Ontario Housing Market Report
- Greater Toronto Area's average home price increasedby 2.2% year-over-year to$1,106,050.
- City of Toronto's average home price increasedby 2.8% year-over-year to$1,080,167.
- Ottawa's average home price increasedby 5.4% year-over-year to$667,098.
- Mississauga's average home price remained the same year-over-year, at $994,634.
- Brampton's average home price increasedby 1.4% year-over-year to$1,016,260.
- Hamilton's average home price increasedby 4.2% year-over-year to$787,348.
- December 22, 2024 Update: Today’s Lowest mortgage rate in Ontario is 4.09% for 5-Year Fixed.
Average Home Prices in Ontario for November 2024
Historical Average Home Prices in Ontario
Ontario Housing Market as of November 2024
Inventory continues to build in Ontario’s housing market as the province experiences one of the busiest Novembers in years, fueled by consecutive Bank of Canada rate cuts.
The average Ontario home price for the month of November 2024 was $868,067, down 1.2% from last month’s price of $878,620 in October 2024, yet this is a 4.7% increase year-over-year from November 2023's average home price of $829,315.
Ontario’s benchmark home price of $851,400 is up 0.1% monthly and down 0.9% yearly. That’s the first time that Ontario’s benchmark home price has increased on a monthly basis since April 2024. There were 13,763 home sales in Ontario during November 2024, a 31% year-over-year increase. That’s the second largest year-over-year percentage increase among the provinces this month, beaten only by Quebec, where sales are up 41% annually. Home sales in many provinces are up annually off the back of consecutive Bank of Canada rate cuts, although they have moderated over the past month.
There was an upswing in active residential listings in Ontario, which increased by 19% year-over-year to 56,384 listings on the market at the end of November 2024 – the highest number of active listings in over a decade for the month of November. Meanwhile, there were 24,838 new residential listings, an increase of 1.9% from November 2023. That’s the largest number of new listings for the month of November since 2017.
The sales-to-new-listings ratio (SNLR) in November 2024 was recorded at 55%. This ratio represents a balanced market, which is defined as an SNLR of between 40% to 60%. The SNLR of many of Ontario’s major cities increased this month, with some markets, namely Ottawa and Kitchener-Waterloo, moving from a balanced market in October 2024 to a seller’s market in November 2024.
Ontario: Seller’s or Buyer’s Markets?
| City | November 2024 Sales-to-New-Listings Ratio (SNLR) | October 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Toronto | 51% | 43% | Balanced Market | |
| Mississauga | 42% | 45% | Balanced Market | |
| Brampton | 44% | 42% | Balanced Market | |
| Oshawa | 57% | 49% | Balanced Market | |
| Hamilton | 54% | 45% | Balanced Market | |
| Ottawa | 78% | 56% | Seller's Market | |
| London | 56% | 48% | Balanced Market | |
| Kitchener-Waterloo Region | 61% | 53% | Seller's Market | |
| Ontario | 55% | 48% | Balanced Market |
Regional Insights
Greater Toronto Area (GTA)
The GTA is Ontario's most dynamic and expensive real estate market. The average home price in the GTA in November 2024 was $1,106,050, up 2.2% year-over-year and down 2.6% monthly. The City of Toronto’s average home price is $1,080,167, up 2.8% year-over-year and down 7.3% monthly. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga average home prices up just 0.1% year-over-year to $994,634. On a monthly basis, Mississauga home prices are down 8.1% compared to October 2024. In comparison, the average Brampton home price is up 1.4% year-over-year to $1,016,260, down 0.3% monthly. Over in Oshawa’s housing market, average home prices are up 1.3% year-over-year to $765,674.
Ottawa
Ottawa's housing market had an average home price of $667,098, up 5.4% year-over-year. Ottawa’s benchmark home price has also increased year-over-year, up 1.5% to $636,700. 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 $787,348, up 4.2% year-over-year. Niagara North had an average home price of $700,162, down 12.1% year over year, while Burlington saw prices increase 6.6% year-over-year to $1,096,136. 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, although home price growth is slowing. The average home price in the Kitchener-Waterloo Region is now $754,604, down 0.4% year-over-year. In London’s housing market, the average home price is $640,198, up 5.7% year-over-year. These regions are attractive for both first-time buyers and investors.
Key Points
As of November 2024, the Ontario housing market is seeing inventory levels rise, with some noteworthy trends that are shaping the landscape:
Price Trends
According to the latest Ontario housing market data for November 2024, the average home price in Ontario is now $868,067, reflecting a 4.7% year-over-year increase. Ontario and BC are the most expensive provinces in Canada to buy a house. These provinces see the smallest year-over-year price gain in Canada’s housing market in November 2024. BC’s average home price is up 1.7% year-over-year, while Ontario’s 4.7% increase is the second smallest annual change among provinces this month. Average home prices in other provinces are up annually quite significantly. This stagnation is because Ontario home prices have risen by nearly 100% over the past ten 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 November 2024, inventory levels have increased significantly, providing more options for buyers as inventory reaches over a decade high for the month of November. The increase in inventory can be attributed to a combination of new housing developments and existing real estate investors who have been waiting on the sidelines, now looking to unload their properties on the market. While sales activity is also up significantly year-over-year, it still remains 12% below the 10-year average for the month of November.
Interest Rates
Interest rates continue to play a significant role in the Ontario housing market. The Bank of Canada maintained a steady policy interest rate between mid-2023 and June 2024 after significantly hiking rates, which weighed on the market. However, interest rate cuts in June, July, September, and October 2024, as well as another jumbo 0.50% cut in December 2024 and possibles future rate cuts in the coming months, may help to improve market conditions in Ontario’s housing market in the coming months.
Housing Markets of Major Cities in Ontario
| City | Average Home Prices (November 2024) | Population (2021) |
|---|---|---|
| Toronto | $1,080,167 2.8% vs. 2023 | 2,794,356 2.3% vs. 2016 |
| Ottawa | $667,098 5.4% vs. 2023 | 1,017,449 8.9% vs. 2016 |
| Hamilton | $787,348 4.2% vs. 2023 | 569,353 6.0% vs. 2016 |
| Mississauga | $994,634 0.1% vs. 2023 | 717,961 -0.5% vs. 2016 |
| Brampton | $1,016,260 1.4% 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
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