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Ontario Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for February 2024
Updated March 25th, 2024
  • Ontario’s benchmark home price was $868,200,
    up
    0.1% year-over-year.
  • Average home prices in Ontario
    increased
    by 0.9% year-over-year to reach
    $873,207
  • Greater Toronto Area's average home price
    increased
    by 1.2% year-over-year to
    $1,108,720
    .
  • City of Toronto's average home price remained the same year-over-year, at
    $1,072,528
    .
  • Ottawa's average home price
    increased
    by 3.1% year-over-year to
    $651,340
    .
  • Mississauga's average home price
    decreased
    by 1.3% year-over-year to
    $996,259
    .
  • Brampton's average home price
    increased
    by 0.5% year-over-year to
    $1,033,673
    .
  • Hamilton's average home price
    decreased
    by 2.8% year-over-year to
    $778,238
    .
  • April 14, 2024 Update: Today’s Lowest mortgage rates in Ontario is 4.69% for 5-Year Fixed.

Average Home Prices in Ontario for February 2024

Historical Average Home Prices in Ontario

Note: Data sourced from the Canadian Real Estate Association (CREA), the London and St. Thomas Association of REALTORS®, and other regional or local realtor boards.

Best 5-Year Fixed Mortgage Rates in ON
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Ontario Housing Market as of February 2024

Home prices in Ontario’s housing market jumped on a monthly basis in February 2024 as the average home price reached its highest level since June 2023. Ontario’s average home price for the month of February 2024 was $873,207, up 6.3% from last month’s price of $821,624 in January 2024. Ontario’s benchmark home price of $868,200 is also up 2.3% monthly. However, on an annual basis, Ontario’s average home price is up just 0.9% year-over-year, while the benchmark home price is up only 0.1% year-over-year. There were 12,787 home sales in Ontario during February 2024.

There was quite a positive upswing in active residential listings in Ontario, which increased by 18% from February 2023 to 32,776 – the highest number of active listings in five years for February. Meanwhile, there were 24,824 new residential listings, an increase of 27% from February 2023.

The sales-to-new-listings ratio (SNLR) in February 2024 was recorded at 51.5%. This ratio represents a balanced market, which has an SNLR of between 40% and 60%, and indicates that there is balanced buyer demand compared to seller supply in the housing market.

wahi map

Ontario: Seller’s or Buyer’s Markets?

CityFebruary 2024 Sales-to-New-Listings RatioJanuary 2024 Sales-to-New-Listings RatioChangeMarket Type
Toronto49%51%Balanced Market
Mississauga50%56%Balanced Market
Brampton50%62%Seller's Market
Oshawa59%77%Balanced Market
Hamilton55%57%Balanced Market
Ottawa58%49%Balanced Market
London58%50%Balanced Market
Kitchener-Waterloo Region61%52%Seller's Market
Ontario51.5%49%Balanced Market

Looking at Ontario’s major urban housing markets in terms of annual price changes for February 2024, some urban housing markets in Ontario are seeing year-over-year increases in average home prices, such as Ottawa (+3.1%), Brampton (+0.5%), Oshawa (+6.9%), and the City of Toronto (+0.1%).

Others are seeing a year-over-year decline in average prices, such as Mississauga (-1.3%), Hamilton (-2.8%), Kitchener-Waterloo (-0.4%), and London (-0.7%).

Overall, the Ontario housing market continues to experience a mix of trends and varying levels of activity, with some regions seeing modest growth while others are experiencing declines.

Housing Markets of Major Cities in Ontario

CityAverage Home Prices
(February 2024)
Population
(2021)
Toronto
$1,072,528
0.1% vs. 2023
2,794,356
2.3% vs. 2016
Ottawa
$651,340
3.1% vs. 2023
1,017,449
8.9% vs. 2016
Hamilton
$778,238
-2.8% vs. 2023
569,353
6.0% vs. 2016
Mississauga
$996,259
-1.3% vs. 2023
717,961
-0.5% vs. 2016
Brampton
$1,033,673
0.5% vs. 2023
656,480
10.6% vs. 2016
Best 5-Year Fixed Mortgage Rates in ON
Mortgage Term:
Fixed
Variable
Greater Toronto Area (GTA) Real Estate Report
Toronto Real Estate Report
Ottawa Real Estate Report
Oshawa Real Estate Report
Kitchener-Waterloo-Cambridge Real Estate Report
Hamilton Real Estate Report
Mississauga Real Estate Report
Brampton Real Estate Report
London Real Estate Report

Ontario’s Housing Market Forecast: Things to Watch

Negative ImpactPositive Impact
Higher Interest RatesHigher Immigration Levels
Government Policies:Housing Inventory Shortage
Mortgage Stress Test ChangesStronger Economic Recovery
Vacancy Tax and Foreign Speculation Tax
Foreign Buyer’s Ban
Zoning and Increased Supply of Housing
Rent Control

Housing Markets Across Canada

Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.