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Ontario Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for April 2024
Updated May 23rd, 2024
  • Ontario’s benchmark home price was $893,200,
    down
    1.3% year-over-year.
  • Average home prices in Ontario
    decreased
    by 0.9% year-over-year to reach
    $900,161
  • Greater Toronto Area's average home price remained the same year-over-year, at
    $1,156,167
    .
  • City of Toronto's average home price
    increased
    by 2.8% year-over-year to
    $1,152,200
    .
  • Ottawa's average home price
    increased
    by 4.0% year-over-year to
    $705,117
    .
  • Mississauga's average home price
    increased
    by 4.6% year-over-year to
    $1,126,060
    .
  • Brampton's average home price
    decreased
    by 5.7% year-over-year to
    $1,026,582
    .
  • Hamilton's average home price
    increased
    by 1.4% year-over-year to
    $818,381
    .
  • June 23, 2024 Update: Today’s Lowest mortgage rate in Ontario is 4.79% for 5-Year Fixed.

Average Home Prices in Ontario for April 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
Mortgage Term:
Fixed
Variable

Ontario Housing Market as of April 2024

Ontario’s housing market continues to be a hotbed of activity and interest as the province’s average home price reached its highest level since June 2023. Ontario’s average home price for the month of April 2024 was $900,161, up 1.3% from last month’s price of $889,033 in March 2024. That’s the first time since June 2023 that Ontario’s average home price has been above $900,000.

Ontario’s benchmark home price of $893,200 is also up 1.2% monthly. However, on an annual basis, Ontario’s average home price is down 0.9% year-over-year, while the benchmark home price is down 1.3% year-over-year. There were 17,356 home sales in Ontario during April 2024, a 1.6% year-over-year decrease.

There was quite a strong upswing in active residential listings in Ontario, which increased by 57% year-over-year to 48,858 listings by the end of April 2023 – the highest number of active listings in eight years for the month of April. Meanwhile, there were 38,445 new residential listings, an increase of 42% from April 2023.

The sales-to-new-listings ratio (SNLR) in April 2024 was recorded at 45%. This ratio represents a balanced market, which has an SNLR of between 40% and 60%, and indicates a balanced buyer demand compared to seller supply in the housing market.

wahi map

Ontario: Seller’s or Buyer’s Markets?

CityApril 2024 Sales-to-New-Listings RatioMarch 2024 Sales-to-New-Listings RatioChangeMarket Type
Toronto42%50%Balanced Market
Mississauga43%53%Balanced Market
Brampton38%46%Buyer's Market
Oshawa53%61%Balanced Market
Hamilton49%57%Balanced Market
Ottawa56%56%-Balanced Market
London50%52%Balanced Market
Kitchener-Waterloo Region48%58%Balanced Market
Ontario45%49.5%Balanced Market

Regional Insights

Ontario is a diverse province with varying real estate trends across different regions. Here’s a closer look at some key areas:

Greater Toronto Area (GTA)

The GTA remains one of Ontario's most dynamic and expensive real estate markets. The average home price in Toronto is now over $1.1 million, with the GTA’s average home price at $1,156,167 and the City of Toronto’s average home price at $1,152,200. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga home prices up 4.6% year-over-year, while Brampton home prices are down 5.7% year-over-year. Over in Oshawa’s housing market, average home prices are down 3% year-over-year.

Ottawa

Ottawa's housing market continues to thrive, with the average home price reaching $705,117, up 4% year-over-year. That’s the first time Ottawa’s average home price has risen above $700,000 since May 2022. The city’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

Hamilton and the Niagara region are witnessing a surge in demand, driven by their relative affordability compared to the GTA. The average home price in Hamilton is now $818,381, up 1.4% year-over-year, with Niagara Region trailing behind with a benchmark home price of $644,700, down 1.4% year-over-year. 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 are two cities that have seen significant growth in the past few years, with their tech sectors attracting young professionals. The average home price in Kitchener-Waterloo Region is now $800,087, up 0.3% year-over-year, while in London’s housing market it is $656,037, down 1.2% year-over-year. These regions are attractive for both first-time buyers and investors.

Key Points

As of April 2024, the Ontario housing market shows signs of stabilization, but with noteworthy trends that are shaping the landscape:

Price Trends

The average home price in Ontario has seen moderate growth compared to the rapid increases seen heading up towards the market’s peak back in February 2022. According to the latest Ontario housing market data, the average home price in Ontario is now $900,161, reflecting a year-over-year decrease of 0.9%, while it is up 1.3% monthly. This growth is more sustainable compared to the double-digit increases seen in the past, indicating a cooling but still active market.

Inventory Levels

One of the critical factors influencing the Ontario housing market is the level of available inventory. As of April 2024, inventory levels have increased significantly, providing more options for buyers. The increase in inventory can be attributed to a combination of new housing developments and existing homeowners looking to capitalize on the favorable market conditions. This can be seen through the decrease in the sales-to-new-listings ratio (SNLR) in most of Ontario's major cities this month compared to last month, as new listings surge.

Interest Rates

Interest rates continue to play a significant role in the Ontario housing market. The Bank of Canada has maintained a steady interest rate since mid-2023, after significantly hiking rates, which had weighed on the market. However, there’s a possibility of an interest rate cut as early as June 2024.

Housing Markets of Major Cities in Ontario

CityAverage Home Prices
(April 2024)
Population
(2021)
Toronto
$1,152,200
2.8% vs. 2023
2,794,356
2.3% vs. 2016
Ottawa
$705,117
4.0% vs. 2023
1,017,449
8.9% vs. 2016
Hamilton
$818,381
1.4% vs. 2023
569,353
6.0% vs. 2016
Mississauga
$1,126,060
4.6% vs. 2023
717,961
-0.5% vs. 2016
Brampton
$1,026,582
-5.7% 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.