Ontario Housing Market Report
- Ontario’s benchmark home price was $885,100, down4.3% year-over-year.
- Average home prices in Ontario decreasedby 2.3% year-over-year to reach $884,761
- Greater Toronto Area's average home price decreasedby 1.7% year-over-year to$1,162,167.
- City of Toronto's average home price increasedby 1.9% year-over-year to$1,173,781.
- Ottawa's average home price increasedby 2.4% year-over-year to$686,535.
- Mississauga's average home price decreasedby 0.8% year-over-year to$1,103,727.
- Brampton's average home price decreasedby 9.3% year-over-year to$1,009,802.
- Hamilton's average home price remained the same year-over-year, at $831,190.
- July 27, 2024 Update: Today’s Lowest mortgage rate in Ontario is 4.49% for 5-Year Fixed.
Average Home Prices in Ontario for June 2024
Historical Average Home Prices in Ontario
Note: Data sourced from the Canadian Real Estate Association (CREA), the London and St. Thomas Association of REALTORS®, and other regional or local realtor boards.
Ontario Housing Market as of June 2024
Rising inventory and slowing sales are the hallmarks of Ontario’s housing market in June 2024 as active home listings reach its highest level for the month of June since 2015. The average Ontario home price for the month of June 2024 was $884,761, down 0.7% from last month’s price of $890,634 in May 2024. This marks a 2.3% decrease year-over-year from June 2023's average home price of $905,384. Ontario’s benchmark home price of $885,100 is also down 0.6% monthly and 4.3% yearly. There were 16,060 home sales in Ontario during June 2024, a 15.1% year-over-year decrease.
There was quite a strong upswing in active residential listings in Ontario, which increased by 52% year-over-year to 61,524 listings by the end of June 2024 – the highest number of active listings in nine years for the month of June since 2015. Meanwhile, there were 39,164 new residential listings, an increase of 5.1% from June 2023.
The sales-to-new-listings ratio (SNLR) in June 2024 was recorded at 41%. This ratio represents a balanced market with an SNLR of between 40% and 60% and indicates a balanced buyer demand compared to seller supply in the housing market.
Ontario: Seller’s or Buyer’s Markets?
| City | June 2024 Sales-to-New-Listings Ratio | May 2024 Sales-to-New-Listings Ratio | Change | Market Type |
|---|---|---|---|---|
| Toronto | 35% | 38% | Buyer's Market | |
| Mississauga | 35% | 38% | Buyer's Market | |
| Brampton | 34% | 34% | - | Buyer's Market |
| Oshawa | 37% | 43% | Buyer's Market | |
| Hamilton | 39% | 45% | Buyer's Market | |
| Ottawa | 58% | 51% | Balanced Market | |
| London | 45% | 50% | Balanced Market | |
| Kitchener-Waterloo Region | 47% | 45% | Balanced Market | |
| Ontario | 41% | 41% | - | Balanced Market |
Regional Insights
Ontario is a diverse province with varying real estate trends across different regions. Here’s a closer look at some key areas:
Greater Toronto Area (GTA)
The GTA remains one of Ontario's most dynamic and expensive real estate markets. The average home price in the GTA in June 2024 was $1,162,167, and the City of Toronto’s average home price at $1,173,781. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga home prices down 0.8% year-over-year to $1,103,727. In comparison, Brampton home prices are down a more significant 9.3% year-over-year to $1,009,802. Over in Oshawa’s housing market, average home prices are down 3.7% year-over-year to $822,846.
Ottawa
Ottawa's housing market continues to tread above water, with the average home price reaching $686,535, up 2.4% year-over-year. While the average Ottawa home price is below $700,000, it’s still up year-over-year, which isn’t the case in the Greater Toronto Area. Ottawa’s robust job market, particularly in the public sector, and high quality of life make it an attractive destination for Ontario homebuyers.
Hamilton and Niagara
The average home price in Hamilton is now $831,190, unchanged year-over-year. Niagara Region trails behind with a benchmark home price of $651,800, down 2.5% year over year. These regions are popular among young families and retirees looking for a balance between urban amenities and a quieter lifestyle.
Kitchener-Waterloo and London
Kitchener-Waterloo and London have seen significant growth in the past few years, with their tech sectors attracting young professionals. The average home price in the Kitchener-Waterloo Region is now $790,945, down 5.8% year-over-year. In London’s housing market, the average home price is $671,309, down 0.7% year-over-year. These regions are attractive for both first-time buyers and investors.
Key Points
As of June 2024, the Ontario housing market is showing signs of cooling off, with some noteworthy trends that are shaping the landscape:
Price Trends
According to the latest Ontario housing market data, the average home price in Ontario is now $884,761, reflecting a year-over-year decrease of 2.3%. This makes Ontario and PEI the only provinces in Canada’s housing market to experience a year-over-year decline in average prices in June 2024. Average home prices in all other provinces are still up yearly. This stagnation is because Ontario home prices have risen by close to 100% over the past 10 years and are now out of reach for many Ontario wage earners.
Inventory Levels
One of the critical factors influencing the Ontario housing market is the level of available inventory. As of June 2024, inventory levels have increased significantly, providing more options for buyers. The increase in inventory can be attributed to a combination of new housing developments and existing homeowners who have been waiting on the sidelines, now looking to unload their properties on the market. This can be seen through the decrease in the sales-to-new-listings ratio (SNLR) in many of Ontario's major cities this month compared to last month, as new listings surge.
Interest Rates
Interest rates continue to play a significant role in the Ontario housing market. The Bank of Canada has maintained a steady interest rate since mid-2023 after significantly hiking rates, which had weighed on the market. However, an interest rate cut in June 2024 and the possibility of future rate cuts this year may help to improve market conditions in the coming months.
Housing Markets of Major Cities in Ontario
| City | Average Home Prices (June 2024) | Population (2021) |
|---|---|---|
| Toronto | $1,173,781 1.9% vs. 2023 | 2,794,356 2.3% vs. 2016 |
| Ottawa | $686,535 2.4% vs. 2023 | 1,017,449 8.9% vs. 2016 |
| Hamilton | $831,190 -0.0% vs. 2023 | 569,353 6.0% vs. 2016 |
| Mississauga | $1,103,727 -0.8% vs. 2023 | 717,961 -0.5% vs. 2016 |
| Brampton | $1,009,802 -9.3% vs. 2023 | 656,480 10.6% vs. 2016 |
Ontario’s Housing Market Forecast: Things to Watch
| Negative Impact | Positive Impact |
|---|---|
| Higher Interest Rates | Higher Immigration Levels |
| Government Policies: | Housing Inventory Shortage |
| Mortgage Stress Test Changes | Stronger Economic Recovery |
| Vacancy Tax and Foreign Speculation Tax | |
| Foreign Buyer’s Ban | |
| Zoning and Increased Supply of Housing | |
| Rent Control |
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.