Ontario Housing Market Report

Average Home Prices in Ontario for April 2023

Historical Average Home Prices in Ontario

Ontario Housing Market as of April 2023

Ontario’s housing market has seen prices rise for the fourth consecutive month as tightening supply pushes up the prices of Ontario homes. For the month of April 2023, the province’s average home price was $911,078, up 3% month-over-month, the highest that it has been since May 2022. On an annual basis, Ontario’s average home price is still down 8% year-over-year. That’s somewhat better than the -16% year-over-year change seen last month as Ontario’s housing market continues to pick up steam.

Other Canadian provinces are also seeing similar growth in home prices. Neighbouring Quebec has seen prices rise 3% month-over-month as well, while BC home prices are up 3.5% month-over-month. Canada’s average home price rose 4% compared to last month, helped by strong growth in the Atlantic Provinces but weighed down by a slight decline in home prices in the Prairie provinces.

The Greater Toronto Area (GTA) housing market, which accounted for 17% of all home sales in Canada for the month of April 2023, saw continued to see support in home prices this month. The GTA’s average home price for April 2023 was $1,153,269, up 4% month-over-month and down 8% year-over-year. That matches the province’s 8% annual drop in home prices.

Sales activity in many of Ontario’s major housing markets remains lower year-over-year, but has seen significant improvements compared to the start of the year, in large part due to seasonality. Home sales in Toronto are down by 6% year-over-year and up 4% from last month, while Ottawa’s housing market is seeing a 21% decrease in sales year-over-year, up 25% from last month. Hamilton, Mississauga, and Brampton sales activity is also seeing similar patterns: a year-over-year dip in sales but steady growth in sales month-over-month.

Looking at Ontario’s major urban housing markets in terms of annual price change for April 2023, Hamilton has seen a 15% year-over-year decrease in average sold prices. Next up was London with a 14% decrease and Brampton with a 12% decrease. Ottawa’s 8.5% decrease and Mississauga’s 8% decrease remains close to the province’s average decline.

The average home price in Toronto’s housing market for April 2023 was $1,120,352 for the City of Toronto and $1,153,269 for the GTA. This means that the City of Toronto’s average home price has increased at a slightly higher monthly rate, 6%, compared to the GTA as a whole. Brampton had an average selling price of $1,088,311. Meanwhile, Mississauga home prices increased to $1,076,430.

The Ottawa and Hamilton housing markets remain cheaper alternatives to the GTA’s expensive home prices. Hamilton’s average sold price for April 2023 was $806,809, while Ottawa’s average sold price was $677,678, up 6.5% from last month. Real estate in London, Ontario, also remains relatively affordable, with an average price of $664,149. That’s up 5% from last month. Oshawa’s housing market had an average price of $833,714.