Where in Ontario Are Home Values Holding Up in 2025?

Comparing Real Estate Winners: GTA, Ottawa, Hamilton, Waterloo, Windsor & Northern Ontario

Ontario’s housing market in 2025 is showing very different stories depending on where you look.
While some cities are still cooling, others are holding firm, or even seeing small rebounds.
Here’s a breakdown of how home prices are faring across major regions in Ontario right now.

Ontario’s Market Overview

Across the province, home prices have dipped overall, but not evenly.

The average Ontario home price in August 2025 was $787,500, down 6.7% year-over-year.
Higher mortgage rates, increased inventory, and cautious buyers are keeping the market balanced.
But local job markets, affordability, and population growth are helping some regions hold steady.

(Source: Nesto.ca – Ontario Housing Market Outlook 2025)

Greater Toronto Area (GTA)

The GTA remains Canada’s largest and most competitive market — but prices have softened slightly.

Benchmark home price (Sept 2025): ~$960,300 (-5.5% YoY)
Average price: ~$1,059,377 (-4.3% YoY)
Condo segment: Most affected, with higher inventory and slower sales

Despite the dip, demand remains high for move-in-ready homes and suburban properties in Durham, Peel, and Halton. Buyers are more selective, but the GTA continues to attract strong migration and investor interest.

(Source: WOWA.ca – Toronto Housing Market)

Ottawa

Ottawa’s real estate market continues to show resilience.

Average home price (Sept 2025): $675,195 (-0.6% YoY)
Sales volume: Down only 2.1% from last year
Stable employment in government and tech helps keep housing demand consistent

Compared to other major cities, Ottawa’s price corrections have been mild, making it one of Ontario’s most balanced markets.

(Source: AgentInOttawa.com – Market Stats)

Waterloo Region

The Waterloo-Kitchener-Cambridge area is also holding up well.

Prices in most of the region are down only about 1–2% YoY, which is far less than the provincial average.
The area’s tech sector, universities, and proximity to the GTA keep demand strong for both buying and renting.

As Toronto prices remain high, many buyers continue relocating to Waterloo Region for more space and better value.

(Source: WOWA.ca – Ontario Housing Market)

Hamilton

Hamilton is seeing one of the larger corrections this year, but some signs of recovery are emerging.

Average price (Aug 2025): $754,000 (-10.3% YoY)
Detached homes: $840,700 (-7.8%)
Condos: $496,400 (-4.8%)
By October, average prices had rebounded slightly to ~$807,000

Hamilton’s affordability compared to Toronto and strong commuter access continue to draw interest, especially from first-time buyers and investors.

(Sources: Nesto.ca – Hamilton Market Outlook, Zolo.ca – Hamilton Trends)

Windsor & Southwestern Ontario

Windsor remains one of Ontario’s most affordable housing markets.

Average prices hover between $525,000–$550,000, depending on property type.
The region’s affordability and border economy with Detroit continue to attract out-of-province buyers.

While growth has slowed since 2022, Windsor has not experienced the deep price drops seen in pricier cities.

(Source: HomesFound.ca – Ontario Market 2025)

Northern Ontario

Smaller Northern Ontario cities like Sudbury, North Bay, and Thunder Bay have been the most stable overall.

Prices remain largely flat year-over-year.
Local demand is steady, with fewer speculative investors and slower turnover.
Lower price points cushion these markets from large swings.

Northern Ontario continues to appeal to those seeking affordability, remote work options, and smaller-town lifestyles.

(Source: WOWA.ca – Ontario Housing Market)

Why Some Regions Are Holding Up

Strong employment: Government, tech, and education sectors keep demand high in Ottawa and Waterloo.
Affordability: Windsor and Northern Ontario still attract first-time buyers and families priced out of the GTA.
Migration trends: Remote work and interprovincial migration continue to shift demand toward smaller, more affordable cities.
Stable local economies: Areas less reliant on speculative investment or international buyers are faring better.

Key Takeaway

Ontario’s housing market isn’t one-size-fits-all.

Stable: Ottawa, Waterloo, Northern Ontario
Moderately declining: GTA, Windsor
Recovering after correction: Hamilton

While the overall provincial average is lower than last year, many regions are already showing signs of stabilization heading into late 2025.

References:

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