If you’re thinking it’s taking longer to break into the Ontario housing market, you’re not alone- and the stats back it up. The median age of first-time homebuyers in Ontario has jumped from 36 to 40 over the past decade, according to a recent Teranet report, a clear sign of how affordability struggles are reshaping the path to homeownership.
Why Are First-Time Buyers Getting Older?
Back in 2014, the typical first-time buyer in Ontario was 36 years old. Fast forward to 2019, and that number had already crept up to 38. Now, in 2024, the average first-time buyer is 40 years old, marking a five-year age jump in just ten years.
Teranet’s findings point to one core issue: affordability.
“This buyer segment is getting older and waiting longer to enter the Ontario real estate market,” the report notes, calling it a “testament to the likely effects of the affordability challenges in the Ontario housing market.”
Home Prices Have Soared—Even With Recent Corrections
Ontario’s real estate market saw unprecedented price hikes during the pandemic. Although prices have cooled slightly in some regions, the average home price is still nearly double what it was a decade ago. Cities like Hamilton, London, and Tillsonburg have seen even sharper increases.
The Royal Bank of Canada’s Housing Affordability Report confirms that despite recent drops in interest rates, the cost of homeownership remains historically high. In fact, ownership costs are at their worst since 1990.
The Toronto Squeeze
In Toronto specifically, the median household now needs to spend 71% of its pretax income on basic housing costs- mortgage payments, property taxes, and utilities. That’s a huge jump from just 50% a decade ago, making it nearly impossible for many younger buyers to compete.
Sources:
- Teranet Market Insight Report (2024)
- First-time homebuyers in Ontario are getting older, and fast – The Globe and Mail
Canada Housing Market 
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