Ontario Housing Market for February 2024
(Updated March 25th, 2024)
- Ontario’s benchmark home price was $868,200, up 0.1% year-over-year.
- Average home prices in Ontario increased by 0.9% year-over-year to reach $873,207
- Greater Toronto Area’s average home price increased by 1.2% year-over-year to $1,108,720
- City of Toronto’s average home price remained the same year-over-year, at $1,072,528
- Ottawa’s average home price increased by 3% year-over-year to $651,340
- Mississauga’s average home price decreased by 1.3% year-over-year to $996,259
- Brampton’s average home price increased by 0.5% year-over-year to $1,033,673
- Hamilton’s average home price decreased by 3% year-over-year to $778,23
Home prices in Ontario’s housing market jumped on a monthly basis in February 2024 as the average home price reached its highest level since June 2023. Ontario’s average home price for the month of February 2024 was $873,207, up 6.3% from last month’s price of $821,624 in January 2024. Ontario’s benchmark home price of $868,200 is also up 2.3% monthly. However, on an annual basis, Ontario’s average home price is up just 0.9% year-over-year, while the benchmark home price is up only 0.1% year-over-year. There were 12,787 home sales in Ontario during February 2024.
There was quite a positive upswing in active residential listings in Ontario, which increased by 18% from February 2023 to 32,776 – the highest number of active listings in five years for February. Meanwhile, there were 24,824 new residential listings, an increase of 27% from February 2023.
The sales-to-new-listings ratio (SNLR) in February 2024 was recorded at 51.5%. This ratio represents a balanced market, which has an SNLR of between 40% and 60%, and indicates that there is balanced buyer demand compared to seller supply in the housing market.
