These Are the Most Expensive Cities in Ontario for Real Estate: 2024 Report

Introduction: Ontario’s Real Estate Market in 2024

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.

1. Toronto: The Crown Jewel of Ontario Real Estate

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?

• Economic Hub: Toronto is Canada’s financial center, home to major banks, corporations, and tech companies. The job market is robust, attracting professionals seeking proximity to work.
• Cultural Diversity: With its multicultural neighborhoods, Toronto offers a rich cultural tapestry, with dining, entertainment, and events that appeal to a wide range of tastes.
• Education and Healthcare: The city is home to world-class universities and hospitals, making it a desirable location for families and international students.

2. Oakville: Suburban Luxury Meets Tranquility

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?

• Quality of Life: Oakville consistently ranks high in quality of life metrics, with excellent schools, parks, and community services.
• Proximity to Toronto: Just a short commute from Toronto, Oakville offers the perfect blend of suburban tranquility and easy access to the city’s amenities.
• Waterfront Living: The town’s scenic waterfront is lined with upscale homes, marinas, and parks, offering a serene lifestyle for those who can afford it.

3. Vaughan: The Rapidly Growing City of Innovation

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?

• Modern Infrastructure: Vaughan’s rapid development has led to the creation of modern residential communities, shopping centers, and public transit options, including a direct subway link to Toronto.
• Family-Friendly: The city is known for its safe neighborhoods, excellent schools, and abundant recreational facilities, making it a top choice for families.
• Cultural Attractions: Vaughan is home to cultural landmarks like Canada’s Wonderland and the McMichael Canadian Art Collection, adding to its appeal.

4. Mississauga: The Growing Urban Powerhouse

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?

• Business and Employment: Mississauga is home to numerous multinational corporations, providing ample job opportunities for residents.
• Cultural Diversity: The city boasts a multicultural population, with vibrant communities and a variety of international cuisines, festivals, and events.
• Proximity to Toronto Pearson Airport: As the location of Canada’s busiest airport, Mississauga is a hub for business travelers and frequent flyers.

5. Markham: The Tech Hub of Ontario

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?

• Tech Industry: Markham is home to many leading tech companies, providing high-paying jobs and driving demand for housing.
• Education: The city offers excellent schools and is close to York University, making it a popular choice for families.
• Cultural Diversity: Markham’s diverse population is reflected in its array of cultural festivals, dining options, and community events.

6. Richmond Hill: The Upscale Suburban Retreat

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?

• Safe and Quiet: Richmond Hill is ideal for those seeking a peaceful, family-friendly environment.
• Proximity to Nature: The city is surrounded by parks, trails, and conservation areas, providing ample opportunities for outdoor activities.
• High-Quality Education: Richmond Hill is known for its top-rated schools, attracting families looking for the best educational opportunities for their children.

7. Burlington: The Perfect Blend of City and Nature

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?

• Scenic Views: Burlington’s location on the shores of Lake Ontario offers stunning waterfront views and outdoor activities.
• Strong Community: The city is known for its strong sense of community, with numerous events, festivals, and public spaces.
• Convenient Location: Burlington’s proximity to both Toronto and Hamilton makes it an ideal location for commuters.

8. Milton: The Fast-Growing Suburban Gem

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?

• Affordability: Compared to other cities in the Greater Toronto Area (GTA), Milton offers relatively more affordable housing options while still maintaining a high standard of living.
• Family-Oriented: Milton is known for its excellent schools, parks, and community centers, making it an attractive location for families.
• Proximity to Nature: The city is close to several conservation areas and parks, providing residents with ample opportunities for outdoor activities.

9. Hamilton: The Rising Star of Ontario Real Estate

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?

• Cultural Renaissance: Hamilton’s arts and culture scene has flourished in recent years, with new galleries, theaters, and music venues popping up across the city.
• Economic Growth: The city’s economy has diversified, with growth in sectors like healthcare, education, and technology.
• Affordable Living: While prices are rising, Hamilton still offers more affordable real estate options compared to cities like Toronto and Oakville.

10. Whitby: The Hidden Gem of the Durham Region

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?

• Community-Focused: Whitby is known for its tight-knit community, with plenty of local events, festivals, and family-friendly activities.
• Proximity to Toronto: The city offers an easy commute to Toronto, making it an attractive option for professionals who work in the city but prefer a suburban lifestyle.
• Access to Nature: Whitby is close to Lake Ontario and several parks, providing residents with ample opportunities for outdoor recreation.

Conclusion: Navigating Ontario’s Expensive Real Estate Markets

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.

Ontario

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).

These Are the Most Expensive Cities in Ontario for Real Estate- Chart

Most Expensive Cities Ontario/HelloSafe

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

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