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Ontario Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for January 2024
Updated February 22nd, 2024
  • Ontario’s benchmark home price was $849,000,
    down
    0.4% year-over-year.
  • Average home prices in Ontario
    increased
    by 3% year-over-year to reach
    $821,624
  • Greater Toronto Area's average home price
    decreased
    by 1% year-over-year to
    $1,026,703
    .
  • City of Toronto's average home price
    decreased
    by 3% year-over-year to
    $959,915
    .
  • Ottawa's average home price
    increased
    by 3% year-over-year to
    $631,722
    .
  • Mississauga's average home price
    increased
    by 14% year-over-year to
    $1,048,658
    .
  • Brampton's average home price
    decreased
    by 2% year-over-year to
    $982,514
    .
  • Hamilton's average home price
    increased
    by 6% year-over-year to
    $794,982
    .
  • March 19, 2024 Update: Today’s Lowest mortgage rates in Ontario is 4.94% for 5-Year Fixed

Average Home Prices in Ontario for January 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.

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Ontario Housing Market as of January 2024

The average home price in Ontario’s housing market slumped to its lowest level over the past year, in January 2024 after decreasing 4% in one month to $821,624 in January 2024, while the benchmark home price was $849,000. However, Ontario’s average home price is still 3% higher than January 2023's average home price of $798,468, which at that time was the lowest since January 2021. Looking at another measure of prices, the benchmark home price for a "typical" home in Ontario was $849,000, down 0.4% from last year and the lowest that Ontario’s benchmark home price has ever been since August 2021. That’s a 29-month low.

Nationally, Canada's housing market is instead seeing an upward tick in prices as the national average price experienced an increase of 8% year-over-year, at $659,395 in January 2024, which is also a 0.3% monthly increase. That’s far removed from Ontario’s pronounced 4% monthly price decrease compared to December 2023.

There was quite a positive upswing in active residential listings in Ontario, which increased by 14% from January 2023 to 29,825 – the highest number of active listings in five years for January. Meanwhile, there were 19,363 new residential listings, an increase of 7.5% from January 2023 and the highest number of new listings for January in five years.

The sales-to-new-listings ratio (SNLR) in January 2024 was recorded at 49%. This ratio represents a balanced market, which has an SNLR of between 40% and 60%, and indicates that there is balanced buyer demand compared to seller supply in the housing market. While there is a steep drop from December 2023’s SNLR of 86%, December is usually a slow month for new listings.

wahi map

Ontario: Seller’s or Buyer’s Markets?

CityJanuary 2024 Sales-to-New-Listings RatioDecember 2023 Sales-to-New-Listings RatioChangeMarket Type
Toronto51%89%Balanced Market
Mississauga56%80%Balanced Market
Brampton62%84%Seller's Market
Oshawa77%99%Seller's Market
Hamilton57%96%Balanced Market
Ottawa49%108%Balanced Market
London50%87%Balanced Market
Kitchener-Waterloo Region52%99%Balanced Market
Ontario49%86%Balanced Market

Looking at Ontario’s major urban housing markets in terms of annual price changes for January 2024, many cities are still seeing higher home prices compared to last year. The exceptions are Kitchener and Brampton, with Kitchener-Waterloo’s housing market seeing prices 0.2% lower compared to the same month last year, while Brampton home prices are down 2% year-over-year.

Many urban housing markets in Ontario are still seeing year-over-year increases in average home prices, such as Mississauga (+14%), Hamilton (+6%), and Ottawa (+3%). In London, home prices are up 3.5% year-over-year. The City of Toronto has seen prices decrease 3% year-over-year.

Overall, the Ontario housing market continues to experience a mix of trends and varying levels of activity, with some regions seeing modest growth while others are experiencing declines.

Housing Markets of Major Cities in Ontario

CityAverage Home Prices
(January 2024)
Population
(2021)
Toronto
$959,915
-2.8% vs. 2023
2,794,356
2.3% vs. 2016
Ottawa
$631,722
3.1% vs. 2023
1,017,449
8.9% vs. 2016
Hamilton
$794,982
5.9% vs. 2023
569,353
6.0% vs. 2016
Mississauga
$1,048,658
13.9% vs. 2023
717,961
-0.5% vs. 2016
Brampton
$982,514
-1.9% vs. 2023
656,480
10.6% vs. 2016
Best 5-Year Fixed Mortgage Rates in ON
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Greater Toronto Area (GTA) Real Estate Report
Toronto Real Estate Report
Ottawa Real Estate Report
Oshawa Real Estate Report
Kitchener-Waterloo-Cambridge Real Estate Report
Hamilton Real Estate Report
Mississauga Real Estate Report
Brampton Real Estate Report
London Real Estate Report

Ontario’s Housing Market Forecast: Things to Watch

Negative ImpactPositive Impact
Higher Interest RatesHigher Immigration Levels
Government Policies:Housing Inventory Shortage
Mortgage Stress Test ChangesStronger Economic Recovery
Vacancy Tax and Foreign Speculation Tax
Foreign Buyer’s Ban
Zoning and Increased Supply of Housing
Rent Control

A look at house price forecasts by Canada’s major banks gives us a look at what they predict Ontario house prices will be in 2023 and 2024.

RBC predicts that Ontario home prices will decrease 13.7% in 2023, and increase 2.9% in 2024. RBC also forecasts that home sales in Ontario will decrease by 13.9% in 2023 and increase by 34.1% in 2024.

TD predicts that Ontario average home prices will fall by 13.3% in 2023 before rising a modest 0.8% in 2024. For Ontario home sales, TD forecasts an 8.1% decrease for 2023 and an 18% increase in 2024.

Ontario Housing Market Forecast 2023 and 2024

Forecast By:2023 Price Growth2024 Price Growth
RBC-13.7%2.9%
TD-13.3%0.8%

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.