Canada Housing Market

Ontario’s housing market looks very different than it did just a few years ago.

While home prices remain elevated in many parts of the province, the correction that began in 2022 has created larger affordability gaps between Ontario’s most expensive and most affordable cities. Today, buyers willing to look beyond the Greater Toronto Area can often save hundreds of thousands of dollars on a home.

Based on the latest available housing market data, here’s how Ontario’s major housing markets compare in 2026.

Ontario’s Housing Markets Ranked By Average Home Price

Rank	City	Approx. Average Home Price (2026)
1	Timmins	~$304,000
2	Sault Ste. Marie	~$340,000
3	Thunder Bay	~$365,000
4	Cornwall	~$430,000
5	Greater Sudbury	~$470,000
6	Windsor	~$545,000
7	London	~$662,000
8	Ottawa	~$693,000
9	Hamilton	~$720,000
10	Kitchener-Waterloo-Cambridge	~$733,000
11	Niagara Region	~$740,000
12	Durham Region	~$875,000
13	Brampton	~$890,000
14	Mississauga	~$975,000
15	Toronto	~$1.02 million
16	Vaughan	Over $1.1 million
17	Markham	Over $1.2 million

Prices are approximate market averages based on the latest available MLS and regional real estate board data.

The Cheapest Places To Buy A Home In Ontario

Northern Ontario continues to offer the province’s most affordable housing.

Cities such as Timmins, Sault Ste. Marie, Thunder Bay, and Greater Sudbury remain among Ontario’s lowest-priced markets, with average home prices well below the provincial average.

While these communities often have smaller populations and different employment opportunities than Southern Ontario, they continue attracting buyers seeking significantly lower housing costs.

Southwestern Ontario Still Offers Value

Several Southwestern Ontario cities remain considerably more affordable than the GTA.

Windsor, London, and parts of the Niagara Region all offer average home prices that are hundreds of thousands of dollars below Toronto.

These markets have experienced strong population growth over the past several years as buyers search for better affordability while maintaining access to larger urban centres.

Ottawa Remains More Affordable Than The GTA

Despite being Canada’s capital, Ottawa remains substantially less expensive than the Greater Toronto Area.

Average home prices are roughly one-third lower than Toronto, while the city continues to benefit from a stable economy supported by government employment, technology, and education.

The GTA Still Dominates Ontario’s Highest Prices

Although prices have softened from their pandemic peaks, the Greater Toronto Area remains Ontario’s least affordable region.

Toronto, Vaughan, Markham, and parts of Peel Region continue to record average home prices approaching or exceeding $1 million.

Higher inventory and weaker investor demand have helped moderate prices over the past two years, but these markets remain among the most expensive in Canada.

Why Prices Vary So Much Across Ontario

Several factors continue driving the wide price differences between Ontario communities, including:

• Population growth
• Employment opportunities
• Housing supply
• Proximity to Toronto
• Transit access
• Local income levels

Communities within commuting distance of the GTA generally command higher prices, while Northern Ontario markets remain considerably more affordable due to lower demand and slower population growth.

Are Ontario Home Prices Still Falling?

It depends on the market.

Many GTA communities continue recording year-over-year price declines, particularly in the condominium sector.

Meanwhile, several smaller Ontario markets have begun stabilizing after experiencing more modest corrections.

According to recent CREA data, Ontario home prices remain below last year’s levels, but monthly activity has begun improving as buyers slowly return to the market.

What This Means For Buyers

For buyers focused on affordability, Ontario now offers more choice than it did during the height of the pandemic housing boom.

Those willing to relocate outside the GTA may find substantially lower home prices while still accessing growing employment markets and larger communities.

At the same time, buyers targeting Toronto and surrounding municipalities may benefit from increased inventory, softer pricing, and greater negotiating power than they have seen in several years.

Whether prices continue stabilizing or decline further will likely depend on interest rates, economic conditions, and buyer confidence during the remainder of 2026.

References

Canadian Real Estate Association. (2026). National price map. https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/national-price-map/

Canadian Real Estate Association. (2026). Quarterly forecast. https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/quarterly-forecasts/

Nesto. (2026). Ontario housing market outlook. https://www.nesto.ca/home-buying/ontario-housing-market-outlook/

WOWA. (2026). Ontario housing market update. https://wowa.ca/ontario-housing-market

WOWA. (2026). Toronto housing market update. https://wowa.ca/toronto-housing-market

ViewHomes. (2026). Most affordable cities in Ontario to buy a home in 2026. https://www.viewhomes.ca/blog/most-affordable-cities-in-ontario/

Zolo. (2026). Most affordable cities in Ontario. https://www.zolo.ca/blog/most-affordable-cities-ontario