Monthly Market Update: June 2022/2021

Inflation coupled with rising interest rates has brought on a shift in the Real Estate market in June 2022, and this is very apparent comparing current conditions to those in June 2021. Home prices have softened in areas North of the GTA but are holding steady in other regions. With many markets seeing an increase in inventory, but home sales decreasing, it is apparent that buyers have more choice, and the shift toward a more balanced market is actualized. Sellers are seeing their homes staying on the market longer overall than this time last year and will need to ensure that their home is marketed expertly if they are hoping to sell their home faster and for more value.

Barrie & Area

Despite 36.5% more listings coming available in 2022, Barrie and the surrounding area saw 44.6% fewer homes sold compared to June 2021. Home prices are holding steady at $861k, which is a 3.7% increase compared to this time last year. Homes are staying on the market longer in 2022, with homes selling firm in 29 days on average.

Orillia & Area

Like several areas across the GTA, Orillia and the surrounding area have seen a healthy increase in new listings compared to June 2021, with the amount of inventory increasing by 26.6%. Home sales are down, compared to this time last year, with 90 homes sold in the area. This is a 47.1% decrease from June 2021, which saw 170 home sales in Orillia and surrounding areas. Sellers are still seeing gains on their home value, with the average sale price 8.7% higher than June 2021, selling at around $875k.

Midland & Area

Compared to June 2021, Midland and the surrounding area saw an increase in New Listings by 9.3% with 235 new listings coming available this June. Home sales are down compared to this time last year, with Midland seeing 41.4% fewer home sales in June 2022. Prices are beginning to soften in Midland, with the average sale price reaching $682k. This is a 10.0% decrease from the average sale price in June 2021. Homes are staying on the market 10 days longer in June 2022, with homes selling firm in 26 days on average, compared to just 16 days in June 2021.

Collingwood & Area

More inventory available in June 2022 in Collingwood and the surrounding area is giving buyers more choices when it comes to home sales. Listings have increased by 13.1% in Collingwood, with 388 new homes hitting the market. Home sales were down by nearly half compared to June 2021, with 124 home sales in Collingwood and the surrounding area. Despite this, sellers are still seeing gains on the sale of their homes, as average sale prices are up 14.8% compared to June 2021, with the average sale price at around $194k. Homes are taking approximately 11 days longer to sell in the Collingwood area, with homes selling firm in an average of 31 days.

Alliston & Area

Despite a sizeable 20% increase in inventory compared to June 2021, Alliston and the surrounding area saw home sales decreasing by 46.7%. The average sale price has remained similar to June 2021 with prices increasing by 0.2%, keeping home prices at an average of $1M. Homes are remaining on the market a few extra days compared to this time last year, with homes selling firm at an average of 20 days.

Huntsville

Unlike many areas in Southern Ontario, Huntsville saw a decrease in new listings compared to June 2021, with 80 new listings hitting the market. Home sales are down as well compared to this time last year, with 30 home sales in Huntsville. As a result, prices are beginning to soften in Huntsville by 10.8%, compared to June 2021, with the average sale price at $678k. Homes are staying on the market 32 days longer in Huntsville, with homes selling firm in 60 days on average.

Newmarket

Newmarket saw a minor decrease in inventory in June 2022, with 195 homes hitting the market. This is 13.7% less inventory than in June 2021. Sellers are still seeing price gains year-over-year in Newmarket, with the average sale price up to $1.1M. This is up 5.2% compared to this time last year. Like many areas in Southern Ontario, home sales have decreased significantly in Newmarket, by 48.6% compared to June 2021. Homes are selling firm in 15 days on average, which is only 3 days slower than June 2021.

Vaughan

A 5% dip in inventory in June 2022 for Vaughan, but a 50.4%decrease in home sales compared to June 2021. Sellers are still seeing 3.4% gains on home sale prices with the average sale price at $1.3M. Homes are staying on the market a little longer with homes selling in 16 days on average. This is 2 days slower than what we saw in Vaughan for June 2021.

Toronto

The city of Toronto saw a 4.8% decrease in New Listings in June 2022. Like much of Southern Ontario, June saw fewer home sales for Toronto with a 38.6% decrease from this time last year. Prices are holding steady in Toronto with sellers seeing gains at 6% with the average sale price at $1.2M. Homes in Toronto are selling firm 2 days slower than June 2021, at an average of 16 days.

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