Ontario continues to be one of the most desirable places to live in Canada, attracting homebuyers and investors from across the country and around the globe. As the demand for housing grows, so do the prices, particularly in some of the province’s most sought-after cities. In this 2024 report, we explore the most expensive cities in Ontario for real estate, providing insights into what makes these locations so coveted and what you can expect if you’re looking to buy a home there.
Average Home Price: $1.5 Million
Toronto remains the most expensive city in Ontario—and Canada—for real estate in 2024. With its bustling economy, vibrant cultural scene, and diverse population, Toronto is a global city that continues to draw people from all walks of life. The city’s luxury condos, historic homes, and proximity to top-tier amenities make it a top choice for high-net-worth individuals.
Why Toronto?
Average Home Price: $1.4 Million
Oakville, a picturesque town located on the shores of Lake Ontario, is known for its affluent neighborhoods, top-ranked schools, and peaceful suburban atmosphere. Despite being a quieter alternative to Toronto, Oakville’s real estate market is nearly as competitive, with luxury homes and waterfront properties driving prices up.
Why Oakville?
Average Home Price: $1.2 Million
Vaughan, located just north of Toronto, has seen significant growth over the past decade, transforming from a suburban area into a thriving city. With new developments, state-of-the-art infrastructure, and the recent opening of the Vaughan Metropolitan Centre, the city has become a hotspot for real estate investment.
Why Vaughan?
Average Home Price: $1.1 Million
Mississauga, once considered a suburban extension of Toronto, has become a city in its own right, with a diverse population, thriving business districts, and a rapidly growing skyline. Real estate in Mississauga is highly sought after, especially in neighborhoods like Port Credit and Lorne Park.
Why Mississauga?
Average Home Price: $1.1 Million
Markham, known as the “High-Tech Capital of Canada,” has a strong economy driven by technology and innovation. The city’s blend of modern urban development and rich cultural heritage has made it a top destination for real estate investment, particularly among young professionals and families.
Why Markham?
Average Home Price: $1.0 Million
Richmond Hill offers a quieter, more suburban lifestyle while still being within reach of Toronto’s urban amenities. Known for its upscale neighborhoods and high-quality schools, Richmond Hill has become one of the most expensive places to buy a home in Ontario.
Why Richmond Hill?
Average Home Price: $1.0 Million
Burlington, located between Toronto and Hamilton, is known for its high quality of life, excellent schools, and beautiful waterfront. The city’s real estate market is competitive, with many buyers drawn to its combination of urban amenities and natural beauty.
Why Burlington?
Average Home Price: $950,000
Milton has rapidly transformed from a small town into one of Ontario’s fastest-growing cities. With new residential developments and expanding infrastructure, Milton offers a mix of suburban charm and modern conveniences, making it a desirable place for families and professionals alike.
Why Milton?
Average Home Price: $900,000
Hamilton has emerged as a major player in Ontario’s real estate market, thanks to its affordable housing options, vibrant arts scene, and growing economy. The city’s revitalization efforts have made it increasingly attractive to both investors and homebuyers, particularly those looking for a more affordable alternative to Toronto.
Why Hamilton?
Average Home Price: $880,000
Whitby, located in the Durham Region, is often overshadowed by its more famous neighbors, but it has quietly become one of the most desirable places to live in Ontario. With its excellent schools, safe neighborhoods, and proximity to both Toronto and nature, Whitby offers a high quality of life at a more affordable price point.
Why Whitby?
Ontario’s real estate market in 2024 is as competitive as ever, with prices continuing to rise in the province’s most desirable cities. Whether you’re drawn to the bustling urban life of Toronto, the suburban luxury of Oakville, or the innovation-driven growth of Vaughan, these cities offer a variety of lifestyle options for those who can afford them.
If you’re considering buying in one of Ontario’s most expensive cities, it’s crucial to work with a knowledgeable real estate agent who can guide you through the process. Understanding the local market, securing financing, and making a competitive offer are all essential steps in purchasing a home in these high-demand areas.
2019 to 2021 saw modest growth in Ontario, and the past year in 2022 has seen even bigger increases. “Demand has been off the charts,” says Realtor Sean Findlay owner of Findlay Real Estate | Century 21 “Our clients are moving up from Toronto now that they can work from home. People are also realizing how much more space you can get once you get out of the metro area.”
Suburbs have all seen double-digit increases in prices, with the highest in those communities that are just a little outside a regular commute. “Now that people are commuting a few times a week rather than every day, they’re willing to be a bit further from their jobs in order to secure a bigger home at a more affordable price,” says Amandalyn Findlay of Findlay Mortgages
Prices in downtown Toronto condos were actually slightly down for the first six months of the year, but are coming back strong. 2021 started with lower prices than we saw in the initial pandemic, but have increased as the year went on. Ottawa condos were also down year over year but, they too are rebounding as 2022 continues.
When it comes to living in Ontario, there’s no denying that there are some areas that are more expensive than others, with prices changing drastically from region to region.
And yet, despite the unprecedented economic crisis brought on by the pandemic, Ontario’s housing market is showing little signs of slowing down. In fact, HelloSafe — an insurance comparison platform — reported that “Ontario’s real estate prices increased faster between March 2020 and March 2021 than in British Colombia (29.9% vs 20.2%) – “which proves Ontario’s housing market dynamism despite the gloomy circumstances of COVID-19.”
As you can imagine, regions are now seeing vastly different real estate prices in the wake of the pandemic. And, if you’re curious which of Ontario’s cities are the most expensive to buy a home, HelloSafe has rounded up the top cities where real estate prices are currently the highest in Ontario.
Unsurprisingly, the great majority of them (except Ottawa) are located near, or in, the Greater Toronto Area (GTA).
According to HelloSafe, Oakville-Milton is currently the most expensive area to buy a home in the province, with the average transaction price hitting $1,335,200 in March 2021, a 20% year-over-year increase from March 2020, when the prices were an average of $1,113,200.
This is followed by the Toronto-area, where the transaction price in March was $1,102,804 — a 21.8% year-over-year increase. On the other hand of the ranking, Sault Ste. Marie came out in the final spot, with an average transaction price of $257,955 — up 24.3% year-over-year.
Historically The most expensive cities in Ontario for real estate:
1. Oakville-Milton
2. Mississauga
3. Toronto
4. Durham Region
5. Hamilton-Burlington
6. Orangeville
7. Guelph & District
8. Kitchener-Waterloo
9. Ottawa
10. Greater Sudbury
11. Thunder Bay
12. Sault Ste. Marie
While Ontario is known for being expensive for real estate with average prices sitting at $890,035 in March, the province still isn’t as pricey as British Columbia, where the average price reached $945,936 in March — a $55,901 difference from Ontario.
However, HelloSafe noted that prices in Ontario are still above the Canadian average of $716,828. In comparison, it’s almost twice as expensive to buy a house in Ontario than in Nova Scotia, where the average price was $362,988 in March.
| ONTARIO | ||||
| CITY | HOUSE TYPE | 2020 PPSF | 2021 PPSF | % CHANGE 2020-2021 |
| Toronto, Downtown | Condo | $1,033 | $956 | -7.45% |
| Vaughn | Detached House | $548 | $612 | 11.75% |
| Markham | Detached House | $485 | $557 | 14.96% |
| Hamilton | Detached House | $406 | $532 | 30.94% |
| Cambridge | Duplex | $377 | $527 | 39.79% |
| Richmond Hill | Detached House | $522 | $520 | -0.43% |
| St. Catharines | Bungalow | $425 | $520 | 22.35% |
| Guelph | Condo | $423 | $511 | 20.80% |
| Newmarket | Detached House | $510 | $505 | -1.04% |
| Waterloo | Condo | $411 | $503 | 22.38% |
| Guelph | Detached House | $443 | $483 | 9.03% |
| Kitchener | Condo | $399 | $483 | 21.05% |
| Ottawa | Condo | $577 | $479 | -16.98% |
| Niagara Falls | Bungalow | $395 | $475 | 20.25% |
| Cambridge | Townhouse | $341 | $474 | 39.00% |
| Kitchener | Semi-Detached | $399 | $460 | 15.29% |
| Hamilton | Townhouse | $343 | $453 | 32.13% |
| Hamilton | Apartment/ Condo | $370 | $453 | 22.39% |
| Guelph | Duplex | $400 | $451 | 12.75% |
| Cambridge | Detached House | $388 | $450 | 15.98% |
| Waterloo | Semi-detached | $399 | $439 | 10.03% |
| Cambridge | Condo | $367 | $435 | 18.53% |
| Kitchener | Townhouse | $342 | $435 | 27.19% |
| Guelph | Townhouse | $364 | $433 | 18.96% |
| Kitchener | Detached House | $400 | $430 | 7.50% |
| Ottawa | Detached House | $313 | $429 | 37.06% |
| Waterloo | Detached House | $407 | $421 | 3.44% |
| Bradford | Detached House | $358 | $410 | 14.45% |
| Waterloo | Townhouse | $344 | $408 | 18.60% |
| St. Catharines | Detached House | $330 | $400 | 21.21% |
| Ottawa | Townhouse | $392 | N/A | |
| Niagara Falls | Detached House | $300 | $390 | 30.00% |
| Barrie | Detached House | $350 | $378 | 8.00% |
| London | Detached House | $250 | $362 | 44.80% |
| Grey Bruce | Detached House | $195 | $357 | 82.87% |
| Owen Sound | Detached House | $167 | $312 | 86.77% |
| Windsor | Detached House | $210 | $295 | 40.48% |
Methodology: HelloSafe used data from CREA and the data is accurate at the time of publication.
For more information, questions or inquiries contact Realtor Sean Findlay at 905-450-8300 or email Sean.Findlay@Century21.ca
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Sean Findlay – Professional Realtor | Sales Representative | Real Estate Digital Marketing Specialist
– Proudly Specializing in Toronto, Stoney Creek, Hamilton & GTA Real Estate –
Toronto, Mississauga, Brampton, Milton, Oakville, Burlington, Stoney Creek, Grimsby, Hamilton, Niagara Falls.
CENTURY 21 Millennium Inc., Brokerage * Office: 905-450-8300 or Toll Free: 1-888-450-8301 | Fax: 905-450-6736
Toronto Office Located: 181 Queen St E Brampton, ON L6W 2B3 (by Appointment Only)
Stoney Creek Office Located: 280 Barton St, Stoney Creek, ON L8E 2K6 (by Appointment Only)
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