Ontario Housing Market Report

Average Home Prices in Ontario for May 2025

Historical Average Home Prices in Ontario

View Home Listings in Ontario

Powered by

View Home Listings in Ontario

Powered by

The average home price in the GTA in May 2025 was $1,120,879, down 3.8% year-over-year and up 1.2% monthly. The City of Toronto’s average home price is $1,155,616, down 3.2% year-over-year.

Suburban areas such as Mississauga and Brampton are experiencing larger year-over-year price declines, with Mississauga average home prices down 5.0% year-over-year to $1,040,979. On a monthly basis, Mississauga home prices are up 4.7% compared to April 2025. Similarly, the average Brampton home price is down 5.1% year-over-year to $951,337, and up 0.7% monthly. However, over in Oshawa’s housing market, average home prices are down 3.8% year-over-year and down 1.9% month-over-month to $781,748.

Vaughan home prices are down 0.8% year-over-year to $1,323,877, Markham home prices are down 1.0% year-over-year to $1,279,253, and Richmond Hill home prices are down 2.0% year-over-year to $1,478,294.

Ottawa's housing market had an average home price of $728,623, up 5.5% year-over-year and 3% month-over-month. It’s the highest it has been in over 3 years, since it dipped below $740,000 in April 2022. Ottawa’s benchmark home price has also increased year-over-year, up 0.8% to $629,800. Ottawa’s robust job market, particularly in the public sector, and high quality of life make it an attractive destination for Ontario homebuyers.

The average home price in Hamilton is $777,786, down 4.8% year-over-year. Meanwhile, Hamilton-Burlington’s benchmark price of $783,100 is down 9.8% year-over-year to an over four-year low. The last time the region’s benchmark price was this low was in January 2021.

Niagara North had an average home price of $812,556, down 9.2% year over year, while Burlington saw prices decrease 2.6% year-over-year to $1,134,994. These regions are popular among young families and retirees looking for a balance between urban amenities and a quieter lifestyle.

Kitchener-Waterloo and London have seen significant growth in the past few years, with their tech sectors attracting young professionals, although home price growth is slowing. The average home price in the Kitchener-Waterloo Region is now $789,154, down 3.6% year-over-year. In London’s housing market, the average home price is $656,432, down 0.6% year-over-year. These regions are attractive for both first-time buyers and investors.

Central Ontario is the most expensive region in Ontario, with an average home price of $1,134,399, though it is down 3.9% year-over-year. This region, anchored by Toronto, continues to face severe affordability challenges, even as prices have softened further since it hit a peak in 2022.

Southern Ontario, which includes Hamilton, shows a more moderate decline of 2.7%, with average prices settling at $787,012. This area has long been a popular alternative for those priced out of Toronto.

Northeastern Ontario is almost even, down 0.1% year-over-year, bringing the average home price to $803,036. In contrast, Eastern Ontario, which includes Ottawa, is showing some resilience as prices have instead increased 4.3% to $664,748, up from $646,652 in April 2025. Ottawa’s large public sector presence continues to offer some price stability despite broader provincial softness.

Western Ontario, which includes London, has experienced a modest decline of 2.4%, with average prices at $594,600. Western Ontario is the only region in the province to see a monthly decline in its average home price compared to April 2025. This region has historically provided relatively strong value compared to the Greater Toronto Area. Meanwhile, Northern Ontario remains the most affordable region, with prices averaging $435,246 after a 6.4% increase, reflecting relative price stability in markets like Sudbury compared to the GTA.

The defining feature of Ontario's current housing market is the extraordinary level of available inventory. At the end of May 2025, active listings reached approximately 76,068 units - the highest May level in over a decade and 50% above the 10-year average for May.

The 4.4 months of inventory in May 2025 are up significantly from the level seen in May 2024 (3.4 months) and well above the long-run average of 2.4 months for the month of May. In comparison, the months of inventory in May 2016 and May 2017 were less than half of the current 4.4 months of inventory in May 2025. This inventory surge is occurring as new listings for the month of May reached their highest level since 2017.

May 2025 sales were 23.5% below the 10-year average, yet showed one of the largest month-over-month increases (+21%) of any province this month. Ontario home sales are still down 6.7% year-over-year.

Despite multiple interest rate cuts from the Bank of Canada between June 2024 and March 2025, Ontario's market has failed to respond positively, unlike many other provinces. Many of Ontario’s major cities, particularly around the GTHA, are in buyer's market territory, while many other provinces are in seller's markets with ratios above 60%. Unaffordability and economic uncertainty, particularly related to tariff concerns, appear to weigh heavily on buyer confidence in Ontario's markets.