Ontario Housing Market Report

Average Home Prices in Ontario for September 2024

Historical Average Home Prices in Ontario

Ontario Housing Market as of September 2024

Average home prices in Ontario’s housing market experienced an upswing in September 2024 as it tried to rally off the back of consecutive Bank of Canada rate cuts in June, July, and September 2024. Meanwhile, both new home listings and active home listings reached their highest level for the month of September in more than five years as sellers flocked in after waiting on the sidelines.

The average Ontario home price for the month of September 2024 was $851,478, up 4.1% from last month’s price of $817,915 in August 2024. That’s the largest monthly increase in home prices out of all provinces this month. This also marks a 0.2% increase year-over-year from September 2023's average home price of $849,516. Ontario’s housing market hasn’t seen a positive year-over-year increase in its average home price since March 2024.

Ontario’s benchmark home price of $858,500 is down 1.0% monthly and down 4.0% yearly. There were 13,251 home sales in Ontario during September 2024, a 9.8% year-over-year increase.

There was a strong upswing in active residential listings in Ontario, which increased by 25.6% year-over-year to 64,503 listings by the end of September 2024 – the highest number of active listings in over five years for the month of September. Meanwhile, there were 38,820 new residential listings, an increase of 7.8% from September 2023. That’s also the highest number of new listings in September ever.

The sales-to-new-listings ratio (SNLR) in September 2024 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 fell sharply this month.

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The GTA remains one of Ontario's most dynamic and expensive real estate markets. The average home price in the GTA in September 2024 was $1,107,291, down 1.1% year-over-year and up 3.1% monthly. The City of Toronto’s average home price is $1,113,671, down 0.5% year-over-year but up 8.2% monthly. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga average home prices up 2.7% year-over-year to $1,048,914. In comparison, the average Brampton home price is down 0.6% year-over-year to $1,035,184, although it is up 5.1% monthly. Over in Oshawa’s housing market, average home prices are up 3.1% year-over-year to $780,061.

Ottawa's housing market had an average home price of $685,551, up 1.5% year-over-year. That’s a 3.8% monthly increase. Ottawa’s benchmark home price has instead increased by a smaller 0.2% year-over-year to $642,800. 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 now $816,579, up 5.1% year-over-year. Niagara North had an average home price of $862,062, up 3.9% year over year, while Burlington saw prices increase 7.4% year-over-year to $1,140,226. 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 and sales activity are slowing. The average home price in the Kitchener-Waterloo Region is now $788,944, up 4.1% year-over-year. In London’s housing market, the average home price is $641,583, up 1.2% year-over-year. These regions are attractive for both first-time buyers and investors.

As of September 2024, the Ontario housing market is seeing inventory levels rise, with some noteworthy trends that are shaping the landscape:

According to the latest Ontario housing market data, the average home price in Ontario is now $851,478, reflecting a 0.2% year-over-year increase. This makes Ontario and BC the most expensive provinces in Canada to buy a house, as these provinces see the smallest year-over-year price gain in Canada’s housing market in September 2024. In fact, BC’s average home price is down 2.8% year-over-year, the only province to see a decrease in its average price compared to last year. Average home prices in all other provinces are still up yearly. This stagnation is because Ontario home prices have risen by close to 100% over the past ten years and are now out of reach for many Ontario wage earners.

One of the critical factors influencing the Ontario housing market is the level of available inventory. As of September 2024, inventory levels have increased significantly, providing more options for buyers as inventory reaches a multi-year high for the month of September. 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.

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, interest rate cuts in June, July, September, and October 2024, as well as possibility of future rate cuts this year, may help to improve market conditions in Ontario’s housing market in the coming months.