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Ontario Real Estate Market Update: April 2021

May 18, 2021

Ontario’s April market may not have set a new record for the most home sales in any given month, but coming in second to March 2021 is impressive! Despite the province-wide shutdown starting early in the month, April continued the spring hot streak and set some records of its own.

The Ontario Real Estate Association (OREA) reports that at 30,489 transactions, residential sales were up 270% from year-ago levels.[1] Although low sales during the first-wave lockdown of April 2020 make the year-over-year comparison challenging to interpret, there’s no doubt that buyer demand is high: coming in 46% above the five-year average, sales set a new record for the month of April. It was also only the second time in history that sales topped 30,000 in a single month (the first time was in March 2021 with 32,748 posted sales[2]).

Like sales, new listings also tallied impressive numbers, suggesting that Ontario homeowners are eager to cash in on current conditions. Across the province, 42,787 homes came onto the market – a dip of 4% from March but 26% above the five-year average for the month. It was also the largest number of new listings in the month of April in more than ten years.

The wave of new listings helped level-off declining supply levels, but to the frustration of many buyers, inventory is still running extremely low. Though the number of months of inventory was nudged upward from 0.6 months in March to 0.8 (meaning it would take under a month to sell all available homes in Ontario at the current rate of sales), that’s still well below the long-run average of 2.6 months for this time of year. In fact, at the close of the month, there were 23,715 active listings (i.e., available homes) in the province, up 14% from March but 37% below the five-year average. It was also the lowest number of active listings for April in more than three decades.

Low supply and high demand, of course, lead to rising prices. While the average selling price for all home types in Ontario was down by 2% from March – likely a reflection of the slight pullback in activity – it saw a stunning gain of 46% from last year, coming at $869,788. The total dollar volume of all residential sales reached $26.5 billion, taking one last record for the month of April.

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

April numbers might have pulled back from the madness in March, but the market is still hot! Though additional inventory slowed price hikes, homes are selling for well above last year’s averages. 

The Toronto Regional Real Estate Board (TRREB) reports 4,694 residential sales in the City of Toronto in April,[3] representing a 353% increase over the same month last year.[4] While comparing sales to those of April 2020 yields skewed results owing to limited sales during the first-wave lockdown, the massive year-over-year growth is, nevertheless, a sign of the market’s strong rebound.

Compared to March of this year, sales decreased by 9%,[5] but the market is far from having cooled off. TRREB President Lisa Patel notes that in the Greater Toronto Area (GTA), “sales remained very strong.”

As in March, buyers were offered a ray of hope as supply levels were bolstered. New listings were up 237% year over year and 4% month over month at 7,481, and by month’s end, active listings (i.e., available homes) were 33% above last year’s level and 17% higher than at the close of March at 4,627. With more homes on the market and slackening demand, the sales-to-new-listings ratio took a substantial step down from 71% in March to 63% (meaning that for every 100 homes listed in April, 63 homes sold).

Despite all this, sales in Toronto happened more quickly in April than they did the month prior: average days on market dropped from 12 to 11 days (compared to 17 days last April), while months of inventory edged back from 1.8 to 1.7 months (compared to 1.6 months a year ago). Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

Strong sales coupled with increased supply led to moderate price changes compared to a month earlier. For detached/single-family homes, the average selling price was up 36% year over year and down 3% month over month at $1,699,756. For semi-detached homes, the average price grew 19% year over year and 2% month over month to $1,308,799. For townhomes, the average price advanced 28% year over year and less than half a percent month over month to $1,216,657. For condo apartments, the average price was up 19% and 3% over the same periods to $727,137.

The average selling price for all home types in the city was $1,088,021, up 23% compared to April last year and up less than half a percent from March.

Peel

The Peel market was abuzz with sales this April, with growing supply helping to level out the sky-high prices seen earlier this spring.

The Toronto Regional Real Estate Board (TRREB) reports 2,733 residential sales in Peel this April,[6] representing an increase of 426% year over year.[7] Comparing sales to those of April 2020 yields skewed results owing to limited sales during the first-wave lockdown, yet the massive year-over-year growth is a sign of the market’s strong rebound.

Though sales decreased by 14% from March of this year,[8] the market is far from having cooled off. TRREB President Lisa Patel notes that in the Greater Toronto Area (GTA), “sales remained very strong.”

Slackening sales meant buyers were offered a ray of hope as supply levels were bolstered. Though new listings fell by 10% from March, the sales-to-new-listings ratio edged back from 68% last month to 65% (meaning that for every 100 homes listed in April, 65 were sold). At month’s end, active listings (i.e., available homes) were up 10% from March at 2,111, and average days on market slowed from eight days last month to 10.

Nevertheless, months of inventory decreased to just one month in April, down slightly from 1.1 months in March. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

With a larger inventory and ebbing demand, TRREB reports strong price growth compared to last year and marginal price decreases compared to March. For detached/single-family homes, the average selling price was up 33% year over year and down 3% month over month at $1,325,996. For semi-detached homes, the average price grew 24% year over year and shrank 2% month over month to $923,585. For townhomes, the average price advanced 20% year over year and fell 2% month over month to $856,217. For condo apartments, the average price was up 15% and down 1% over the same periods to $565,164.

The average selling price for all home types in Brampton was up 33% year over year and down 2% year over year to $1,005,405, while across the Peel region, it grew 29% compared to last April and fell 2% from March at $1,035,341.

Durham

April sales couldn’t catch March, but it’s still a hot market in Durham! Falling inventory levels mean prices continue to soar above last year’s averages. 

The Toronto Regional Real Estate Board (TRREB) reports 1,771 residential sales in April,[9] representing an increase of 245% compared to April of last year.[10] Though the year-over-year comparison of sales is skewed by the depressed market resulting from the first-wave lockdown, this year’s massive growth points to a strong rebound in the housing market.

TRREB President Lisa Patel notes that in the Greater Toronto Area (GTA), “sales remained very strong,” despite most regions experiencing decreased sales compared to March. In Durham, sales fell 15% month over month.

Like sales, new listings also fell in April, coming in 18% below the March total at 2,336 (165% higher than in April 2020). But while the market is operating at a smaller volume, the overall pace hasn’t changed dramatically from March: the sales-to-new-listings ratio increased from 73% to 76% (meaning that for every 100 homes listed in April, 76 homes sold), and there were 4% fewer active listings (i.e., available homes) at month’s end than at the close of March – a difference of only 36 listings. Days on market increased from seven days to nine, and months of inventory (that is, how long it would take to sell all available homes at the current rate of sales) edged back from 0.8 months in March to 0.7.

Decreases in both supply and demand led to moderate price changes compared to a month earlier. For detached/single-family homes, the average selling price was up 50% year over year and 1% month over month at $994,384. For semi-detached homes, the average price grew 42% year over year and 1% month over month to $742,044. For townhomes, the average price advanced 34% year over year and fell under 1% month over month to $763,485. For condo apartments, the average price was up 35% and 2% over the same periods to $491,508.

The average selling price for all home types was $897,741, up 47% compared to April last year and down less than half a percent from March.

York

Sales may be down, but it’s still a seller’s market in York! Despite inventory levels showing signs of recovery, April prices continued to soar above last year’s. 

The Toronto Regional Real Estate Board (TRREB) reports 2,454 residential sales in York this April,[11] representing an increase of 463% compared to the same month last year.[12] While the first-wave lockdowns from April 2020 make the year-over-year comparison extremely problematic, the massive year-over-year growth points to the market’s vigorous rebound.

TRREB President Lisa Patel notes that in the Greater Toronto Area (GTA), “sales remained very strong,” despite many regions within the GTA experiencing decreases from the high numbers recorded in March. In York, sales were down 16% month over month.[13]

Fewer sales in April allowed low supply levels to make a little headway, which is good news for buyers. Though new listings decreased by 15% from March (306% above last year), the sales-to-new-listings ratio remained unchanged from last month at 61% (meaning that for every 100 homes listed in April, 61 were sold). Active listings (i.e., available homes) were up 8% from March at 2,706, and average days on market went up to 12 days from last month’s 10.

Nevertheless, months of inventory decreased to 1.6 months in April, down slightly from 1.7 months in March. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

With modest gains in inventory, TRREB reports moderate price changes compared to last month. For detached/single-family homes, the average selling price was up 35% year over year and 1% month over month at $1,551,551. For semi-detached homes, the average price grew 28% year over year and fell 2% month over month to $1,041,576. For townhomes, the average price advanced 25% year over year and 1% month over month to $1,037,258. For condo apartments, the average price was up 23% and 6% over the same periods to $667,871.

The average selling price for all home types grew 33% compared to last April and 1% compared to March at $1,283,286.

Halton

The Halton market is still hot! Though inventory levels are starting to recover as sales ease, prices continue to soar above last year’s. 

The Toronto Regional Real Estate Board (TRREB) reports 1,403 residential sales in Halton this April,[14] representing an increase of 315% over April 2020.[15] Though the year-over-year comparison is skewed due to atypical market conditions during the first-wave lockdown, the massive year-over-year growth does point to a formidable rebound.

In fact, TRREB President Lisa Patel notes that in the Greater Toronto Area (GTA), “sales remained very strong,” despite many regions within the GTA experiencing decreases from the high numbers recorded in March. In Halton, sales were down 15% month over month.[16]

Ebbing sales allowed supply levels to gain a little ground this month. Though new listings fell by 13% from March (216% above last year), the sales-to-new-listings ratio edged back from 73% last month to 71% (meaning that for every 100 homes listed in April, 71 were sold). Active listings (i.e., available homes) were up 10% from March at 947, and average days on market remained unchanged over the same period at 10 days.

Nevertheless, months of inventory decreased to just one month in April, down slightly from 1.1 months in March. Months of inventory measure how long it would take to sell all available homes at the current rate of sales.

With inventory on the rise, TRREB reports moderate price changes compared to last month. For detached/single-family homes, the average selling price was up 44% year over year and down 1% month over month at $1,535,391. For semi-detached homes, the average price grew 30% year over year and 1% month over month to $992,554. For townhomes, the average price advanced 27% year over year and fell 3% month over month to $949,242. For condo apartments, the average price was up 34% and down 4% over the same periods to $678,545.

The average selling price for all home types grew 39% compared to last April and fell 3% from March at $1,208,601.

Ottawa

Ottawa continues to watch as year-over-year prices climb, with April’s lockdown measures putting the brakes on new listings yet again.

The Ottawa Real Estate Board (OREB) reports 2,402 residential properties sold in April,[17] representing an increase of 164% year over year and 5% month over month.[18]

Though April sales were strong, OREB President Debra Wright cautions that “the percentage increases over 2020 figures are vastly skewed due to the first State of Emergency last spring, which had initially slowed down the real estate market. Thus,” she continues, “the … increases in unit sales are simply not valid results.” Instead, she points to pre-pandemic years for what she calls “a more reasonable comparison,” noting the 19% increase in sales compared to both April 2018 and April 2019. 

Wright also acknowledges that stricter lockdown measures mid-April affected what looked to be a great month for new listings: “April was poised to be the strongest on record with over 3,200 new listings of properties for sale,” compared to 2,798 in March. However, following the lockdown announcement, “the trajectory sputtered” and the region continues to grapple with a lack of supply. 

As such, year-over-year prices continue to climb, while month-over-month prices dipped marginally.

The average selling price for residential-class homes (including detached homes, semi-detached homes, townhouses, and duplexes) rose 42% year over year and fell 2% month over month to $743,204. For condos, it rose 30% and fell 2% over the same periods to $427,145.

Hamilton-Burlington

The market is still busy with sales, but buyers in the Hamilton-Burlington area are breathing a small sigh of relief as inventory made significant gains in April.

The REALTORS® Association of Hamilton-Burlington (RAHB) reports 1,906 residential sales across the region in April,[19] representing an increase of 245% year over year and a decrease of 8% month over month.[20]

There’s no doubt that April saw strong market activity, but RAHB President Donna Bacher notes, “the impact of the COVID-19 pandemic distorts housing statistics when comparing year to year,” and “rather than looking at 2020 to 2021, our best insight comes from a month-over-month analysis.” By that measure, the numbers are promising. According to Bacher, “the RAHB market area is showing signs of stability and recovery with active listings increasing significantly once again month over month.”

In fact, active listings (i.e., available homes) at the end of April were 23% higher than they were the previous month. New listings fell back by just 3% from high numbers in March, and with sales easing at a slightly faster rate, inventory is being given a chance to catch up – welcome news for buyers who’ve faced significant supply shortages for the better part of a year.

With a larger inventory and a little slack in demand, RAHB reports falling prices in April. Across the region, the average selling price for all home types dropped 2% month over month to $855,455 – up 39% from a year ago.

Perhaps the biggest news this month is that the average selling price for detached homes – the forerunner of price hikes since the pandemic began – have dipped. As Bacher points out, “for the first time in a long time, detached homes in the RAHB market area saw a slight decrease in the average price compared to last month,” coming in 3% lower than in March at $953,365. The average price for townhomes fell by the same amount to $712,822, while for apartment-style properties, prices rose 3% month over month to $533,373, suggesting that buyers are taking a renewed interest in this category. 

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 rose 5% month over month to $896,389. In Haldimand County, it fell 2% over the same period to $680,219. In Burlington, the average price edged down 3% to $1,058,992, while in Hamilton, it fell 2% to $786,737.

Niagara 

The April market kept the breakneck pace set earlier this spring, but with fewer new listings, sales are getting faster as prices continue to climb!

The Niagara Association of REALTORS® (NAR) reports 1,082 residential sales in April, representing an increase of 292% year over year and just one sale more than last month.[21] “The April 2020 to April 2021 comparison emphasizes the negative impact Ontario’s first COVID lockdown had,” notes NAR President Terri McCallum, “but [it] also shines a light on the market’s dramatic recovery and the desirability of Niagara Region as a place to call home.”

As strong sales continued in April, new listings totalled 1,329 – 124% above last year’s devastated numbers but 10% below last March. This brought the sales-to-new-listings ratio up from 73% last month to a stunning 81% (meaning that for every 100 new listings in April, 81 homes sold). No surprise, then, that the average days on market fell from 16 days in March to only 15.

Ongoing supply challenges and strong buyer demand continues to put upward pressure on prices: across the region, the benchmark residential price came in at $643,200, up 40% year over year and 4% month over month.

The Niagara region comprises several cities with varying activity and benchmark prices. In St. Catharines, the benchmark price rose 44% year over year and 2% month over month to $613,800; in Niagara Falls, it rose 39% from last April and 2% from last month to $578,900; in Welland, it was up 44% year over year and 5% month over month to $528,200, while in Fort Erie, it rose 39% and 7% over the same periods to $509,300.

Kitchener-Waterloo

April was a busy month for Kitchener-Waterloo buyers, who nearly broke the record for highest April sales! And with prices still well above last year’s levels, it’s a great time to sell.

The Kitchener-Waterloo Association of REALTORS® (KWAR) reports 843 residential sales in April,[22] representing an increase of 263% year over year and a decrease of 16% month over month.[23]

KWAR President Nicole Pohl acknowledges that comparisons to April 2020 are problematic owing to the first-wave lockdowns; however, she calls this month’s sales “exceptional” in light of the fact that “the previous ten-year average number of residential sales for April was 618.”

Like sales, the number of new listings slowed from March, dropping 19% to 1,098. Nevertheless, new listings were still 17% above the ten-year average for April. With the slight deceleration of activity in the market, inventory is holding relatively stable: active listings (i.e., available homes) at month-end saw a 6% increase over March at 458, average days on market came in at nine – up from eight last month – and months of inventory remained unchanged at 0.7 (months of inventory measure how long it would take to sell all available homes at the current rate of sales).

With sales pressure easing, accelerated price gains are slowing. “We are starting to see home prices calm down in March and April compared to what was happening in January and February,” says Pohl.

For detached homes in the region, the benchmark price increased 40% year over year and decreased 1% month over month to $809,000; for condos, it rose 31% from last year and 4% from last month to $374,100, while for townhomes, it rose 47% and 7% over the same periods to $591,300. For all home types, the benchmark price went up 40% from a year ago and 1% from last month to $742,800.

Guelph

The Guelph market continued to set records for sales this April. Despite a boost to new listings, low inventory levels are pushing prices higher!

The Guelph and District Association of REALTORS® (GDAR) reports 585 residential sales in April,[24] representing an increase of 240% year over year and a decrease of 20% month over month.[25]

Comparing this April’s sales to April 2020 yields problematic results owing to the first-wave lockdown, but market activity is undoubtedly high. "Home sales continued on a tear in April, reaching the highest level for this month on record and posting the second-highest level of any month in history, just behind March 2021,” notes Sabrina Essery, President of GDAR. In fact, sales rose 30% above the previous five-year average.

Newly listed properties came in at 750 – down 13% from March but 18% above the previous five-year average – which helped ease the sales-to-new-listings ratio back from 84% in March to 78% (meaning that for every 100 homes listed in April, 75 homes sold).

Additional new listings meant that supply levels managed to gain a bit of ground; “this has slowed, but not stopped, the decline in overall supply levels,” says Essery. Indeed, months of inventory – which is a measure of how long it would take to sell all available listings at the current rate of sales – crept up from 0.4 months in March to 0.7, whereas the long-run average for this time of year is 1.7 months. By the close of April, there were 381 active listings (i.e., available homes) on the market, advancing 24% from the month prior but still the lowest total for the month of April in more than thirty years.

Boosted supply meant price increases were modest compared to March, though prices are still well above last year’s. The benchmark price for detached homes rose 31% year over year and 1% month over month to $809,100; for townhouses, it was up 32% year over year and less than half a percent month over month to $574,800; while for condos, it grew 22% and 1% over the same periods to $436,900.

For all home types, the benchmark price saw a gain of 31% compared last April and 1% compared to last month at $778,000.

London

It was another record-breaking month in the London and St. Thomas region as sales topped any April in history![26] Though inventory levels got a much-needed boost, prices are still on the rise.

The London and St. Thomas Association of REALTORS® (LSTAR) reports 1,231 homes sold across the region,[27] representing an increase of 188% year over year and a 5% decrease month over month.[28]

While sales were undoubtedly strong, it should be noted that the year-over-year comparison is skewed by the effects of the first-wave lockdowns on the April 2020 market.

Despite record-breaking numbers, demand eased slightly from March while new listings crept up 1% to 1,554 (an increase of 120% from last April), helping to build overall supply levels. Active listings (i.e., available homes) at month-end came in 21% higher than last month at 701, the average days on market went up by one day to eight, and months of inventory increased from 0.4 months in March to 0.6 (months of inventory measure how long it would take to sell all available homes at the current rate of sales). Though overall supply is still much lower than year-ago levels, rising inventory levels are good news for buyers.

Accordingly, price gains in April were modest, with the average selling price for all home types coming in at $643,835 – an increase of 51% from April 2020 but just 1% from March 2021. Similarly, changes were recorded in all categories: for detached homes, the average selling price increased 56% year over year and 1% month over month to $701,064; for townhouses, it was up 39% year over year and down 2% month over month at $498,651; and for condo apartments, the average price rose 24% and fell 1% over the same periods to $385,455.

Windsor

The Windsor market may have seen supply levels going up in April, but strong buyer demand continued to put upward pressure on prices!

The Windsor-Essex County Association of REALTORS® (WECAR) reports 694 home sales in April, representing an increase of 132% compared to the same month last year.[29] While sales are undoubtedly strong, the year-over-year comparison yields skewed results owing to the first-wave lockdown in April 2020; thus, the month-over-month comparison provides a better indication of current trends. Compared to March of this year, sales are down less than one percent (or six transactions), revealing that buyer demand in the region is still high.

A small boost in newly listed properties allowed supply levels to make a little headway in April, which is good news for buyers. At 943, new listings were up 6% from March (103% above last year), bringing the sales-to-new-listings ratio down slightly from 78% to 74% over the same period – this means that for every 100 homes listed in April, 74 were sold. Active listings (i.e., available homes) also came in 14% ahead of the previous month at 480.[30]

Despite encouraging gains in inventory, prices continued to climb: the average selling price for all home types rose an impressive 61% year over year and 8% month over month to $571,943, likely driven by a larger proportion of homes being sold in the $550,000-$699,000 range than in previous months.

Brantford

The seller’s market in Brantford keeps getting hotter, with sales and new listings at record-breaking highs!

The Brantford Regional Real Estate Association (BRREA) reports 328 residential properties sold in April,[31] representing an increase of 201% year over year and 22% month over month.[32] While the comparison to April 2020 yields skewed results owing to the first-wave lockdown, this month’s total broke the record for the month of April and was the second-highest total for any month in history, leaving no doubt that buyer demand is at an all-time high.

Newly listed properties also broke records: coming in 43% higher than in March and 47% higher than the previous ten-year average at 476, it was the largest number of new listings of any month in history. According to Ray Petro, President of BRREA, the surge in new listings “aided the burgeoning recovery of overall inventory,” such that active listings “were at a level more than twice the recent historic low set only in December 2020.” At the end of April, active listings (i.e., available homes) numbered 227 – up 99% compared to the month prior – bumping the sales-to-new-listings ratio down from a tight 80% in March to 69%.

Despite more supply coming onto the market, prices continued to rise as buyer demand kept pace. In April, the benchmark price for detached homes rose 46% year over year and 4% month over month to $648,800; for townhouses, it was up 42% year over year and 3% month over month at $438,400; and for condos, it grew 3% and 6% over the same periods to $271,100.

For all home types, the benchmark price saw a notable gain of 44% compared to a year ago and 4% compared to last month at $621,000.

Barrie & Simcoe County

The Barrie and Simcoe County real estate market continued its hot streak in April, with record-breaking sales keeping inventory running low and prices running high!

The Barrie & District Association of REALTORS® Inc. (BDAR) reports 737 residential properties sold in Barrie and the surrounding Simcoe County,[33] representing an increase of 282% year over year and a decrease of 17% month over month.[34]

Comparing this April’s sales to April 2020 yields problematic results owing to the first-wave lockdown, but sales are undoubtedly high. Chantal Godard, BDAR President, notes, “MLS® home sales shattered the previous April record by a wide margin and posted the second-highest monthly total ever, eclipsed only by the all-time record set just the month before.” Indeed, sales increased 58% compared to the previous five-year average.

Newly listed properties also broke records in April, coming in at 978 – down 13% from March but 22% above the previous five-year average. It was the highest number of new listings ever added in the month of April, which helped ease the sales-to-new-listings ratio back from 79% in March to 75% (meaning that for every 100 homes listed in April, 75 homes sold).

Additional new listings meant that supply levels managed to gain some ground, offering a ray of hope to buyers. Months of inventory – which is a measure of how long it would take to sell all available listings at the current rate of sales – were nudged up from 0.5 months in March to 0.6 months, and by the close of April, there were 462 active listings (i.e., available homes) on the market, advancing 9% from the month prior.

Godard explains, “although active listings haven't been this low in the month of April in more than 25 years, overall inventory appears to have bottomed out and has already doubled from the recent historic low in January 2021.”

With inventory making small gains, price increases were modest compared to last month but substantial compared to a year ago. Across the region, the benchmark price for detached homes rose 37% year over year and 1% month over month to $756,200, while for townhouses, it was up 41% year over year and 1% month over month to $536,200, and for condos, it grew 29% and 6% over the same periods to $447,800.

For all home types, the benchmark price saw a gain of 37% compared last April and 1% compared to last month at $723,000.

Sarnia-Lambton

April brought record-breaking sales in Sarnia as buyers made quick work on newly listed homes. With inventory still extremely low, the seller’s market continues!

The Sarnia-Lambton Real Estate Board (SLREB) reports 210 residential sales in April,[35] representing an increase of 159% year over year and 16% month over month.[36]

Though comparing this April’s sales to April 2020 yields problematic results, market activity is undoubtedly high. “While the gain of more than 150% from last April is partly attributed to the extreme lows during the first stage of the pandemic, it is also due to the current record strength in activity,” notes Rob Longo, SLREB President. In fact, sales rose 39% above the previous five-year average for April and set a new record for the month.

Buyers welcomed 232 new listings to the market – up 15% month over month and the largest number added in the month of April in over five years. But with sales growing at a slightly faster rate, the sales-to-new-listings ratio climbed from 90% in March to 91% (meaning that for every 100 homes listed in April, 91 homes sold).

As a result, supply levels are still extremely low: months of inventory remained unchanged from March at 0.6 months, standing in stark contrast to the long-run average of 2.4 months for this time of year (months of inventory is a measure of how long it would take to sell all available listings at the current rate of sales). Similarly, active listings (i.e., available homes) at month’s end came to only 128 – up 14% from last month but 42% below the five-year average. Active listings are the lowest they’ve been in the month of April in more than three decades.

With the market operating at a similar pace to March – albeit at a higher volume – the average selling price for all home types fell 1% from last month but leapt 37% compared to last year at $486,927.

Grey County

The seller’s market got even hotter in April as an influx of new listings led to record-breaking sales! With inventory levels still falling, prices continue their march upward.

The REALTORS® Association of Grey Bruce Owen Sound (RAGBOS) reports 392 homes sold in the region,[37] representing an increase of 209% year over year and 16% month over month.[38] While the comparison to April 2020 yields skewed results owing to the first-wave lockdown, this month’s sales came in 31% above the previous five-year average for April and broke the record for the month, leaving no doubt that buyer demand is at an all-time high.

Making strong sales possible were 476 newly listed properties – a gain of 10% over last April and 17% over the previous five-year average. But with the sales-to-new-listings ratio climbing from 78% in March to 82% (meaning that for every 100 homes listed in April, 82 sold), supply levels remain exceptionally low. By month’s end, there were just 406 active listings (i.e., available homes) on the market, and while that’s 10% more than at the end of March, it’s the lowest number for the month of April in more than thirty years.

As sales nearly kept pace with new listings, the median days on market remained unchanged from March at 11 days. Meanwhile, months of inventory came in at one month, down from 1.1 months in March and well below the long-run average of 5.9 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.

Of course, with low supply and high demand come rising prices. In April, the benchmark price for detached homes rose 39% year over year and 6% month over month to $459,000; for townhouses, it was up 11% year over year and 6% month over month to $368,700; and for condos, it grew 19% and 3% over the same periods to $272,100.

For all home types, the benchmark price saw a gain of 38% compared to a year ago and 6% compared to last month at $455,700.

Peterborough and the Kawarthas

The seller’s market continued in Peterborough and the Kawarthas with the second-best April sales on record. Despite small gains in supply, competition among buyers remains fierce!

The Peterborough and the Kawarthas Association of REALTORS® Inc. (PKAR) reports 335 residential sales in April,[39] representing an increase of 319% year over year and 7% month over month.[40]

Though comparing this April’s sales to April 2020 yields skewed results, a longer-range view is more indicative of the strength in the market: sales came in 55% above the five-year average and were the second-highest on record for the month of April.

New listings came in at 461, which was an increase of 12% month over month and the largest number added in the month of April in over five years. The much-needed supply helped ease the sales-to-new-listings ratio down from 76% in March to 73% (meaning that for every 100 homes listed in April, 73 homes sold).

Additional new listings meant that supply levels managed to gain some ground, offering a ray of hope to buyers. Months of inventory – which is a measure of how long it would take to sell all available listings at the current rate of sales – were nudged up from 0.6 months in March to 0.8 months, but were still well below the long-run average of 3.2 for the time of year. By the close of April, there were 264 active listings (i.e., available homes) on the market – up 36% from the month prior but the lowest they’ve been in the month of April in more than three decades.

“Overall inventories have bottomed out and have stopped falling for the time being, although competition for an already low supply of available listings continues to drive very strong price growth,” notes Jon Maxwell, PKAR  President.

With more options on the market for buyers in April, the average selling price for all home types fell 8% from last month but leapt 32% compared to last year at $681,995.

Huron and Perth Counties

The real estate market in Huron and Perth Counties continued on a hot streak in April, with near-record-breaking sales keeping inventory low and prices high!

The Huron Perth Association of REALTORS® (HPAR) reports 232 residential home sales in April,[41] representing an increase of 197% year over year and a decrease of 7% month over month.[42]

Comparing this April’s sales to April 2020 yields skewed results owing to low numbers in the first-wave lockdown, but according to Kathy Dawson, HPAR President, “sales posted one of the highest April levels in history, coming second only to the even stronger activity from April 2017.” In fact, sales were 22% higher than the previous five-year average for the month.

Newly listed properties increased 2% (or five listings) compared to March at 296, which was 20% above the previous five-year average. Combined with easing sales, this helped bump the sales-to-new-listings ratio down from 85% in March to 78% (meaning that for every 100 homes listed in April, 78 homes sold).

Additional new listings meant that supply levels managed to gain some ground compared to the month prior, offering a bit of hope to frustrated buyers. Months of inventory – which is a measure of how long it would take to sell all available listings at the current rate of sales – were nudged up from 0.6 months in March to 0.7, but were still far below the long-run average of 4.3 months for this time of year. By the close of April, active listings (i.e., available homes) were up 24% month over month at 171, the lowest April number in more than three decades.

With inventory making small gains, price growth was moderate compared to March. Across the region, the benchmark price for detached homes rose 40% year over year and 5% month over month to $506,700, while apartments/condos, it grew 15% and 2% over the same periods to $478,900.

For all home types, the benchmark price grew 39% from last April and 5% from last month to $505,800.

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. 

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 April 2021 Market Report, retrieved May 12, 2021
[2] Ontario April 2021 State of the Market Report
[3] TRREB April 2021 Market Report
[4] TRREB April 2020 Market Report
[5] TRREB March 2021 Market Report
[6] TRREB April 2021 Market Report
[7] TRREB April 2020 Market Report
[8] TRREB March 2021 Market Report
[9] TRREB April 2021 Market Report
[10] TRREB April 2020 Market Report
[11] TRREB April 2021 Market Report
[12] TRREB April 2020 Market Report
[13] TRREB March 2021 Market Report
[14] TRREB April 2021 Market Report
[15] TRREB April 2020 Market Report
[16] TRREB March 2021 Market Report
[17] OREB April 2021 Market Report
[18] OREB March 2021 Market Report
[19] RAHB April 2021 Market Report
[20] RAHB March 2021 Market Report
[21] NAR April 2021 Market Report
[22] KWAR April 2021 Market Report
[23] KWAR March 2021 Market Report
[24] CREA: GDAR April 2021 Market Report, retrieved May 11, 2021
[25] GDAR March 2021 Report
[26] LSTAR April 2021 Market Update
[27] LSTAR April 2021 Market Report
[28] LSTAR March 2021 Market Report
[29] WECAR April 2021 Market Report
[30] WECAR April 2020 Market Report
[31] CREA: BRREA April 2021 Market Report, retrieved May 9, 2021
[32] BRREA March 2021 Report
[33] CREA: BDAR April 2021 Market Report, retrieved May 10, 2021
[34] BDAR March 2021 Report
[35] CREA: SLREB April 2021 Market Report, retrieved May 11, 2021
[36] SLREB April 2021 Report
[37] RAGBOS May 7 Press Release: April 2021 & RAGBOS April 2021 Media Report
[38] RAGBOS March 2021 Market Report
[39] CREA: PKAR April 2021 Market Report, retrieved May 11, 2021
[40] PKAR April 2021 Report
[41] CREA: HPAR April 2021 Market Report, retrieved May 11, 2021
[42] HPAR March 2021 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.