Ontario Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for April 2023
Updated May 18th, 2023
  • Average home prices in Ontario
    by 8% year-over-year to reach
  • Greater Toronto Area home prices
    by 8% year-over-year to
  • City of Toronto home prices
    by 10% year-over-year to
  • Ottawa home prices
    by 9% year-over-year to
  • Mississauga home prices
    by 8% year-over-year to
  • Brampton home prices
    by 12% year-over-year to
  • Hamilton home prices
    by 15% year-over-year to

Average Home Prices in Ontario for April 2023

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
Butler MortgageButler Mortgage
Mortgage Term:

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.

Housing Markets of Major Cities in Ontario

CityAverage Home Prices
(April 2023)
-9.9% vs. 2022
2.3% vs. 2016
-8.5% vs. 2022
8.9% vs. 2016
-15.0% vs. 2022
6.0% vs. 2016
-8.0% vs. 2022
-0.5% vs. 2016
-12.4% vs. 2022
10.6% vs. 2016
Best 5-Year Fixed Mortgage Rates in ON
Butler MortgageButler Mortgage
Mortgage Term:

Greater Toronto Area (GTA) Housing Market Overview

April 2023

Greater Toronto Area (GTA) Housing Market Trends

Greater Toronto Area (GTA) Real Estate Report

Toronto Housing Market Overview

April 2023

Toronto Housing Market Trends

Toronto Real Estate Report

Ottawa Housing Market Overview

April 2023

Ottawa Housing Market Trends

Ottawa Real Estate Report

Hamilton Housing Market Overview

April 2023

Hamilton Housing Market Trends

Hamilton Real Estate Report

Mississauga Housing Market Overview

April 2023

Mississauga Housing Market Trends

Mississauga Real Estate Report

Brampton Housing Market Overview

April 2023

Brampton Housing Market Trends

Brampton Real Estate Report

London Housing Market Overview

April 2023

London-St. Thomas Housing Market Trends

London Real Estate Report

Ontario Housing Market Forecast for 2023

Ontario’s housing market saw a sharp correction in prices in 2022 as Bank of Canada rate hikes brought about rising interest rates, stifling demand. Looking forward, Ontario’s housing market forecast for 2023 depends on a few factors.

A pause in Bank of Canada rate hikes, something that is widely predicted as inflation eases off and as the risk of a recession increases, might even translate into rate cuts this year. Immigration, looking mainly at newcomers and international students, has also been returning to normal levels. More people looking for a home will boost demand. Met with a shortage in housing inventory, a surge in buyers will introduce upward pressure on housing prices.

The federal government banned foreign buyers from buying a home in Canada, starting in 2023. Should interest rates continue to increase, demand will be crippled further.

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

A look at house price forecasts by Canada’s major banks gives us a look at what they predict Ontario house prices will be in 2023 and 2024.

RBC predicts that Ontario home prices will decrease 13.7% in 2023, and increase 2.9% in 2024. RBC also forecasts that home sales in Ontario will decrease by 13.9% in 2023 and increase by 34.1% in 2024.

TD predicts that Ontario average home prices will fall by 13.3% in 2023 before rising a modest 0.8% in 2024. For Ontario home sales, TD forecasts an 8.1% decrease for 2023 and an 18% increase in 2024.

Ontario Housing Market Forecast 2023 and 2024

Forecast By:2023 Price Growth2024 Price Growth

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.