Ontario Housing Market Report
- Greater Toronto Area's average home price increasedby 1.4% year-over-year to$1,040,994.
- City of Toronto's average home price increasedby 2.7% year-over-year to$985,653.
- Ottawa's average home price increasedby 6.1% year-over-year to$670,258.
- Mississauga's average home price remained the same year-over-year, at $1,047,025.
- Brampton's average home price remained the same year-over-year, at $985,321.
- Hamilton's average home price decreasedby 4.8% year-over-year to$757,071.
- March 26, 2025 Update: Today’s Lowest mortgage rate in Ontario is 3.64% for 5-Year Fixed.
Average Home Prices in Ontario for January 2025
Historical Average Home Prices in Ontario
Ontario Housing Market as of January 2025
Inventory has surged in Ontario’s housing market, with new and active listings in January 2025 surpassing 10-year highs for the month. The average Ontario home price for the month of January 2025 was $834,050, largely unchanged from last month’s price of $834,123 in December 2024 and up by 1.5% year-over-year.
There were 8,912 home sales in Ontario during January 2025, a 10% year-over-year decrease. That’s 18% below the 10-year average for January.
In comparison, the national average home price in Canada’s housing market was $670,064, up 1.1% year-over-year, with sales up 2.9% year-over-year nationwide. Home sales in many other provinces are up annually off the back of consecutive Bank of Canada rate cuts throughout 2024 that began in June.
There was an upswing in active residential listings in Ontario, which increased by 35.7% year-over-year to 44,913 listings on the market at the end of January 2025 – the highest number of active listings in over a decade for the month of January. That’s 53% above January’s 10-year average.
Meanwhile, there were 25,844 new residential listings, an increase of 26% from January 2024. That’s the largest number of new listings for the month of January in over 15 years.
The sales-to-new-listings ratio (SNLR) in January 2025 was recorded at 34%. This ratio represents a buyer’s market, which is defined as an SNLR of below 40%. The SNLR of many of Ontario’s major cities decreased this month, with all major markets, except for Ottawa, Oshawa and Hamilton, now in a Buyer’s market.
Ontario: Seller’s or Buyer’s Markets?
| City | January 2025 Sales-to-New-Listings Ratio (SNLR) | December 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Greater Toronto Area (GTA) | 31% | 72% | Buyer's Market | |
| Toronto | 29% | 66% | Buyer's Market | |
| Mississauga | 32% | 68% | Buyer's Market | |
| Brampton | 31% | 53% | Buyer's Market | |
| Oshawa | 43% | 67% | Balanced Market | |
| Hamilton | 40% | 90% | Balanced Market | |
| Ottawa | 45% | 102% | Balanced Market | |
| London | 34% | 78% | Buyer's Market | |
| Kitchener-Waterloo Region | 37% | 97% | Buyer's Market | |
| Ontario | 34% | 77% | 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 January 2025 was $1,040,994, up 1.4% year-over-year and down 2.5% monthly. The City of Toronto’s average home price is $985,653, up 2.7% year-over-year and down 4.7% monthly. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga average home prices down 0.2% year-over-year to $1,047,025. On a monthly basis, Mississauga home prices are up 7.1% compared to December 2024. In comparison, the average Brampton home price is up 0.3% year-over-year to $985,321, up 3.9% monthly. Over in Oshawa’s housing market, average home prices are down 1.2% year-over-year to $779,868.
Ottawa
Ottawa's housing market had an average home price of $670,258, up 6.1% year-over-year. Ottawa’s benchmark home price has also increased year-over-year, up 5.2% to $649,900. 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 $757,071, down 4.8% year-over-year. Niagara North had an average home price of $913,731, up 24% year over year, while Burlington saw prices increase 14% year-over-year to $1,105,285. 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 $755,859, down 0.8% year-over-year. In London’s housing market, the average home price is $639,486, up 5.6% year-over-year. These regions are attractive for both first-time buyers and investors.
Key Points
As of January 2025, the Ontario housing market is seeing inventory levels rise to levels not seen in over a decade for the month of January, with some noteworthy trends that are shaping the landscape:
Price Trends
According to the latest Ontario housing market data for January 2025, the average home price in Ontario is now $834,050, reflecting a 2% year-over-year increase. Ontario and BC are the most expensive provinces in Canada to buy a house. These provinces had among the smallest year-over-year price gains in Canada’s housing market in January 2025, with B.C. even seeing a decrease year-over-year. Average home prices in the majority of other provinces are up annually in a more significant manner. 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 January 2025, inventory levels have increased significantly, providing more options for buyers as inventory reaches over a decade high for the month of January. The 5.0 months of inventory in January 2025 is well above the 10-year average for January, which is 2.9 months of inventory. 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. Meanwhile, sales activity is 18% below the 10-year average for the month of January.
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, multiple interest rate cuts from June 2024 to January 2025, as well as possible 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 (January 2025) | Population (2021) |
|---|---|---|
| Toronto | $985,653 2.7% vs. 2024 | 2,794,356 2.3% vs. 2016 |
| Ottawa | $670,258 6.1% vs. 2024 | 1,017,449 8.9% vs. 2016 |
| Hamilton | $757,071 -4.8% vs. 2024 | 569,353 6.0% vs. 2016 |
| Mississauga | $1,047,025 -0.2% vs. 2024 | 717,961 -0.5% vs. 2016 |
| Brampton | $985,321 0.3% vs. 2024 | 656,480 10.6% vs. 2016 |
Greater Toronto Area (GTA) Housing Market Overview
Greater Toronto Area (GTA) Housing Market Trends
Toronto Housing Market Overview
Toronto Housing Market Trends
Ottawa Housing Market Overview
Ottawa Housing Market Trends
Oshawa Housing Market Overview
Oshawa Housing Market Trends
Kitchener-Waterloo-Cambridge Housing Market Overview
Kitchener-Waterloo-Cambridge Housing Market Trends
Hamilton Housing Market Overview
Hamilton Housing Market Trends
Mississauga Housing Market Overview
Mississauga Housing Market Trends
Brampton Housing Market Overview
Brampton Housing Market Trends
London Housing Market Overview
London-St. Thomas Housing Market Trends
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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