Ontario Housing Market Report
- Ontario’s benchmark home price was $882,600, up0.2% year-over-year.
- Average home prices in Ontario increasedby 0.8% year-over-year to reach889,033
- Greater Toronto Area's average home price increasedby 1.2% year-over-year to$1,121,615.
- City of Toronto's average home price increasedby 3.1% year-over-year to$1,087,017.
- Ottawa's average home price increasedby 7.1% year-over-year to$682,078.
- Mississauga's average home price increasedby 1.9% year-over-year to$1,056,300.
- Brampton's average home price remained the same year-over-year, at $1,028,297.
- Hamilton's average home price increasedby 4.2% year-over-year to$826,462.
- April 26, 2024 Update: Today’s Lowest mortgage rate in Ontario is 4.69% for 5-Year Fixed.
Average Home Prices in Ontario for March 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.
Ontario Housing Market as of March 2024
Home prices in Ontario’s housing market rose on a monthly basis in March 2024 as the average home price reached its highest level since June 2023. Ontario’s average home price for the month of March 2024 was $889,033, up 1.8% from last month’s price of $873,207 in February 2024. Ontario’s benchmark home price of $882,600 is also up 1.7% monthly. However, on an annual basis, Ontario’s average home price is up just 0.8% year-over-year, while the benchmark home price is up only 0.2% year-over-year. There were 15,167 home sales in Ontario during March 2024.
There was quite a positive upswing in active residential listings in Ontario, which increased by 26% from March 2023 to 37,735 – the highest number of active listings in five years for March. Meanwhile, there were 30,610 new residential listings, an increase of 14% from March 2023.
The sales-to-new-listings ratio (SNLR) in March 2024 was recorded at 49.5%. 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.
Ontario: Seller’s or Buyer’s Markets?
| City | March 2024 Sales-to-New-Listings Ratio | February 2024 Sales-to-New-Listings Ratio | Change | Market Type |
|---|---|---|---|---|
| Toronto | 50% | 49% | Balanced Market | |
| Mississauga | 53% | 50% | Balanced Market | |
| Brampton | 46% | 50% | Balanced Market | |
| Oshawa | 61% | 59% | Seller's Market | |
| Hamilton | 57% | 55% | Balanced Market | |
| Ottawa | 56% | 58% | Balanced Market | |
| London | 52% | 58% | Balanced Market | |
| Kitchener-Waterloo Region | 58% | 61% | Balanced Market | |
| Ontario | 49.5% | 51.5% | Balanced Market |
Ontario has become very unaffordable over the past 15 years. Over the past 15 years, Ontario's benchmark home price has risen by 196%, while the CPI basket has risen by 40%. Home prices in Ontario have tripled over the past 15 years due to their price growing almost five times faster than the CPI basket. Ontario houses owe their meteoric rise to municipal gatekeepers who limited home building over the past two decades.
Looking at Ontario’s major urban housing markets in terms of annual price changes for March 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
| City | Average Home Prices (March 2024) | Population (2021) |
|---|---|---|
| Toronto | $1,087,017 3.1% vs. 2023 | 2,794,356 2.3% vs. 2016 |
| Ottawa | $682,078 7.1% vs. 2023 | 1,017,449 8.9% vs. 2016 |
| Hamilton | $826,462 4.2% vs. 2023 | 569,353 6.0% vs. 2016 |
| Mississauga | $1,056,300 1.9% vs. 2023 | 717,961 -0.5% vs. 2016 |
| Brampton | $1,028,297 -0.2% vs. 2023 | 656,480 10.6% vs. 2016 |
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
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.