Ontario Housing Market Report

WOWA Trusted and Transparent
Market Report Summary
Updated July 21st, 2021
  • Average home prices in Ontario have increased by 26.1% in a year to $857,754
  • Toronto home prices increased by 6% year-over-year to $1.08M
  • Ottawa home prices increased by 24% year-over-year to $660k
  • Mississauga home prices increased by 14% year-over-year to $1.02M
  • Brampton home prices increased by 23% year-over-year to $1.01M
  • Hamilton home prices increased by 27% year-over-year to $788k

Home prices in Ontario were flat month-over-month as the housing market continued to cool down for the summer season. Home sales were down by more than 20% from the March peak in most markets in Ontario, signalling a pause to the past few quarters of real estate exuberance. However, the drop in activity has not had a significant impact on home prices as average prices in the province remained strong with only a slight 4% decline since March highs. They are still up by 25% compared to the same time last year.

Housing markets in Ontario are likely to remain negative-to-neutral for the next few months until the real estate season begins later in Fall 2021.

From a city-level comparison, most housing markets in Ontario have seen the same general patterns over the past year. Home sales quickly rose after the initial COVID-19 impact to reach new highs in Fall 2020, paused during Winter 2020, and peaked again in Spring 2021. Home prices for all property types have generally seen significant increases compared to pre-COVID levels with larger property types (i.e. detached and semi-detached properties) seeing 20+% annual price appreciation. Condos have generally fared worse with price appreciation of less than 10% in most markets. The housing markets in Ottawa and Hamilton have been exceptions to this rule with 21% and 32% year-over-year price growth for condos, respectively.

Home prices in the City of Toronto have remained more neutral compared to the prices in the adjacent suburban regions such as Mississauga, Brampton, or Markham. This is likely due to the movement of demand to larger properties outside the city as well as the larger market share of lower-priced and lower-demand condos.

The expansion of the CMHC First-Time Home Buyer Incentive in the Toronto CMA, which spans most of the Golden Horseshoe Region, is likely to provide a small boost to housing demand for sub-$700K properties. In addition, the CMHC recently adjusted their standards for mortgage insurance, broadening the eligibility to allow more levered and lower credit applications. While insured mortgages are becoming a smaller proportion of total mortgage origination volume, this is still likely to help marginal buyers enter the market.

Counteracting these changes, the Office of the Superintendent of Financial Institutions (OSFI) and the Ministry of Finance recently raised the benchmark rate for the mortgage stress test. This is expected to limit the affordability of both insured and uninsured borrowers.

Average Home Prices in Ontario

$857,754
Avg. Sold Price
-0.99%
Monthly change
-4%
Quarterly change
25%
Annual change

Housing Markets of Major Cities in Ontario

CityAverage Home Prices
(JUNE 2021)
Population
(2016)
Toronto
$1,079,749
5.6% vs. 2020
2,731,571
4.5% vs. 2011
Ottawa
$659,929
24.4% vs. 2020
934,243
5.8% vs. 2011
Mississauga
$1,019,325
14.4% vs. 2020
721,599
1.1% vs. 2011
Brampton
$1,012,039
23.5% vs. 2020
593,638
13.3% vs. 2011
Hamilton
$787,758
27.3% vs. 2020
536,917
3.3% vs. 2011

Toronto Housing Market Overview

June 2021
Detached
$1,699,881
Avg. Sold Price
12% increase
vs. 06/2020
Semi-Detached
$1,267,044
Avg. Sold Price
2% decrease
vs. 06/2020
Townhouse
$1,246,086
Avg. Sold Price
14% increase
vs. 06/2020
Condo Apartment
$717,466
Avg. Sold Price
7% increase
vs. 06/2020

Toronto Housing Market Trends

Toronto Real Estate Report and Forecast

Ottawa Housing Market Overview

June 2021
Single Family
$725,970
Avg. Sold Price
26% increase
vs. 06/2020
Condo Apartment
$435,198
Avg. Sold Price
21% increase
vs. 06/2020

Ottawa Housing Market Trends

Ottawa Real Estate Report and Forecast

Mississauga Housing Market Overview

June 2021
Detached
$1,524,060
Avg. Sold Price
24% increase
vs. 06/2020
Semi-Detached
$957,379
Avg. Sold Price
15% increase
vs. 06/2020
Townhouse
$928,159
Avg. Sold Price
16% increase
vs. 06/2020
Condo Apartment
$582,155
Avg. Sold Price
6% increase
vs. 06/2020

Mississauga Housing Market Trends

Mississauga Real Estate Report and Forecast

Brampton Housing Market Overview

June 2021
Detached
$1,196,507
Avg. Sold Price
27% increase
vs. 06/2020
Semi-Detached
$896,283
Avg. Sold Price
20% increase
vs. 06/2020
Townhouse
$827,756
Avg. Sold Price
16% increase
vs. 06/2020
Condo Apartment
$515,322
Avg. Sold Price
10% increase
vs. 06/2020

Brampton Housing Market Trends

Brampton Real Estate Report and Forecast

Hamilton Housing Market Overview

June 2021
Detached
$870,289
Avg. Sold Price
29% increase
vs. 06/2020
Semi-Detached/Townhouse
$675,337
Avg. Sold Price
29% increase
vs. 06/2020
Condo Apartment
$448,882
Avg. Sold Price
32% increase
vs. 06/2020

Hamilton Housing Market Trends

Hamilton Real Estate Report and Forecast

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.