Ontario Housing Market Outlook 2025

Table of contents
Ontario Market Report Summary
- The average selling price of a home in Ontario decreased by 6.8% year-over-year to $812,500 in April 2025.
- The average selling price of a single-family home in Ontario decreased by 6.7% year-over-year to $901,200 in April 2025.
- The average selling price of a townhouse/multiplex in Ontario decreased by 6.1% year-over-year to $656,900 in April 2025.
- The average selling price of a condo in Ontario decreased by 8.1% year-over-year to $543,900 in April 2025.
- The average rent in Ontario decreased by 2.7% year-over-year to $2,338 for April 2025.
- June 11, 2025: Today’s lowest mortgage rate in Ontario is
for a 5-year fixed.
Composite Home Prices
The average selling price of a home in Ontario was $812,500 for the month of April 2025, that’s decreased by 1.9% compared to the previous month. On a year-over-year basis, Ontario home prices have decreased 6.8% over the last 12 months.
Single-family Home Prices
The average selling price of a single-family home in Ontario was $901,200 for the month of April 2025, that’s decreased by 1.5% compared to the previous month. On a year-over-year basis, single-family home prices in Ontario have decreased by 6.7% over the last 12 months.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Ontario was $656,900 for the month of April 2025, that’s decreased by 1.5% compared to the previous month. On a year-over-year basis, the price of a townhouse in Ontario has decreased by 6.1% over the last 12 months.
Condo Prices
The average selling price of a condo in Ontario was $543,900 for the month of April 2025, that’s decreased by 2.3% compared to the previous month. On a year-over-year basis, the price of a condo in Ontario has decreased 8.1% over the last 12 months.
We’re curious…
Ontario Housing Market Summary
Data from the Ontario Real Estate Association (OREA) indicates that the average price of resale residential homes sold across Ontario in April 2025 was $812,500, and it decreased of 6.8% compared to a year ago.
OREA indicates also reported a sales-to-new-listings ratio (SNLR) of 35%, indicating a buyers market in Ontario for April 2025.
Ontario Home Sales Hit 5-Year Low Despite Seasonal Uptick
According to April 2025 data from the Ontario Real Estate Association (OREA), the province’s housing market remains firmly in a correction phase, with home sales and prices continuing to fall year over year. Despite a seasonal rebound in activity from March, total sales in April (14,244 transactions) were down 20.2% from last year, marking the slowest April in 5 years. While listings are growing, weak demand and cautious buyer sentiment are tilting market conditions favouring buyers across most regions.
April Home Sales in Ontario Plunge Despite Month-Over-Month Lift
Ontario’s housing market is recovering month over month, but sales remain well below historical norms. April’s home sales were 31% below the 5-year average and 30.7% below the 10-year average for the month. Year-to-date figures show a 20% decline in transactions versus the first four months of 2024, highlighting sustained market softness amid persistent economic uncertainty and affordability concerns.
- April sales: 14,244 (↓ 20.2% YoY, ↑ 18.9% MoM)
- Year-to-date sales (Jan–Apr): 45,607 (↓ 20% YoY)
- April dollar volume: $12.2 billion (↓ 24% YoY)
Ontario Home Price Trends Remain Soft
Ontario’s average home price fell to $859,645 in April, down 0.1% from March and 4.8% year-over-year. The benchmark price saw even sharper declines, down 3.9% month-over-month and 6.8% annually, making Ontario the weakest-performing province regarding price movement this month. The year-to-date (January to April) average price stood at $848,997, 3.5% below the same period last year.
- April average price: $859,645 (↓ 4.8% YoY, ↓ 0.1% MoM)
- Benchmark price: ↓ 6.8% YoY, ↓ 3.9% MoM
- National average price (for comparison): $679,866 (↓ 3.9% YoY)
April’s Market Inventory & Supply-Demand Balance in Ontario
Ontario’s new listings were flat year-over-year, totalling 40,189 in April. However, active listings rose sharply to 66,952 units, up 28.8% annually, the highest April inventory in a decade. With the months of inventory (MOI) rising to 4.7 (compared to 2.9 in April 2024), the province remains firmly in buyer’s market territory. Ontario’s sales-to-new listings ratio (SNLR) rose slightly to 35%, up from 33% in March, but still well below the balanced market threshold of 50%.
- New listings: 40,189 (flat YoY, ↑ 2.6% vs. 5-yr avg)
- Active listings: 66,952 (↑ 28.8% YoY, ↑ 59.6% vs. 5-yr avg)
- Months of inventory: 4.7 (↑ from 2.9 in April 2024)
- SNLR: 35% (↑ from 33% in March, still buyer’s market)
Ontario’s housing market continues to lag behind the national average in terms of both sales and price performance. With inventory at decade highs and buyer activity still subdued, prices are likely to remain under pressure in the near term. However, the modest month-over-month rebound and improving sales-to-new-listings ratio (SLNR) suggest the market may be stabilizing slightly. Regional variation remains significant, with urban centres like Toronto seeing more pronounced corrections than mid-sized and rural markets.
Red hot rates impacting your housing market experience?
With nesto, you can get a low rate with a 150-day hold.
Month-over-Month Expectations for Ontario’s Housing Market
Transactions – Number of Sales
The number of sales in Ontario was 14,244 during April 2025, that’s increased by 18.9% compared to the previous month. On a year-over-year basis, sales in Ontario have decreased by 17.9% over the last 12 months.
New Listings
The number of new listings in Ontario was 40,189 during April 2025, that’s increased by 12.1% compared to the previous month. On a year-over-year basis, new listings in Ontario have increased by 4.5% over the last 12 months.
Real Estate Market
The sales-to-new-listings ratio (SNLR) in Ontario was 35% during April 2025, indicating a buyers market. On a monthly basis, that’s increased by 6.1% compared to the previous month. Ontario’s yearly sales to new listings ratio has decreased by 21.5% over the last 12 months.
The sales-to-new-listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR under 40% suggests a buyer’s market in which buyers have the upper hand and more negotiating power. An SNLR between 40% and 60% is a balanced market, while an SNLR of over 60% is considered a seller’s market.
Annual Changes to Regional Composite Home Prices in Ontario
Annual Changes to the Composite Home Price in Ontario
Ontario Market Rents Summary
The average rent in Ontario was $2,338 for the month of April 2025, which decreased by 2.7% on a year-over-year basis.
The average rent for a bachelor apartment in Ontario was $1,766 for the month of April 2025, which decreased by 1.9% on a year-over-year basis.
The average rent for a 1-bedroom apartment in Ontario was $2,113 for the month of April 2025, which decreased by 3.5% on a year-over-year basis.
The average rent for a 2-bedroom apartment in Ontario was $2,563 for the month of April 2025, which decreased by 4.1% on a year-over-year basis.
The average rent for a 3-bedroom apartment in Ontario was $2,113 for the month of April 2025, which decreased by 4.1% on a year-over-year basis.
Red hot rates impacting your housing market experience?
With nesto, you can get a low rate with a 150-day hold.
How Does Renting Compare with Homeownership in Ontario?
Each $100,000 in mortgage balance costs an average of $533.43 per month on nesto’s lowest fixed 5-year rate at
Rental Price Changes by City
Rental Price Changes by Province
Rental Price Growth by Housing Type
We’re curious…
Frequently Asked Questions (FAQ) on Ontario Housing Market Outlook for 2025
Will Ontario’s housing prices increase in 2025?
Ontario’s housing market is expected to stabilize with modest price increases in 2025. Strong population growth, especially in cities like Toronto, Ottawa, Mississauga and Hamilton, will keep demand high. Limited housing supply and declining mortgage rates are key factors that may drive price recovery, particularly in urban and suburban markets.
Will Ontario’s housing market crash in 2025?
Experts believe a crash is unlikely, though certain regions may see minor price adjustments due to rising inventory. Persistent demand, fuelled by immigration and job growth, will continue to support housing values. A balanced market is more likely than a sharp decline.
How affordable will Ontario homes be in 2025?
Affordability in Ontario will remain challenging, especially in cities like Toronto, Markham, Mississauga, and Hamilton, which have above-average prices due to their location in the GTA. However, smaller markets like London and Windsor may offer better affordability for first-time buyers as prices stabilize.
What trends will drive Ontario’s housing market in 2025?
Key trends include declining mortgage rates, population growth, government initiatives to boost housing supply, and increasing demand for suburban and smaller urban areas.
How can I qualify for a mortgage in Ontario in 2025?
To qualify for a mortgage, assess current mortgage rates in Ontario and ensure you meet lender requirements, including the stress test (not required for straight mortgage transfer/switch renewals between NHA-approved lenders). A mortgage pre-approval or prequalification could give you a competitive edge as buyers re-enter the market.
Housing Market Glossary and Definitions
MLS® Home Price Index (HPI)
The MLS® Home Price Index (HPI) is a real estate price index compiled by the Canadian Real Estate Association (CREA) that tracks the price of homes in your neighbourhood. It’s a quick way for Canadians to compare home prices in different parts of Canada and between different periods without having to factor in the unique characteristics of a particular property.
While market prices can vary from one month to the next based on seasonal factors, the Home Price Index (HPI) provides a more consistent view and tracks price trends over an extended period. The Home Price Index (HPI) is updated annually in May to reflect changes in real estate markets.
MLS® HPI is the most comprehensive and precise way to track a neighbourhood’s home price level and trends. MLS HPI uses over 15 years of data from the MLS® System and advanced statistical models to create a “typical” home based on the characteristics of homes purchased and sold. This benchmark home is tracked across all Canadian neighbourhoods and various types of homes.
Strata insurance
Strata insurance is insurance that a strata or condominium uses to cover damages to common areas, assets and liabilities to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. Strata insurance can cover the following:
- Buildings and structures on the strata’s property, including common areas such as the garage, roof, lobby, pool, etc.,
- Liabilities for any property damage or bodily harm due to an injury suffered on a strata property,
- Which also includes fixtures in the standard unit or part of the original make of each unit.
Strata insurance generally does not cover personal belongings and appliances in a condo unit. Damage caused by individual unit owners (e.g., water damage due to a unit owner’s negligence) is typically covered under personal condo insurance.
Property Types
Detached homes, also known as single-family homes, are residential properties that stand alone and are not connected to other buildings. They are legal single residential units on their own parcel of land and have a separate title.
Semi-detached homes are characterized by their unique architectural design. Two houses are built side by side and share a common wall. Although sharing a building, semi-detached homes have their own parcel of land and separate legal titles.
Townhouses are residential dwellings typically characterized by narrow, tall structures, often sharing walls with neighbouring units. Although they may share yards or common elements with their neighbours, townhouses will have separate legal titles from any adjoining building. Townhouses can be purchased as freehold or leasehold within a condo or strata and may come with their own land parcel. Townhouses can be part of a low-rise or high-rise building.
Condo apartments, also known as condominiums, are residential properties that combine elements of apartments and individual homes. It is a unit within a larger building or complex owned by an individual who also shares ownership of common areas and amenities with other residents. Condo apartment owners have legal ownership of their units and can modify them within the guidelines set by the condominium association. Unlike a townhouse, condos do not offer exclusive use of outdoor space unless they come with a balcony or terrace. Condos can be part of a low-rise or high-rise building.
Plexes or multiplexes are unique residential buildings constructed into 2 to 6 units within a single structure. Traditionally, they have been designed as low-rise residential buildings where any unit is accessible via an external entrance with higher floors connected by staircases. Each unit will have a separate registration and title but may share common elements and co-ownership fees with the other multiplex owners. Plexes are common in Québec and older parts of Toronto.
Property Ownership Classes
A freehold is a type of property ownership where an individual or entity has complete and indefinite ownership rights over a property and its parcel of land. Common freehold property types include detached houses, semi-detached houses, farms, and townhouses not part of condominium corporations.
A condominium or condo is a distinct type of property class that combines apartment living and individual homeownership elements. In a condominium, individual units are owned by the residents, while the common areas and amenities are shared among all the unit owners. This type of ownership gives you rights to your specific unit and some rights and responsibilities to the common areas, such as the hallways, elevators, garage, pool and rooftop patios.
A leasehold is a legal arrangement where a person or entity holds the right to use and occupy a property for a specific period, typically through a lease agreement. In some cases, the leaseholder may own the building or unit and rent the land from the landowner (landlord).
Why Choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned, salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.
nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.
Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.
Ready to get started?
In just a few clicks, you can see our current rates. Then apply for your mortgage online in minutes!