The April 2025 housing market data reveals a continued softening trend across Ontario, particularly in suburban regions. The Greater Toronto Area experienced a 4.2% drop in average home prices year-over-year, with the City of Toronto showing more resilience, declining only 0.6%. In contrast, suburban areas like Mississauga and Brampton saw significant price decreases of 12% and 8%, respectively, indicating a stronger market correction outside the urban core. Hamilton also faced a moderate 3.3% decline, while mid-sized cities like Waterloo Region and Oshawa experienced milder decreases of 1.3% and 1.5%. Ottawa stood out for its stability, with no change in average home prices, likely due to the city’s steady employment base and public sector presence. Overall, these trends suggest that the demand surge seen in the suburbs during the pandemic has cooled, while urban centers remain relatively robust. With mortgage rates now dropping Ontario’s lowest 3-year fixed rate standing at 3.89% housing affordability is beginning to improve, potentially setting the stage for renewed buyer activity in the coming months.
Average home prices in April 2025 across key Ontario cities
Reference:
Canada Mortgage Rates. Market report summary for April 2025. Retrieved from https://www.canadamortgagerates.com/blog/market-report-summary-for-april-2025
