Ontario Housing Market Report
- Average home prices in Ontario decreasedby 1.2% year-over-year to reach $817,915
- Greater Toronto Area's average home price decreasedby 0.7% year-over-year to$1,074,425.
- City of Toronto's average home price increasedby 2.3% year-over-year to$1,029,069.
- Ottawa's average home price increasedby 3.1% year-over-year to$660,341.
- Mississauga's average home price decreasedby 1.2% year-over-year to$1,044,543.
- Brampton's average home price decreasedby 2.9% year-over-year to$984,544.
- Hamilton's average home price decreasedby 0.5% year-over-year to$794,404.
- October 11, 2024 Update: Today’s Lowest mortgage rate in Ontario is 4.24% for 5-Year Fixed.
Average Home Prices in Ontario for August 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 August 2024
Ontario’s housing market in August 2024 saw its average home price decline to its lowest level since January 2023 as active home listings reached their highest level for the month of August in more than five years. The average Ontario home price for the month of August 2024 was $817,915, down 2.4% from last month’s price of $837,685 in July 2024. That’s the third-largest monthly decline in home prices out of all provinces this month.
This also marks a 1.2% decrease year-over-year from August 2023's average home price of $827,831. Ontario’s benchmark home price of $866,700 is also down 1.2% monthly and down 4.4% yearly. There were 13,484 home sales in Ontario during August 2024, a slight 3.7% year-over-year increase.
There was quite a strong upswing in active residential listings in Ontario, which increased by 30.9% year-over-year to 58,635 listings by the end of August 2024 – the highest number of active listings in over five years for the month of August. Meanwhile, there were 29,837 new residential listings, an increase of just 0.7% from August 2023.
The sales-to-new-listings ratio (SNLR) in August 2024 was recorded at 45%. This ratio represents a balanced market between buyer demand compared to seller supply in the housing market, which is defined as an SNLR between 40% and 60%.
Ontario: Seller’s or Buyer’s Markets?
| City | August 2024 Sales-to-New-Listings Ratio (SNLR) | July 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Toronto | 39.7% | 33% | Buyer's Market | |
| Mississauga | 39.9% | 32% | Buyer's Market | |
| Brampton | 33% | 28% | Buyer's Market | |
| Oshawa | 37% | 41% | Buyer's Market | |
| Hamilton | 44% | 40% | Balanced Market | |
| Ottawa | 58% | 56% | Balanced Market | |
| London | 43% | 39.5% | Balanced Market | |
| Kitchener-Waterloo Region | 55% | 46% | Balanced Market | |
| Ontario | 45% | 40% | Balanced Market |
Regional Insights
Greater Toronto Area (GTA)
The GTA remains one of Ontario's most dynamic and expensive real estate markets. The average home price in the GTA in August 2024 was $1,074,425, down 0.7% year-over-year, and the City of Toronto’s average home price at $1,029,069, up 2.3% year-over-year. Suburban areas such as Mississauga and Brampton are experiencing mixed price changes, with Mississauga average home prices down 1.2% year-over-year to $1,044,543. In comparison, the average Brampton home price is down 2.9% year-over-year to $984,544. Over in Oshawa’s housing market, average home prices are down 4.2% year-over-year to $780,900.
Ottawa
Ottawa's housing market had an average home price of $660,341, up 3.1% year-over-year. While the average Ottawa home price has increased year-over-year, its benchmark home price has instead declined 0.3% year-over-year to $646,000. Ottawa’s benchmark home price has also declined 0.4% monthly, compared to its average price, which has declined by 2.8% monthly. Ottawa’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
The average home price in Hamilton is now $794,404, down 0.5% year-over-year. Niagara North had an average home price of $803,928, down 2.5% year over year, while Burlington saw prices increase 10% year-over-year to $1,172,556. 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 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 $769,203, up 1% year-over-year. In London’s housing market, the average home price is $629,259, down 5.2% year-over-year. These regions are attractive for both first-time buyers and investors.
Key Points
As of August 2024, the Ontario housing market is showing signs of cooling off, with some noteworthy trends that are shaping the landscape:
Price Trends
According to the latest Ontario housing market data, the average home price in Ontario is now $817,915, reflecting a 1.2% year-over-year decrease. This makes Ontario and BC the only provinces in Canada’s housing market to experience a year-over-year decline in average prices in August 2024. 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.
Inventory Levels
One of the critical factors influencing the Ontario housing market is the level of available inventory. As of August 2024, inventory levels have increased significantly, providing more options for buyers as inventory reaches a multi-year high for the month of August. 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
Interest rates continue to play a significant role in the Ontario housing market. The Bank of Canada had maintained a steady policy interest rate between mid-2023 and June 2024 after significantly hiking rates, which had weighed on the market. However, interest rate cuts in June, July, and September 2024, as well as the possibility of future rate cuts this year, may help to improve market conditions in Ontario’s housing market in the coming months.
Housing Markets of Major Cities in Ontario
| City | Average Home Prices (August 2024) | Population (2021) |
|---|---|---|
| Toronto | $1,029,069 2.3% vs. 2023 | 2,794,356 2.3% vs. 2016 |
| Ottawa | $660,341 3.1% vs. 2023 | 1,017,449 8.9% vs. 2016 |
| Hamilton | $794,404 -0.5% vs. 2023 | 569,353 6.0% vs. 2016 |
| Mississauga | $1,044,543 -1.2% vs. 2023 | 717,961 -0.5% vs. 2016 |
| Brampton | $984,544 -2.9% 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
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