Ontario Housing Market Report
- Greater Toronto Area's average home price decreasedby 2.2% year-over-year to$1,084,547.
- City of Toronto's average home price increasedby 1.4% year-over-year to$1,087,077.
- Ottawa's average home price increasedby 2.9% year-over-year to$669,945.
- Mississauga's average home price increasedby 4.4% year-over-year to$1,039,951.
- Brampton's average home price decreasedby 5.9% year-over-year to$972,185.
- Hamilton's average home price decreasedby 1.7% year-over-year to$764,838.
- April 15, 2025 Update: Today’s Lowest mortgage rate in Ontario is 3.79% for 3-Year Fixed.
Average Home Prices in Ontario for February 2025
Historical Average Home Prices in Ontario
Ontario Housing Market as of February 2025
Inventory has reached unprecedented levels in Ontario's housing market, with active listings in February 2025 climbing to 49,284 units, a staggering 39% increase from February 2024. This represents the highest February inventory in over a decade, sitting 53% above the 10-year average for the month of February.
The average Ontario home price for February 2025 was $848,289, a 1.7% increase from January 2025's $834,050, but down 2.9% compared to February 2024.
There were 9,776 home sales in Ontario during February 2025, representing a 26.7% year-over-year decrease. This activity level sits 35.6% below the 10-year average for February and is the lowest February sales figure in the past decade.
In comparison, the national average home price in Canada’s housing market was $668,097 in February 2025, down 3.3% year-over-year, with seasonally-adjusted sales down 4.0% year-over-year nationwide. While Ontario's market has deteriorated substantially, it's part of a broader national slowdown, though Ontario's decline is significantly more pronounced than the national average.
New residential listings in Ontario totalled 25,260 in February 2025, a slight decrease of 2.5% from February 2024, but it is 2.4% above the ten-year average. Despite this modest year-over-year decline in new listings, the months of inventory have risen to 5—nearly double the 2.7 months recorded in February 2024 and well above the long-run average of 2.4 months for this time of year.
The sales-to-new-listings ratio (SNLR) in February 2025 improved slightly to 39% from January 2025's 34% but still represents a buyer's market (defined as an SNLR below 40%). Ontario remains the only province firmly in buyer's market territory, while most other provinces have shifted toward seller's markets with SNLRs above 60%.
Ontario: Seller’s or Buyer’s Markets?
| City | February 2025 Sales-to-New-Listings Ratio (SNLR) | January 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Greater Toronto Area (GTA) | 33% | 31% | Buyer's Market | |
| Toronto | 33% | 29% | Buyer's Market | |
| Mississauga | 32% | 32% | - | Buyer's Market |
| Brampton | 27% | 31% | Buyer's Market | |
| Oshawa | 50% | 43% | Balanced Market | |
| Hamilton | 43% | 40% | Balanced Market | |
| Ottawa | 49% | 45% | Balanced Market | |
| London | 46% | 34% | Balanced Market | |
| Kitchener-Waterloo Region | 42% | 37% | Balanced Market | |
| Ontario | 39% | 34% | Buyer's 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 February 2025 was $1,084,547, down 2.2% year-over-year and up 4.2% monthly. The City of Toronto’s average home price is $1,087,077, up 1.4% year-over-year and up 10% monthly. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga average home prices up 4.4% year-over-year to $1,039,951. On a monthly basis, Mississauga home prices are down 0.7% compared to January 2025. In comparison, the average Brampton home price is down 6.0% year-over-year to $972,185, down 1.3% monthly. Over in Oshawa’s housing market, average home prices are down 6.1% year-over-year to $769,938.
Ottawa
Ottawa's housing market had an average home price of $669,945, up 2.9% year-over-year. Ottawa’s benchmark home price has also increased year-over-year, up 4.4% to $658,300. 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 $764,838, down 1.7% year-over-year. Niagara North had an average home price of $757,929, down 1.5% year over year, while Burlington saw prices decrease 5.5% year-over-year to $1,065,534. 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 $767,800, up 1.6% year-over-year. In London’s housing market, the average home price is $647,620, up 4.8% year-over-year. These regions are attractive for both first-time buyers and investors.
Key Points
As of February 2025, the Ontario housing market continues to see inventory levels rise to remarkable heights, with several key trends reshaping the landscape:
Price Trends
According to the latest Ontario housing market data for February 2025, the average home price in Ontario is now $848,289, reflecting a 2.9% year-over-year decrease. Ontario and BC remain the most expensive provinces in Canada to buy a home, but they're also showing among the weakest price performances. While most other provinces are seeing year-over-year price gains, Ontario's market is in negative territory on an annual basis. This decline comes after Ontario home prices have risen by nearly 100% over the past decade, pushing affordability beyond the reach of many Ontario wage earners.
The Central region of Ontario (which includes the GTA) saw prices decline by 2.9% year-over-year, while only Northern Ontario showed robust annual price growth at 9.2%.
Ontario Regional Average Home Prices for February 2025
| Region | Average Home Price | Annual Change | Largest City |
|---|---|---|---|
| Central Ontario | $1,097,234 | -2.9% | Toronto |
| Southern Ontario | $755,112 | -0.4% | Hamilton |
| Northeastern Ontario | $710,816 | -0.1% | Barrie |
| Eastern Ontario | $618,385 | 1.6% | Ottawa |
| Western Ontario | $601,489 | 1.2% | London |
| Northern Ontario | $399,860 | 9.2% | Sudbury |
Inventory Levels
The defining feature of Ontario's current housing market is the extraordinary level of available inventory. As of February 2025, active listings have reached approximately 49,284 units - the highest February level in over a decade and 53.3% above the 10-year average for February.
The 5.0 months of inventory in February 2025 is almost double the level seen in February 2024 (2.7 months) and significantly above the long-run average of 2.4 months for this time of year. This inventory surge is occurring despite new listings being slightly below historical averages, indicating that properties are sitting on the market much longer as sales have plummeted. February 2025 sales were 35.6% below the 10-year average and showed the second largest year-over-year decline (-26.7%) of any province, just behind Manitoba’s significant 40% year-over-year decline in sales.
Interest Rates
Despite multiple interest rate cuts from the Bank of Canada between June 2024 and January 2025, Ontario's market has failed to respond positively, unlike many other provinces. The sales-to-new-listings ratio of 39% firmly places Ontario in buyer's market territory, while most other provinces have shifted toward seller's markets with ratios above 60%. The total dollar value of all home sales in the province dropped sharply by 29.1% compared to February 2024 to $8.3 billion. Economic uncertainty, particularly related to tariff concerns, appears to be weighing heavily on buyer confidence in Ontario's markets.
Housing Markets of Major Cities in Ontario
| City | Average Home Prices (February 2025) | Population (2021) |
|---|---|---|
| Toronto | $1,087,077 1.4% vs. 2024 | 2,794,356 2.3% vs. 2016 |
| Ottawa | $669,945 2.9% vs. 2024 | 1,017,449 8.9% vs. 2016 |
| Hamilton | $764,838 -1.7% vs. 2024 | 569,353 6.0% vs. 2016 |
| Mississauga | $1,039,951 4.4% vs. 2024 | 717,961 -0.5% vs. 2016 |
| Brampton | $972,185 -5.9% vs. 2024 | 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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