Monthly Market Update: October 2021/2022

After a year full of market changes, October 2022 remained relatively consistent with September compared to this time last year. New inventory is up year-over-year in most markets, while home sales are consistently down compared to October 2021. The bigger story in October is looking at the month-over-month comparisons when it comes to the average sale prices, which are holding steady despite fewer sales overall. Seasonality also comes into play in the October Real Estate market, as inventory and sales typically slow down slightly in the fall and winter months. 

New Listings

Compared to 2021, new listings in Ontario are up quite a bit year-over-year for areas north of Newmarket. This is likely due to uncharacteristically low inventory levels this time last year. Newmarket and South continue to remain a much tighter market for inventory, with even fewer new listings when compared year-over-year. Looking at October 2022 versus September 2022, listings have balanced out after a substantial bump in inventory in September. This will likely continue to trend downward month over month with seasonality. As a result, there have also been fewer active listings on the market month over month. 

Homes Sold

The year-over-year sales comparison is undeniably less across the board, with some markets seeing up to 56% fewer home sales compared to October 2021. This is further evidence of a market correction likely due to more conservative buyers. Sales from September 2022 to October 2022 have experienced limited changes. This time of year, seasonality becomes a factor as home sales typically slow down in the fall and winter months. 

Average Sale Price

Since the market is not overloaded with inventory, sale prices remain pretty balanced across the board. Prices have softened compared to 2021, but they have remained reasonably stable month-to-month. This time last year, home prices were higher, but there hasn’t been a sharp decline in the average sale price yet. 

Days To Sell

Across the board, homes in Southern Ontario are spending more time on the market than in previous years. For homes north of Newmarket, homes are staying on the market up to 30 days longer than in 2021, but south of Newmarket, homes are selling only 10 days slower on average. So overall, sellers should be prepared to stay on the market longer than they might have in 2021. 

Regional Breakdown

Barrie and Area

With 500 new listings hitting the market in October, Barrie and the surrounding area saw a 22.5% increase in new inventory compared to October 2021. Home sales continue to trend downward year-over-year, with 28.8% fewer homes sold this October. Despite fewer home sales, the average sale price has remained stable at $784k. Year-over-year prices have softened slightly but are stable month-over-month. Homes are staying on the market much longer in Barrie compared to this time last year, with homes selling firm in 52 days on average, which is up by 35 days compared to October 2021. 

Orillia and Area

New listings are up compared to Orillia and the surrounding area last year. With 200 new listings coming available, this is a 24.2% increase in new inventory year-over-year. Home sales are down by 30.4% despite the new inventory compared to October 2021. Sale prices have also softened slightly compared to last year, with the average sale price in the Orillia area reaching $754k in October. Homes are spending an average of 28 days longer on the market, with homes selling firm in 54 days on average. 

Midland and Area

Compared to last year, listings are up substantially in Midland in the surrounding area. With 148 new listings hitting the market, this is a 46.5% increase in new inventory compared to October 2021. Home sales are down by 22% in the Midland area, but prices remain stable. The average sale price for Midland and the surrounding area was $694k. Homes are also staying on the market longer in the Midland area, with homes selling firm in 64 days on average. This is up by 31 days compared to October 2021. 

Collingwood and Area

Collingwood saw an increase in new listings year-over-year, with 297 homes becoming available in October. This is 23.8% more new inventory compared to October 2021. Home sales are down in Collingwood by 39.7% compared to this time last year, with 120 sales in the Collingwood area. The average sale price in Collingwood and the surrounding area was $849k, and they are selling firm in 71 days on average. This is up by an average of 29 days compared to October 2021 but is consistent with most Southern Ontario. 

Alliston and Area

Alliston and the surrounding area saw a significant increase in new listings compared to October 2021. With 149 new homes coming to the market, this is a 52% increase in new inventory year-over-year. However, sales remain down in Alliston compared to 2021 by 22.5%, with 69 firm sales in October. The average sale price in the Alliston area in October 2022 was $921k, and homes sold firm in an average of 36 days. This is up 16 days compared to October 2021. 

Wasaga Beach 

October 2021 saw an uncharacteristically low number of new inventory, making October 2022’s 97 new listings a notable 90.2% increase year-over-year. Home sales remained down in October compared to this time last year, with a 29.5% decrease in sales. The average sale price in Wasaga Beach in October was $627k. Homes in Wasaga Beach are spending more time on the market, with homes selling firm in 71 days on average, which is 32 days longer than in October 2021. 

Newmarket

Unlike areas further north, Newmarket saw a 9.1% decrease in new listings in October, with 149 new homes coming available. Home sales are down in Newmarket by 44.9% compared to October 2021. The average sale price remains stable in Newmarket at $1.1M, and homes are selling firm in 19 days on average. This is 10 days longer on the market compared to October 2021. 

Vaughan

Like Newmarket, Vaughan also saw fewer listings hit the market in October 2022 than they did last year. With 468 homes coming available, this is a 4.9% decrease year-over-year. Home sales are also down in Vaughan compared to October 2021. With 194 homes sold, this is a 56.3% decrease compared to this time last year. Home prices in Vaughan are holding steady despite the current market conditions, with the average sale price in October reaching $1.2M. Homes are also staying on the market longer in Vaughan, with homes selling firm in 23 days on average. This is just a 7-day increase compared to 2021. 

What Does This Mean For Sellers?

Overall, sellers will require much more patience when it comes to listing their homes for sale, particularly sellers north of Newmarket. With more inventory available in these markets, exceptional marketing is becoming crucial to ensure that their home is showcased in the best way possible and stands out from other homes listed. Sellers should continue to expect their homes to stay on the market longer as well. It’s during these market conditions that working with a team of experts will really make the difference when it comes to making the move to sell in the coming months as the typical seasonal slowdown approaches. 

What Does This Mean For Buyers?

Buyers have yet to see dramatic price drops in homes as the average sale price has held steady month over month. Most areas have seen a small dip year-over-year, but month to month, they remain stable. Getting into the market is more important than ever as interest rates are predicted to rise more over the winter months, so locking in a rate sooner can make a huge difference for buyers. While new inventory levels are up compared to last year, as the season winds down, new listings may decrease, so now is the best time to start the search for your new home. If you are ready to make the move, it’s important to work with a Real Estate team who will go full out for you^® to ensure that you find exactly what you are looking for and receive the Professional Guidance that you need every step of the way. 

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