wait and see if this recent return to “normal” is temporary or is the beginning of a new trend."

Grey County

Homes continue to sell fast in Grey County, as the average price increases over 31% year over year. Supporting these price gains, active and new listings are down which drove the sales-to-new-listings ratio up compared to the previous month.

The REALTORS® Association of Grey Bruce Owen Sound (RAGBOS) report: 32

  • Market: Seller’s Market
  • Sales: 327 (down 6% year over year and down 18% month over month)
  • New listings: 397 (down 10% year over year and down 25% month over month)
  • Active listings: 584 (down 21% year over year and up 4% month over month)
  • Sales-to-new-listings ratio: 82% (previous month was 76%)
  • Median days on market: 15 (down 42% year over year and up 36% month over month)
  • Average detached selling price: $662,086 (up 33% year over year and at par month over month)
  • Average townhouse selling price: $471,870 (up 36% year over year and down 6% month over month)
  • Average condo selling price: $308,240 (down 26% year over year and down 43% month over month)
  • All residential average selling price: $628,341 (up 31% year over year and down 3% month over month)

Peterborough and the Kawarthas

On we go with the seller's market in Peterborough. Inventory is at historically low levels and demand remains moderate to high. Buyers can find some solace in the fact that the average price of homes has started to level off.

The Peterborough and the Kawarthas Association of REALTORS® Inc. (PKAR) reports: 33 34

  • Market: Seller's Market
  • Sales: 259 (down 20% year over year and down 20% month over month)
  • New listings: 321 (down 16% year over year and down 22% month over month)
  • Active listings: 262 (down 33% year over year and down 3% month over month)
  • Sales-to-new-listings ratio: 81% (previous month was 78%)
  • All residential average selling price: $711,255 (up 29% year over year and down 2% month over month)

Comments from PKAR President Jon Maxwell: Although market conditions have eased somewhat, market balance is still firmly in favour of sellers. We expect this to continue as long as demand remains moderate to high, and inventory remains at unsustainably low levels. To many buyers’ relief, the average price of homes has started to retreat from the record highs seen earlier this year."

Huron & Perth

The housing market came back down to normal levels in Huron and Perth counties after record months prior to July. It's still a seller's market with new listings experiencing a downtrend, keeping active listings at three-decade record lows.

The Huron Perth Association of REALTORS® (HPAR) reports: 35 36

  • Market: Seller's Market
  • Sales: 213 (down 25% year over year and down 9% month over month)
  • New listings: 251 (down 15% year over year and down 8% month over month)
  • Active listings: 217 (down 33% year over year and up 10% month over month)
  • Sales-to-new-listings ratio: 85% (previous month was 85%)
  • Benchmark price for a detached home: $546,100 (up 41% year over year and up 1% month over month)
  • Benchmark price for a condominium: $454,300 (up 11% year over year and down 7% month over month)
  • Overall benchmark price for a home: $543,400 (up 41% year over year and up 1% month over month)

Comments from HPAR President Kathy Dawson: "Home sales came back down to earth from last July’s unprecedented record but actually came in at normal levels for this time of year. Going forward we expect to see more declines but those will all be compared to the astronomical highs of the second half of 2020."

Purplebricks Alberta Map

Alberta 

Alberta’s real estate market continued to favour sellers in July, though some typical seasonal cooling off is taking place. Average selling prices, number of homes sold and the volume of new listings coming onto the market saw year-over-year increases, while month over month there were declines, indicating a more typical summer market.  

Though sales across the province dropped by 20% compared to June,37 July’s total of 7,378 was the strongest activity for the month in over 6 years. According to the Alberta Real Estate Association (AREA), “Over the past year, housing markets have been exceptionally strong despite the job loss and economic slowdown caused by COVID-19. Moving forward, we could start to see housing markets return to levels more traditional with longer term trends.”

Favourable conditions also drew Albertan homeowners to the market in higher numbers than is usual for June. Though new listings lagged June’s tally by 20% at 10,680, months of inventory increased from 2.99 to 3.66 months.

Average selling prices held steady in July. Across the province, the average selling price for all home types grew 7% year over year and decreased 1% month over month to $426,036.

Calgary

Calgary experienced the hottest sales month in its history with 2,319 homes sold, making it the best July on record. The pace of new listings is starting to even out, even as supply is up above averages across the country. Experts expect more balanced conditions in the future.
 
The Calgary Real Estate Board (CREB) reports: 38

  • Market: Seller's Market 
  • Sales: 2,319 (up 26% year over year and down 20% month over month) 
  • New listings: 3,296 (up 9% year over year and down 20% month over month) 
  • Active listings: 6,678 (up 1% year over year and down 3% month over month) 
  • Sales-to-new-listings ratio: 70% (previous month was 70%) 
  • Benchmark price for a detached home: $539,900 (up 11% year over year and up 1% month over month) 
  • Benchmark price for a semi-detached home: $428,400 (up 10% year over year and down 3% month over month) 
  • Benchmark price for a townhouse: $299,600 (up 11% year over year and up 0.1% month over month) 
  • Benchmark price for a condo: $254,100 (up 4% year over year and up 4% month over month) 
  • Overall benchmark price for a home: $460,100 (up 10% year over year and up 4% month over month)

Comments from CREB® Chief Economist Ann-Marie Lurie: “Over the past several months, we have seen housing market conditions trend toward more balanced conditions. This eased some of the upward pressure on prices, as prices are starting to stabilize following steep gains that occurred in the first half of the year.”

Edmonton

Residential sales in Edmonton we’re only slightly higher than last July, indicating a return to more balanced levels of activity. The market is still holding strong in favour of sellers, but pricing is starting to level out with less volatility.

The REALTORS® Association of Edmonton (RAE) reports: 39 

  • Market: Seller's Market 
  • Sales: 2,208 (up 2% year over year and down 19% month over month) 
  • New listings: 3,446 (up 9% year over year and up down 18% month over month) 
  • Active listings: 8,015 (down 5% year over year and down 0.1% month over month) 
  • Sales-to-new-listings ratio: 64% (previous month was 65%) 
  • Average days on market: 39(down 28% year over year and up 8% month over month) 
  • Average detached selling price: $466,091 (up 7% year over year and down 1% month over month) 
  • Average duplex selling price: $357,064 (up 8% year over year and down 3% month over month) 
  • Average condo selling price: $240,096 (up 7% year over year and down 1% month over month) 
  • Average residential selling price: $389,756 (up 5% year over year and down 2% month over month)

Comments from RAE Chair Tom Shearer"The year-over-year residential unit sales were only slightly higher than July of last year, while we have started to see the monthly activity cool as we get later into the summer season. Pricing has also begun to balance – with nominal year-over-year increases and little change in month-over-month figures. We are still witnessing a strong market, with some balanced activity for July.”

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 exceptional 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 1-877-888-3131 to learn more.

 

Purplebricks Manitoba map

Winnipeg

Winnipeg is still in a seller’s market! Of the homes that were listed in July, a whopping 57% of them sold within the same month. And 54% of those sold for over asking price! This is causing average selling prices to continue to climb, even though new listings and sales have been declining month over month. There were 8 sales over $1 million and the most active price ranges were from $500,000 to $749,999 and from $300,000 to $349,999.

In a seller’s market like Manitoba’s, 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 region and discover how we can help you reach your real estate goals.  

The Winnipeg Regional Real Estate Board (WRREB)  reports: 40 41

  • Market: Seller's Market   
  • Sales: 1,678 (down 12% year over year and down 14% month over month) 
  • New listings :2,172 (down 10% year over year and down 9% month over month) 
  • Active listings: 2,919 (down 34% year over year and up 5% month over month) 
  • Sales-to-new-listings ratio: 77% (previous month was 82%) 
  • Average detached selling price: $377,789 (up 7% year over year and down 5% month over month) 
  • Average townhouse selling price: $321,334 (up 18% year over year and up 7% month over month) 
  • Average condo selling price: $258,770 (up 10% year over year and up 3% month over month) 

Comments from WRREB President Kourosh Doustshenas: "If you look at 2021 as a full year marathon, not shorter runs such as weekly or monthly periods of time, the blistering pace set earlier in the year (e.g., over 2,000 sales in April and May) has evidence of slowing down. Sales are still well on pace to finish the year in record fashion."  

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 1-855-999-9740 to learn more.

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.

 

 

 

Sources:

1 CREA: OREA July 2021 Market Report,
2 Ontario June 2021 State of the Market Report
3 TRREB July 2021 Market Report
4 TRREB July 2020 Market Report
5 TRREB July 2020 Market Report
6 TRREB June 2020 Market Report
7 TRREB July 2021 Market Report
8 TRREB July 2020 Market Report
9 TRREB June 2020 Market Report
10 TRREB July 2021 Market Report
11 TRREB July 2020 Market Report
12 TRREB June 2020 Market Report
13 TRREB July 2021 Market Report
14 TRREB June 2020 Market Report
15 OREB July 2021 Market Report
16 RAHB June 2021 Market Report
17 NAR July 2021 Market Report
18 KWAR July 2021 Market Report
19 KWAR June 2021 Market Report
20 GDAR July 2021 Market Report
21 GDAR June 2021 Market Report
22 LSTAR July 2021 Market Report
23 LSTAR June 2021 Market News
24 WECAR July 2021 Market Report
25 WECAR July 2020 Market Report
26 BREA July 2021 Market Report
27 Brantford June State of the Market Report
28 BDAR July 2021 Market Report
29 Barrie & Simcoe County June State of the Market Report
30 SLREB July 2021 Market Report
31 June 2021 State of the Market Report
32 July 2021 RAGBOS Market Activity Report
33 PKAR July 2021 Market Report
34 Peterborough June State of the Market Report
35 HPAR July 2021 Market Report
36 Huron-Perth June State of the Market Report
37 CREB July 2021 Market Report
38 CREB June 2021 Market Report
39 RAE July 2021 Market Report
40 WRREB July 2021 Market Report
41 WRREB July 2020 Market Report

Statistics presented herein are rounded to the nearest whole number for readability. Exact statistics can be found using the references provided. †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.