Ontario Housing Market Report

Average Home Prices in Ontario for March 2025

Historical Average Home Prices in Ontario

View Home Listings in Ontario

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The GTA is Ontario's most dynamic and expensive real estate market. The average home price in the GTA in March 2025 was $1,093,254, down 2.5% year-over-year and up 0.8% monthly. The City of Toronto’s average home price is $1,110,924, up 2.2% year-over-year.

Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga average home prices down 1.0% year-over-year to $1,046,145. On a monthly basis, Mississauga home prices are up 0.6% compared to March 2025. In comparison, the average Brampton home price is down 7.2% year-over-year to $954,144, down 1.9% monthly. Over in Oshawa’s housing market, average home prices are down 4.1% year-over-year to $769,748.

Vaughan home prices are down 3.4% year-over-year to $1,259,490, Markham home prices are down 9.9% year-over-year to $1,213,744, and Richmond Hill home prices are down a whopping 14.2% year-over-year to $1,214,567, declining 8.6% monthly.

Ottawa's housing market had an average home price of $685,866, up 0.6% year-over-year. Ottawa’s benchmark home price has also increased year-over-year, up 2.2% to $626,200. 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 $788,968, down 4.5% year-over-year. Niagara North had an average home price of $793,886, down 15.9% year over year, while Burlington saw prices increase 4.1% year-over-year to $1,194,982. 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 $771,915, down 4.3% year-over-year. In London’s housing market, the average home price is $643,159, down 0.5% year-over-year. These regions are attractive for both first-time buyers and investors.

Central Ontario remains the most expensive region with an average home price of $1,101,182, though it's experiencing a 3.3% annual decline. This region, anchored by Toronto, continues to face affordability challenges despite a softening in prices since 2022.

Southern Ontario, which includes Hamilton, shows a more moderate decline of 1.5% with average prices at $787,930. This area has traditionally been a popular alternative for those priced out of Toronto, but appears to be following the downward trend of the central region.

Northeastern Ontario is experiencing the most significant price decline at 6.6%, bringing the average home price to $732,371. In contrast, Eastern Ontario is showing resilience with prices up 1.7% to $643,309. Ottawa, as the region's largest city and benefiting from stable government employment, continues to support price growth despite the broader provincial downturn.

Western Ontario, which includes London, has experienced a modest decline of 2.2% with average prices at $589,218. This area has historically offered good value relative to the Greater Toronto Area. Northern Ontario presents the most affordable option at $389,257, with a modest price increase of 1.1%.

The defining feature of Ontario's current housing market is the extraordinary level of available inventory. As of March 2025, active listings have reached approximately 58,939 units - the highest March level in over a decade and 57.1% above the 10-year average for March.

The 4.9 months of inventory in March 2025 is almost double the level seen in March 2024 (2.5 months) and significantly above the long-run average of 2.1 months for this time of year. This inventory surge is occurring despite new listings being quite close to historical averages, indicating that properties are sitting on the market much longer as sales have plummeted. March 2025 sales were 41.4% below the 10-year average and showed the largest year-over-year decline (-24.6%) of any province this month.

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 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.