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Ontario Housing Market as of July 2023

Plummeting Ontario home prices, in the wake of two Bank of Canada rate hikes in June and July 2023, have caused the average Ontario home price to fall to a new low for the year. 

The GTA is slightly outperforming other areas of the province, even as climbing mortgage rates continue to spook already weary homebuyers in one of the most expensive markets to buy a home in Canada. For those looking to buy a house in Toronto, you'll need a minimum income of more than $213,000 to afford an average home, based on the City of Toronto’s average home price of $1,066,184 for July 2023. You’ll also need to cough up at least $213,000 as a down payment.

The Greater Toronto Area (GTA) housing market, which accounted for 13% of all home sales in Canada for the month of July 2023, saw prices fall 5% compared to last month, slightly less than the 6% fall in the provincial average price. Similarly, the GTA’s annual price gain stood at 4%, beating out the provincial average’s annual...

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