The Median Age To Buy A Home In Ontario Is 40, Report Shows

How old are first-time buyers in Ontario in 2025? See the latest median age, how Ontario compares nationally, why buyers are getting older, city-level “years to save” benchmarks, and practical tips to buy sooner.

The quick answer

The median first-time buyer in Ontario is ~40 (2024 reading), up from 36 a decade ago, reflecting worsening affordability. Source : Teranet
Nationally, first-time buyers still skew 25-34, but the share of older first-timers has grown as people rent longer and save longer. Source: cmhc-schl.gc.ca

Ontario vs Canada: who’s buying, and when?

Ontario: Teranet reports the median first-time buyer age climbed to 40 in 2024 (36 in 2014, 38 by 2019). Affordability headwinds are the key driver. Teranet
Canada overall: CMHC’s Mortgage Consumer Survey shows first-time buyers are still concentrated in ages 25-34, but many postpone purchases; in 2024, first-timers were the most likely group to delay because of rates and costs. cmhc-schl.gc.ca+1

How long are people saving before they buy?

2025 CMHC survey: the average time to save a down payment across buyers was ~3.4 years (down from 4.2 years in 2024), with many receiving gifts and buying with a co-purchaser. assets.cmhc-schl.gc.ca+1
City “years to save” lens: National Bank’s Housing Affordability Monitor tracks how many months a median-income household needs to save the minimum insured down payment (assuming a 10 percent savings rate) in major CMAs like Toronto, Hamilton, and Ottawa-Gatineau. Use these benchmarks to compare cities. nbc.ca

Why this matters: Even if your age matches the “average,” time to save depends more on your city, income, and price tier than your birthday.

By city (Ontario CMAs): how to benchmark your “years to save”

Use National Bank’s method for Ontario metros they cover (e.g., Toronto, Hamilton, Ottawa-Gatineau). It estimates months to save for the minimum down payment on a representative home when saving 10 percent of pre-tax income. As prices or incomes change, your months move accordingly. nbc.ca

Toronto: Highest bar in Ontario due to price-to-income levels.
Hamilton: Lower than Toronto but still elevated vs many Canadian cities.
Ottawa-Gatineau (ON side): Typically more attainable than Toronto, with public-sector income stability helping savings timelines.
Other Ontario cities (London, Windsor, Waterloo Region, etc.): Not all are in the National Bank table, but you can approximate using local benchmark prices, your household income, and the method below.

Why the average age keeps rising

Affordability squeeze: Rapid price growth vs wages; even with recent improvements, the burden remains high in big markets. nbc.ca
Higher carrying costs: Stress test, insurance, and taxes make qualification harder for lower incomes.
Longer renting phases: CMHC finds most first-timers rent for years before buying, and many postponed during the high-rate period. cmhc-schl.gc.ca+1
Delayed household formation: Career changes, education, childcare costs, and later partnerships push timelines out (supported by CMHC survey narratives). cmhc-schl.gc.ca

Tips to buy sooner (without over-stretching)

Stack your accounts: Max the FHSA and add RRSP HBP if eligible to lift your down payment faster. (See our First-Time Buyer Playbook for links.)
Target the right micro-market: Shift neighborhoods or property type (e.g., condo or stacked town) to cut years off your savings timeline.
Co-buy smartly: CMHC shows many first-timers buy with someone other than a spouse; document roles, exit options, and costs ahead of time. assets.cmhc-schl.gc.ca
Crush expensive debts first: Reducing non-mortgage debt can improve your qualification and lower your rate tier.
Consider a longer amortization initially: Lowers the qualifying payment; you can prepay later once income rises.
Shop incentives: Federal and provincial programs (transfer-tax rebates, GST/HST new housing rebates) can trim cash needed. Start with official pages. Canada.ca

Sources and further reading

Teranet Market Insights (Q1 2025): Ontario median first-time buyer age rose to 40 in 2024 (36 in 2014, 38 by 2019). Teranet
CMHC Mortgage Consumer Survey 2025: average 3.4 years to save in 2025 (down from 4.2 in 2024); more co-purchasing and gifting. assets.cmhc-schl.gc.ca+1
CMHC Mortgage Consumer Survey 2024: first-timers concentrated in 25-34; many postponed purchases amid higher rates. cmhc-schl.gc.ca+1
National Bank Housing Affordability Monitor (Sept 17, 2025): city-level methodology for months to save a minimum down payment; Ontario CMAs include Toronto, Hamilton, Ottawa-Gatineau. nbc.ca

A Review of Ontario’s Housing Market in 2024 | TeraIntelligence

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