Ontario Housing Market Outlook 2026
Ontario Sales Fall Well Below Long-Run Norms in August
According to the Ontario Real Estate Association (OREA), 13,620 homes changed hands across the province in August 2026, a 6% decline from August 2025. The more telling comparison is historical: August activity was 4% below the province’s 5-year average and 22.6% below its 10-year average, a gap far wider than the year-over-year figure alone suggests.
- The composite benchmark price was $745,400, down 3.6% year over year. Single-family homes benchmarked at $826,900, townhouse and row units at $585,000, and apartments at $489,200.
- Condos and townhouses again led the decline. Apartment prices are down 6.4% from a year ago, and townhouses are down 5.6%, compared with 3.4% for single-family homes.
- Year-to-date sales reached 109,456 units, down a more modest 2.4% from the same period in 2025. Total dollar volume for the month was $10.7 billion, down 7.7% year over year, and the year-to-date average price eased 3% to $815,666.
Ontario buyers face a market where condo prices have given back three years of gains, while single-family values have held up better. Compare mortgage rates in Ontario and reach out to our nesto mortgage experts to work out the segment that best matches your budget.
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Ontario Housing Market Highlights
- The average selling price of a home in Ontario decreased by 3.55% year-over-year to $745,400 in August 2026.
- The average selling price of a single-family home in Ontario decreased by 3.35% year-over-year to $826,900 in August 2026.
- The average selling price of a townhouse/multiplex in Ontario decreased by 5.63% year-over-year to $585,000 in August 2026.
- The average selling price of a condo in Ontario decreased by 6.43% year-over-year to $489,200 in August 2026.
- October 2, 2026: Today’s lowest mortgage rate in Ontario is 4.59% for a 5-year fixed.
Data from the Ontario Real Estate Association (OREA) indicates that the average price of resale residential homes sold across Ontario in August 2026 was $745,400, and it decreased by 3.55% compared to a year ago.
OREA also reported a sales-to-new-listings ratio (SNLR) of 43.9%, indicating balanced market conditions in Ontario for August 2026.
| Ontario | Composite Price August 2026 | Composite Price July 2026 | YoY Change (%) | MoM Change (%) |
|---|---|---|---|---|
| Single Family Home | $826,900 | $832,800 | decreased by 3.35% | decreased by 0.71% |
| Townhouse/Multiplex | $585,000 | $586,600 | decreased by 5.63% | decreased by 0.27% |
| Condo / Apartments | $489,200 | $490,500 | decreased by 6.43% | decreased by 0.27% |
| Composite | $745,400 | $749,800 | decreased by 3.55% | decreased by 0.59% |
Ontario Home Price Changes Over The Last Decade
Composite Home Prices
The average selling price of a home in Ontario was $745,400 for the month of August 2026, that’s decreased by 0.59% month-over-month. On a year-over-year basis, Ontario home prices have decreased by 3.55%.
Composite Home Prices in Ontario
Monthly changes to Ontario’s composite home prices over the last 10 years.
Single-Family Home Prices
The average selling price of a single-family home in Ontario was $826,900 for the month of August 2026; that’s decreased by 0.71% month-over-month. On a year-over-year basis, single-family home prices in Ontario have decreased by 3.35%.
Single-Family Home Prices in Ontario
Monthly changes to Ontario’s single-family home prices over the last 10 years.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Ontario was $585,000 for the month of August 2026; that’s decreased by 0.27% month-over-month. On a year-over-year basis, the price of a townhouse in Ontario has decreased by 5.63%.
Townhouse and Multiplex Prices in Ontario
Monthly changes to Ontario’s townhouse and multiplex home prices over the last 10 years.
Condo Prices
The average selling price of a condo in Ontario was $489,200 for the month of August 2026; that’s decreased by 0.27% month-over-month. On a year-over-year basis, the price of a condo in Ontario has decreased by 6.43%.
Condo Prices in Ontario
Monthly changes to Ontario’s condominium apartment home prices over the last 10 years.
Ontario Housing Market Conditions
Number of Home Sales
Ontario home sales were 13,620 during August 2026, that’s decreased by 16.32% month-over-month. On a year-over-year basis, home sale transactions in Ontario have decreased by 4.75%.
Home Sales Volume in Ontario
Ontario’s MLS home sale volume over the past 12 months.
New Listings
The number of new listings in Ontario was 31,024 during August 2026, that’s decreased by 16.03% month-over-month. On a year-over-year basis, new listings in Ontario have decreased by 6.00%.
New Listings in Ontario
Ontario’s MLS new listings over the past 12 months.
Sales-to-New-Listings Ratio (SNLR)
The sales-to-new-listings ratio (SNLR) in Ontario was 43.9% during August 2026, indicating a balanced market. On a monthly basis, that’s decreased by 0.45% month-over-month. Ontario’s yearly sales-to-new-listings ratio has increased by 1.39%.
SNLR in Ontario
Monthly change in Ontario’s sales-to-new-listings ratio (SNLR) over the past 12 months.
The sales-to-new-listings ratio (SNLR) measures home sales relative to new listings. An SNLR below 40% indicates a buyer’s market, where buyers hold the upper hand and greater negotiating power. An SNLR between 40% and 60% indicates a balanced market, while an SNLR over 60% indicates a seller’s market.
Market Conditions in Ontario
| Sep 2025 | buyers market |
| Oct 2025 | balanced market |
| Nov 2025 | balanced market |
| Dec 2025 | sellers market |
| Jan 2026 | buyers market |
| Feb 2026 | buyers market |
| Mar 2026 | buyers market |
| Apr 2026 | buyers market |
| May 2026 | buyers market |
| Jun 2026 | balanced market |
| Jul 2026 | balanced market |
| Aug 2026 | balanced market |
SNLR — last 12 months
Monthly change in Ontario’s market conditions over the past 12 months.
Short-Term Composite Home Price Trends in Ontario
Monthly changes to Ontario’s composite home price over the last 12 months.
Ontario Market Rents Snapshot
The average rent in Ontario was $2,256 for the month of August 2026 and has decreased by 4.77% year-over-year.
The average rent for a 1-bedroom apartment in Ontario was $1,968 for August 2026 and has decreased by 4.23% year over year.
The average rent for a 2-bedroom apartment in Ontario was $2,437 for August 2026 and has decreased by 2.83% year over year.
Average Rents for Cities Across Canada
| Rank | City | Total Avg | 1 Bed | 2 Bed |
|---|---|---|---|---|
| 1 | North Vancouver | $3,036 | $2,501 | $3,434 |
| 2 | Vancouver | $2,729 | $2,350 | $3,248 |
| 3 | Oakville | $2,695 | $2,316 | $3,021 |
| 4 | Toronto | $2,571 | $2,221 | $2,939 |
| 5 | Kanata | $2,524 | $2,251 | $2,754 |
| 6 | Burnaby | $2,520 | $2,119 | $2,724 |
| 7 | North York | $2,519 | $2,085 | $2,690 |
| 8 | Coquitlam | $2,510 | $2,087 | $2,709 |
| 9 | Etobicoke | $2,441 | $2,081 | $2,653 |
| 10 | Vaughan | $2,422 | $2,110 | $2,516 |
| 11 | Burlington | $2,386 | $2,068 | $2,425 |
| 12 | Halifax | $2,365 | $1,999 | $2,591 |
| 13 | Mississauga | $2,346 | $2,042 | $2,443 |
| 14 | Barrie | $2,332 | $2,103 | $2,472 |
| 15 | Langley | $2,266 | $1,911 | $2,480 |
| 16 | Brampton | $2,259 | $1,971 | $2,351 |
| 17 | Victoria | $2,255 | $1,994 | $2,649 |
| 18 | Guelph | $2,224 | $1,927 | $2,276 |
| 19 | New Westminster | $2,203 | $1,901 | $2,655 |
| 20 | Kingston | $2,200 | $1,933 | $2,353 |
| 21 | Ottawa | $2,200 | $1,958 | $2,470 |
| 22 | Scarborough | $2,187 | $1,835 | $2,319 |
| 23 | Surrey | $2,185 | $1,796 | $2,250 |
| 24 | Ajax | $2,182 | $1,890 | $2,241 |
| 25 | Waterloo | $2,169 | $1,922 | $2,337 |
| 26 | Laval | $2,130 | $1,726 | $2,352 |
| 27 | Nanaimo | $2,078 | $1,844 | $2,251 |
| 28 | Kelowna | $2,073 | $1,823 | $2,248 |
| 29 | East York | $2,056 | $1,792 | $2,379 |
| 30 | Brossard | $2,044 | $1,767 | $2,139 |
| 31 | Cambridge | $2,027 | $1,834 | $2,174 |
| 32 | Oshawa | $2,023 | $1,740 | $2,019 |
| 33 | Niagara Falls | $1,978 | $1,659 | $1,958 |
| 34 | Airdrie | $1,966 | $1,429 | $1,774 |
| 35 | Greater Sudbury | $1,959 | $1,720 | $2,101 |
| 36 | Kamloops | $1,957 | $1,750 | $2,026 |
| 37 | Montreal | $1,957 | $1,742 | $2,259 |
| 38 | Kitchener | $1,938 | $1,691 | $2,084 |
| 39 | Hamilton | $1,921 | $1,653 | $2,135 |
| 40 | London | $1,913 | $1,651 | $2,030 |
| 41 | Brantford | $1,911 | $1,787 | $2,025 |
| 42 | Peterborough | $1,892 | $1,680 | $1,918 |
| 43 | Calgary | $1,885 | $1,508 | $1,845 |
| 44 | St. Catharines | $1,810 | $1,530 | $1,921 |
| 45 | Gatineau | $1,776 | $1,607 | $1,857 |
| 46 | Welland | $1,754 | $1,505 | $1,978 |
| 47 | Côte Saint-Luc | $1,710 | $1,405 | $1,966 |
| 48 | Windsor | $1,670 | $1,475 | $1,906 |
| 49 | Winnipeg | $1,646 | $1,426 | $1,754 |
| 50 | Edmonton | $1,631 | $1,275 | $1,646 |
| 51 | Sarnia | $1,607 | $1,438 | $1,674 |
| 52 | Quebec City | $1,586 | $1,299 | $1,677 |
| 53 | Red Deer | $1,573 | $1,345 | $1,515 |
| 54 | Lethbridge | $1,545 | $1,334 | $1,572 |
| 55 | Saskatoon | $1,517 | $1,295 | $1,531 |
| 56 | Regina | $1,468 | $1,291 | $1,536 |
| 57 | Fort McMurray | $1,378 | $1,163 | $1,382 |
| 58 | Medicine Hat | $1,371 | $1,228 | $1,381 |
| 59 | Lloydminster | $1,330 | $1,056 | $1,412 |
| 60 | St. John's | $1,293 | $1,136 | $1,453 |
Source: Rentals.ca Network Data & Urbanation Inc.
Average Rent by Province
| LOCATION | Total | 1B | 2B |
|---|---|---|---|
| AB | $1,776 | $1,405 | $1,747 |
| BC | $2,387 | $2,048 | $2,634 |
| MB | $1,643 | $1,419 | $1,742 |
| ON | $2,256 | $1,968 | $2,437 |
| QC | $1,931 | $1,690 | $2,149 |
| SK | $1,461 | $1,265 | $1,502 |
| Atlantic Canada | $2,274 | $1,909 | $2,434 |
| Canada | $2,035 | $1,753 | $2,146 |
Average Rent by Property Type Across Canada
| TYPE | Total | 1B | 2B |
|---|---|---|---|
| All | $2,035 | $1,753 | $2,146 |
| Apartment | $2,038 | $1,799 | $2,232 |
| Condominium | $2,050 | $1,827 | $2,170 |
| House/Townhouse | $2,014 | $1,305 | $1,733 |
How Does Renting Compare With Homeownership in Ontario?
Each $100,000 in mortgage balance costs an average of $564 per month on nesto’s lowest fixed 5-year rate at 4.59%, and $506 per month on nesto’s lowest adjustable 5-year rate at 3.45%.
On the variable side, a 0.25% change in the Bank of Canada’s policy rate moves that payment by roughly $13.47 per $100,000 if rates rise, or $13.27 if they fall. Fixed payments aren’t affected the same way mid-term—a fixed rate is locked for the term and tracks bond yields, not the policy rate directly, so this sensitivity applies only to the variable side.
The interest rates used for the calculation are those offered on insured purchases with less than a 20% down payment, on a 25-year amortization, as of October 2, 2026 and are subject to change. Canada’s policy rate is 2.25%, and nesto’s prime rate is 4.45%.
We're curious…
Frequently Asked Questions (FAQ) About the Ontario Housing Market in 2026
Are Ontario Housing Market Conditions Favouring Buyers or Sellers in 2026?
Ontario housing market conditions are not decisively favouring either side in 2026, though weak demand, not a supply surge, is tilting the balance. August sales came in 4% below the province’s 5-year average and 22.6% below the 10-year average, a much wider gap than the 6% annual decline alone suggests. CREA counts Ontario’s Greater Golden Horseshoe among the regions that have moved back up out of buyer-favouring conditions, even as activity remains historically soft.
Are Home Prices in Ontario Going Up or Down in 2026?
Home prices in Ontario are falling in 2026, and the decline is uneven across property types. The composite benchmark was $745,400 in August, down 3.6% year over year. Apartments fell hardest, down 6.4%, while townhouses fell 5.6%, and single-family homes proved the most resilient, down 3.4% to a benchmark of $826,900. The year-to-date average price has eased 3% to $815,666.
Why Are Ontario Sales Running So Far Below Historical Norms?
Ontario sales are running well below historical norms because the year-over-year comparison understates just how soft the market has become. August’s 13,620 transactions were down only 6% from a year ago, but that comparison is against an already-weak August 2025. Compared with the province’s 5- and 10-year averages, activity is down 4% and 22.6%, respectively, a much larger shortfall than the annual figure alone suggests.
Which Ontario Property Type Is Softening Fastest?
Condominiums are softening fastest in Ontario, with the apartment benchmark down 6.4% year over year to $489,200. Townhouses are close behind, off 5.6% to $585,000. Single-family homes have given back far less ground, down 3.4% to a benchmark of $826,900, meaning the condo segment has now surrendered roughly three years of price gains while detached values have held comparatively steady.
How Does Ontario Compare With Quebec and British Columbia?
Ontario’s composite benchmark of $745,400 sits well above Quebec’s $540,800, but Ontario is falling while Quebec is rising: Ontario is down 3.6% year over year against a 3.1% gain in Quebec. That divergence is part of a broader national pattern, where CREA has flagged Ontario’s Greater Golden Horseshoe as moving back toward balance from buyer-favouring conditions, while several other provinces continue cooling from sellers’ markets.
What Is Limiting Ontario Housing Demand in 2026?
Weak underlying demand, not a supply shortage, is limiting Ontario housing activity in 2026. August sales sat 22.6% below the province’s 10-year average, even as year-to-date sales eased a comparatively modest 2.4%, suggesting fewer buyers are transacting than in the province’s history. Qualification remains a factor too: the mortgage stress test requires borrowers to qualify at a rate above what they will actually pay, which continues to cap buying power even as condo prices fall.
Is It Cheaper to Rent or Buy in Ontario in 2026?
Ontario is one of the few large provinces where both sides of the rent-versus-buy comparison are moving in the buyer’s favour at once. Home prices are down 3.6% year over year on a benchmark basis, while Ontario’s asking rents posted one of the steepest annual declines nationally in the same period. Which option costs less over time still depends on how long it takes to save the down payment, how long you plan to stay, and the mortgage rate you qualify for.
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