A house is an asset that will likely be the most valuable, and most expensive, purchase of your life. Buying a home is a huge financial undertaking and one that requires sound financial discipline and a sizable down payment. If you've got your sights set on buying a home in Ontario, you'd be well-advised to find out what the average house price is before you shop for a mortgage.
Some of the more expensive real estate markets in Canada are located in Ontario, with Toronto being one of the highest. As of September 2026, the average home in Ontario sold for $791,691, well above the average house price in Canada, though what you'll actually pay depends heavily on which city you buy in.
Key Points
- The average house price in Ontario was $791,691 in September 2026, down 4.3% from a year earlier.
- York Region and Oakville-Milton are the priciest markets in the province, with typical prices above $1 million.
- Ontario is the second most expensive province after British Columbia, sitting about $125,000 above the national average.
- On an average-priced home, expect a monthly mortgage payment of roughly $3,700 to $4,500, depending on your down payment.
- Before you shop, work out your GDS and TDS ratios and budget for property taxes, insurance, utilities and upkeep.
What Is The Average House Price In Ontario?
As of September 2026, the average price for a home in Ontario is $791,691. That's a 4.3% decrease from September 2025.1
Ontario's MLS HPI composite benchmark price, which tracks the value of a typical home rather than the mix of homes that happened to sell, was $736,300 in September 2026.2 That is 26.7% below the March 2022 peak of $1,005,100, but still nearly three times the $253,300 benchmark from January 2005.
Ontario Benchmark Home Price, 2005 To 2026
Peak $1,005,100 in March 2022 | September 2026: $736,300
Source: CREA MLS Home Price Index, Ontario composite benchmark price, not seasonally adjusted.
Prices vary widely from city to city. These are some of the most expensive markets in Ontario, along with their typical house prices:
| Market | Price (September 2026) | Year-Over-Year Change |
|---|---|---|
| York Region | $1,137,114 | -3.3% |
| Oakville-Milton* | $1,023,000 | -4.2% |
| Greater Toronto* | $917,600 | -4.6% |
| Mississauga* | $903,600 | -6.4% |
| Durham Region | $812,081 | -6.4% |
| Hamilton-Burlington* | $718,600 | -5.1% |
| Ottawa* | $623,500 | -0.3% |
| Kingston and area* | $542,800 | +0.5% |
Source: CREA (September 2026).1 Markets marked with an asterisk show the MLS HPI benchmark price, and the rest show the average price. Greater Toronto and its surrounding regions hold the top spots, while Kingston was one of the only markets in the province where prices edged up over the year.
Comparing The Average House Price In Ontario To Canada
Ontario is well above the national average, and only British Columbia costs more to buy into.
| Region | Home Prices (September 2026) | Year-Over-Year % Change |
|---|---|---|
| Canada | $666,538 | -1.6% |
| British Columbia | $923,887 | -2.4% |
| Ontario | $791,691 | -4.3% |
| Quebec | $563,241 | 2.2% |
| Alberta | $525,308 | 5.2% |
| Nova Scotia* | $423,200 | -2.5% |
| Manitoba* | $388,200 | 3.4% |
| Prince Edward Island* | $377,900 | 0.5% |
| Saskatchewan* | $376,700 | 2.8% |
| Newfoundland and Labrador* | $355,600 | 5.5% |
| New Brunswick* | $341,700 | 2.7% |
Source: CREA (September 2026).1 Provinces marked with an asterisk show the MLS HPI benchmark price, and the rest show the average price. Ontario posted the steepest annual decline of any province, while most of the Prairies and Atlantic Canada are still seeing modest gains.
Average Home Prices Across Canada
Why Is The Average House Price In Ontario So High?
Ontario is home to some of the busiest real estate markets in the country, including the likes of Toronto and the surrounding GTA. Toronto is the largest city in Canada and home to the Toronto Stock Exchange and the head offices of the country's biggest banks, so plenty of people want to live within commuting distance of the jobs there.
Toronto is also one of the most multicultural cities in the world, with a large population of immigrants. More jobs and more people competing for a limited number of homes keep prices high.
That demand spills into the cities around Toronto, which is why York Region, Oakville-Milton and Durham Region all sit near the top of the price table above.
Northern Ontario is far cheaper, with benchmark prices of $311,800 in Sault Ste. Marie and $498,000 in Sudbury.1 But far fewer homes sell in those markets, so the GTA has a much bigger pull on the provincial average.
What Would Your Monthly Payments Be On An Average Ontario Home?
If you bought a home at Ontario's average price of $791,691, your monthly mortgage payment would depend mostly on how much you put down and the interest rate you lock in. The examples below use a 25-year amortization and an example fixed rate of 5%.
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| Down Payment | Amount Down | CMHC Insurance Premium | Total Mortgage | Monthly Payment |
|---|---|---|---|---|
| Minimum (6.84%)* | $54,169 | $29,501 (4.00%) | $767,023 | $4,461 |
| 10% | $79,169 | $22,088 (3.10%) | $734,610 | $4,273 |
| 20% | $158,338 | None | $633,353 | $3,684 |
*The minimum down payment is 5% of the first $500,000 plus 10% of the amount above $500,000. On a $791,691 home, that is $25,000 plus $29,169, for a total of $54,169, or 6.84% of the price.
These numbers are for illustrative purposes only. Actual numbers may vary.
With less than 20% down, you pay a mortgage default insurance premium that gets added to your mortgage, which is why the smaller down payments carry a larger loan. In Ontario, provincial sales tax also applies to that premium, and you have to pay the tax up front because it can't be added to the loan.
How Your Interest Rate Changes The Payment
With 20% down, you would borrow $633,353. Every half-point change in your rate moves the monthly payment by roughly $170 to $190.
| Interest Rate | Monthly Payment | Total Interest Over 25 Years |
|---|---|---|
| 4.0% | $3,332 | $366,116 |
| 4.5% | $3,505 | $418,278 |
| 5.0% | $3,684 | $471,731 |
| 5.5% | $3,866 | $526,427 |
| 6.0% | $4,052 | $582,317 |
These numbers are for illustrative purposes only. Actual numbers may vary.
To run your own numbers with a different price, down payment or rate, use the mortgage calculator below.
Mortgage Calculator
| Amortization | Payment | Total interest | Total paid |
|---|---|---|---|
| 15 years | $3,356.62 | $164,191.53 | $604,191.53 |
| 20 years | $2,773.78 | $225,707.84 | $665,707.84 |
| 25 years | $2,435.28 | $290,584.30 | $730,584.30 |
| 30 years | $2,218.55 | $358,677.44 | $798,677.44 |
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| Year 1 | $9,805.24 | $19,418.13 | $430,194.76 |
| Year 2 | $10,251.44 | $18,971.93 | $419,943.33 |
| Year 3 | $10,717.94 | $18,505.43 | $409,225.38 |
| Year 4 | $11,205.67 | $18,017.70 | $398,019.71 |
| Year 5 | $11,715.60 | $17,507.77 | $386,304.11 |
| Year 6 | $12,248.74 | $16,974.64 | $374,055.37 |
| Year 7 | $12,806.13 | $16,417.24 | $361,249.24 |
| Year 8 | $13,388.89 | $15,834.48 | $347,860.35 |
| Year 9 | $13,998.17 | $15,225.20 | $333,862.18 |
| Year 10 | $14,635.17 | $14,588.20 | $319,227.01 |
| Year 11 | $15,301.16 | $13,922.21 | $303,925.85 |
| Year 12 | $15,997.46 | $13,225.91 | $287,928.39 |
| Year 13 | $16,725.45 | $12,497.93 | $271,202.94 |
| Year 14 | $17,486.56 | $11,736.81 | $253,716.38 |
| Year 15 | $18,282.31 | $10,941.07 | $235,434.07 |
| Year 16 | $19,114.27 | $10,109.11 | $216,319.81 |
| Year 17 | $19,984.08 | $9,239.29 | $196,335.72 |
| Year 18 | $20,893.49 | $8,329.89 | $175,442.24 |
| Year 19 | $21,844.27 | $7,379.10 | $153,597.97 |
| Year 20 | $22,838.32 | $6,385.05 | $130,759.65 |
| Year 21 | $23,877.61 | $5,345.77 | $106,882.04 |
| Year 22 | $24,964.19 | $4,259.19 | $81,917.86 |
| Year 23 | $26,100.21 | $3,123.16 | $55,817.64 |
| Year 24 | $27,287.94 | $1,935.44 | $28,529.71 |
| Year 25 | $28,529.71 | $693.66 | $0.00 |
Estimates only. How we calculate: home price minus your down payment, repaid in equal payments at your rate, with interest compounded semi-annually, as fixed-rate mortgages in Canada usually are. Accelerated payments are your monthly payment split in two (bi-weekly) or four (weekly), which pays the mortgage off sooner. With less than 20% down on a home under $1.5 million, the CMHC default insurance premium (2.80% to 4.00% of the loan, by down payment) is added to the mortgage; in Ontario, Quebec and Saskatchewan, the provincial sales tax on it is due at closing and isn't included. Property tax and other fees are not included.
How Much Land Transfer Tax Will You Pay In Ontario?
Every time you buy a home in Ontario, you pay provincial land transfer tax on the purchase price. It's charged in brackets, so each portion of the price is taxed at its own rate.3
| Portion Of The Purchase Price | Tax Rate |
|---|---|
| Up to $55,000 | 0.5% |
| $55,000 to $250,000 | 1.0% |
| $250,000 to $400,000 | 1.5% |
| $400,000 to $2,000,000 | 2.0% |
| Over $2,000,000 (one or two single-family homes) | 2.5% |
If you buy in Toronto, you also pay the City's municipal land transfer tax on top of the provincial one. For homes under $2 million, Toronto uses the same rates as the province, so your total land transfer tax roughly doubles.4
First-time buyers get some of it back. Ontario refunds up to $4,000 of the provincial tax, and Toronto rebates up to $4,475 of the municipal tax. To qualify for either, you have to be at least 18 and you can't have owned a home anywhere in the world before.
| Where You Buy | Land Transfer Tax | If You're A First-Time Buyer |
|---|---|---|
| Outside Toronto (provincial tax only) | $12,309 | $8,309 |
| Toronto (provincial and municipal tax) | $24,618 | $16,143 |
These numbers are for illustrative purposes only. Actual numbers may vary.
Land transfer tax is due when your purchase closes, and it comes on top of your down payment. On an average-priced home in Toronto, that's close to $25,000 due at closing, so build it into your savings target from the start.
Do Mortgage Interest Rates Affect House Prices?
Mortgage interest rates can have a huge impact on buyer demand. When mortgage rates are very low, home loans are much more affordable to take out. Low rates incentivize buyers to come out of the woodwork and get into the real estate market to take advantage of these savings. That means more people are looking to buy, which can help boost home prices.
On the other hand, when rates skyrocket, mortgage affordability plummets, which can decrease demand and ultimately keep home prices lower. Fixed mortgage rates jumped heading into the fall of 2026, and Ontario home sales in September fell 8.3% from a year earlier.1
What Other Factors Affect The Average House Price In Ontario?
Demand is one of the biggest drivers of the average house price in Ontario, and several things shape how much of it there is:
The Temperature Of The Market
Is it currently a "buyer's market" or "seller's market" in the city you plan to buy in? The answer to this question will impact what the going price for homes currently is. In a buyer's market, the demand for homes is not as strong, as there are usually more homes available for sale than buyers looking to make a purchase. In this case, the price for homes would be lower.
On the other hand, a seller's market is characterized by few homes available for sale compared to the number of buyers looking, which would drive demand up among buyers and simultaneously increase home prices.
Ontario as a whole is leaning toward buyers right now. At the end of September 2026, the province had 5.4 months of inventory, well above the long-run average of 3.4 months for that time of year.1 If you're shopping, that means more homes to choose from and more room to negotiate on price.
Economy
When the economy is strong and people have more job security and earn better wages, there is usually stronger consumer sentiment. People generally will have more money to spend, including on real estate.
In this case, there may be more demand for housing and a stronger ability to afford homes, which can help keep home prices up. But amid a weak economy and higher unemployment, buying power is not as strong, which can reduce demand and thus keep home prices from increasing.
Location
A desirable location will increase the value of a home. For example, the same home would command a higher price if it's located on a quiet cul-de-sac with proximity to the downtown core compared to if it was located on a busy street in a high-crime neighbourhood.
Age And Condition Of The Home
Generally speaking, an older home that's in poor condition and is filled with outdated materials will be valued lower than a newer home with more modern finishes. Not only is a newer property more aesthetically appealing, but it's also less likely to require repairs, influencing its value and the price that sellers can list.
Features
Certain features are considered more desirable than others, and as such, they bring the value of the home up. For instance, features like hardwood flooring, natural stone countertops, or stainless steel appliances are considered attractive to most buyers.
Size
A larger home is generally valued higher than a home that is short on square footage. Of course, there are some exceptions. But in general, the fact that more land and materials are needed to construct a larger home will likely translate into a higher price compared to a much smaller property.
How Much Should You Spend On A Home In Ontario?
Setting a budget before you start shopping keeps you from wasting time on homes that are outside your price range. These steps will help you work out your mortgage affordability and what you can comfortably spend.
Make A Detailed List Of All Expenses
Do you have a firm grasp on your expenses every month? Sure, you might have a good idea of how much you pay for the heating bill or your cell phone bill, but have you taken into account all expenses that go out each month? Consider the following expenses:
- Utilities
- Car loans
- Student loans
- Credit card bills
- Groceries
- Entertainment
- Gas
- Car insurance
- Personal loans
- Subscriptions
- Miscellaneous expenses
Make sure to calculate exactly how much you spend every month and compare it to your income. That way you'll have a clear idea of how much money you have left, which will also tell you roughly how much of your income you can dedicate to a mortgage.
Determine Your GDS And TDS
Your GDS and TDS make up your debt service ratio. They're the two ratios lenders use to decide how much of your income can go toward mortgage payments, and they check both before approving you for a specific loan amount.
Your Two Debt Service Ratios
Gross Debt Service (GDS) Ratio: Your GDS is a measure of your housing debt, including the principal, interest, taxes, and half of your condo fees, if applicable, that you would be paying in comparison to your income. This ratio should be no more than 30% to 39%, or your lender may consider it too risky to lend you the amount you requested.
Total Debt Service (TDS) Ratio: Your TDS is a measure of all of your debt, including housing debt, that you would be paying relative to your income. This ratio should be no more than 42% to 44%, otherwise, you may not be approved for the loan amount you're applying for.
Based on your GDS and TDS, your lender will determine how much of a loan amount you can get approved for. With this figure in mind, you'll have a better idea of the price range you should stick to when searching for a home to buy in Ontario.
Calculate The Costs Of Owning A Home In Ontario
There are plenty of bills that come with owning a home, which you should account for before you make an offer on a property. The following are some of the more common expenses that come with owning a home:
| Expense | What To Expect |
|---|---|
| Property taxes | Your property tax rate depends on where your home is located and its assessed value. Each municipality in Ontario sets its own rate, which is multiplied by your home's assessed value to give you the amount you pay every year. In Toronto, the 2026 total residential rate is 0.767311%, so a home assessed at $500,000 would owe about $3,836.56 a year.5 |
| Home insurance | Lenders require a home to be insured for you to be able to take out a mortgage on your home. |
| Utilities | Heating and cooling, electricity, gas, water, and cable are just some of the utilities that you'll be paying every month to keep your home operational and comfortable. Similarly, hot water tanks and certain air conditioners are rentals and require monthly payments. |
| Maintenance and repairs | Things can start to break down after some wear and tear, which costs money to repair. |
| Condo fees | If you live in a condo, you'll have the added expense of monthly condo fees, though these fees will cover some of the other expenses that you would otherwise have to pay if you owned a freehold home. |
Final Thoughts
Ontario is one of the more expensive provinces in Canada to buy a home, especially in busy centres like Toronto. At the average price of $791,691, you're looking at a mortgage payment of roughly $3,700 to $4,500 a month before taxes, insurance and upkeep. No matter which city you plan to buy in, take the time to assess your finances, save up for a down payment, and stick to a home you can comfortably afford.
Average House Price In Ontario FAQs
What is the average cost of a house in Ontario?
How large of a down payment do I need to pay for a house in Ontario?
- For houses that cost $500,000 or less, a minimum 5% down payment is required.
- For houses that cost between $500,000 and $1.5 million, a minimum 5% down payment is required for the first $500,000 and 10% for the amount above $500,000.
- For houses that cost $1.5 million or more, a minimum 20% down payment is required.
What is the monthly mortgage payment on an average home in Ontario?
How much is land transfer tax on an average home in Ontario?
Do I need home insurance in Ontario?
How have home prices in Ontario changed over the past year?
What factors impact housing prices in Ontario?
Which cities in Ontario have the highest housing prices?
Are there any government programs for first-time homebuyers in Ontario?
Sources
- Canadian Real Estate Association (CREA). (2026). National price map and Ontario housing market statistics (September 2026). https://www.crea.ca/housing-market-stats/canadian-housing-market-stats/national-price-map/
- Canadian Real Estate Association (CREA). (2026). MLS Home Price Index data, not seasonally adjusted (monthly), Ontario. https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/
- Ontario Ministry of Finance. (2026). Calculating land transfer tax. https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax
- City of Toronto. (2026). Municipal land transfer tax and municipal non-resident speculation tax rates and fees. https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/municipal-land-transfer-tax-mltt-rates-and-fees/
- City of Toronto. (2026). Property tax rates and fees. https://www.toronto.ca/services-payments/property-taxes-utilities/property-tax/property-tax-rates-and-fees/
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