Ontario Real Estate Market

Ontario Housing Market as of October 2025

Ontario’s housing market kept cooling further year-over-year in October 2025 as rising supply continued to reshape conditions across the province. There were 15,078 home sales in Ontario for the month, a 5.7% decline from a year earlier. Sales activity sat 2% below the five-year average and well under longer-term norms for October, reflecting a market that is still adjusting to higher inventory and slower demand.

New listings remained the dominant story. A total of 35,575 homes were brought to market in October 2025, representing a 5.6% year-over-year increase and marking the highest number of new listings for any October on record. The increase pushed active listings to 69,756, a 12.3% annual gain and the highest October level in more than fifteen years. With supply building, months of inventory reached 4.6, well above the long-run October average of 2.8 months and another sign that bargaining power continues to shift toward buyers.

The average Ontario home sold for $833,376 in October 2025, down 5.1% from last year. The year-to-date average came in at $839,394, a modest 3.5% from the same period in 2024. Nationally, Canada’s housing market saw prices ease 0.9% to $690,195. Ontario’s 5.1% year-over-year decline is the largest amongst all provinces for the month of October 2025.

Dollar-volume data underscored the slowdown. The total value of homes sold in Ontario reached $12.6 billion in October 2025, falling 10.6% from last year. For now, the Ontario housing market continues to absorb an influx of supply as buyers take more time and sellers adjust expectations heading into the winter season.

Ontario’s major markets moved further toward buyer-friendly conditions in October 2025. Sales-to-new-listings ratios (SNLR) fell across Ontario’s major cities year-over-year, with the GTA, City of Toronto, Mississauga, Brampton, Oshawa and Hamilton all sitting firmly in buyer’s market territory. Ottawa, London, Waterloo Region and the provincial average landed in balanced-market range, although each also posted a noticeable year-over-year decline in their SNLRs.

The average home price in the GTA in October 2025 was $1,054,372, down 7.1% year-over-year and down 0.5% monthly. The City of Toronto’s average home price is $1,069,807, down 8.2% year-over-year.

Some suburban areas, such as Mississauga and Brampton, are experiencing larger year-over-year price declines, with Mississauga average home prices down 10.5% year-over-year to $968,036. Similarly, the average Brampton home price is down 8.4% year-over-year to $934,245. Vaughan home prices are down 6.4% year-over-year, while Richmond Hill home prices are down 12.6% year-over-year.

Out west, Burlington home prices are down 8.9% annually, while Oakville home prices are down 9.0% annually.

Ottawa’s housing market had an average home price of $709,002, up 6.0% year-over-year and up 2.7% month-over-month. Ottawa’s benchmark home price has also increased year-over-year, up 0.7% to $622,700. Ottawa’s robust job market, particularly in the public sector, and high quality of life make it an attractive destination for Ontario homebuyers.

Kitchener-Waterloo and London have seen significant growth in the past few years, with their tech sectors attracting young professionals, although home price growth is slowing. The average home price in the Kitchener-Waterloo-Cambridge Region is now $734,928, down 5.7% year-over-year. In London’s housing market, the average home price is $605,560, down 2.8% year-over-year. That’s the lowest since January 2023

Central Ontario remained the most expensive region in October with an average price of $1,064,959. Prices fell 6.9% year-over-year as the GTA continued to adjust to higher listings and slower demand.

Southern Ontario, which includes Hamilton and Niagara, recorded an average price of $754,949, down 4.4% from last year. The region has long served buyers priced out of Toronto, although affordability remains stretched compared with earlier in the decade.

Northeastern Ontario posted an average price of $748,348, a small 1.6% decline compared with last October. The market has softened, but the adjustment has been more moderate than in Central Ontario. Eastern Ontario posted the strongest annual increase in the province. The regional average of $647,085 represented a 5.3% gain year-over-year, supported by steady demand in Ottawa and surrounding communities.

Western Ontario recorded an average price of $579,557, down 3.1% year-over-year. The region remains more affordable than markets around Toronto, and price movements have been comparatively stable. Northern Ontario remained the most affordable part of the province, with an average price of $397,820, a 3.5% increase year-over-year.