[Barometer] Real Estate In Ontario: A 25.6% Increase In Prices Over 2021

In Ontario and Canada, the presence of coronavirus variants is decreasing yet the rise in real estate prices doesn't stop increasing. This is the observation is taken from January 2022. During this time, prices rose by 25.6% compared to 12 months earlier. This is 4.6% more than at the national level, where prices increased by 21.0% on average during the same period of time.

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Median Price 2021

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Median Price 2022

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A 25.6% increase in real estate during Ontario in the 12 past months

+25.6%

...is the increase in real estate prices in Ontario between January 2021 and January 2022 (≃ $998,629)

$1,259,900

...is the average price for a real estate transaction in January 2022 in the Greater Toronto (+33.3%)

+21.0%

...is the rise of price for real estate in 2022 across Canada
(≃ $748,439)

Despite an unprecedented economic crisis due to Covid-19 pandemic, Ontario's and Canada's housing market is not slowing down, it is actually the opposite case. Ontario's real estate prices have increased faster since the beginning of this crisis than in the whole country - 25.6% vs 21.0% in January 2022. Which proves Ontario's housing market dynamism despite the gloomy circumstances of the Covid-19.

What are the 10 most expensive cities in Ontario for real estate?

Here below are ten cities where real estate prices are the highest in Ontario. No surprise, we can see that the majority of them are located around Greater Toronto:

Source : CREA

At the beginning of the year, 7 towns in the province exceeded $1 million for the purchase of real estate goods, against only two last year. The Ontario real estate experienced an overall increase of 25.6% in transaction prices over the past 12 months - a very significant price explosion for the market, which does not seem to be impacted by the Covid-19 crisis.

The first three cities are experiencing an overall growth of 34.2%, almost a third of their price compared to January 2021.

Top 10 cities of OntarioAverage price for a real estate transaction
(Jan 2022)
Average price for a real estate transaction
(Jan 2021)
Ontario (global)$998,629$795,322
Oakville-Milton$1,645,000$1,179,500
York Region$1,512,582$1,164,363
Greater Toronto$1,259,900$945,200
Mississauga$1,257,600$993,600
Durham Region$1,168,047$866,731
Hamilton-Burlington$1,058,000$796,200
Orangeville$1,023,219$751,291
Cambridge$940,700$660,700
Kitchener-Waterloo$924,900$674,700
Guelph & District$910,400$694,300
Source : CREA

With an increase of almost 40%, Oakville-Milton is therefore the most expensive city in Ontario, with an average transaction level superior to $1.6 million, and nearly two times the average price of the province. The purchase of real estate in Ontario now has a very significant cost which has rarely been reached in recent years.

Half of Ontario cities have seen their real estate prices rise by more than a third in 2021

This has never been seen before, the crisis seems not to have stopped that dynamism. On the contrary. The real estate market is in better shape than ever, with ever-increasing prices all around Ontario.

Top 10 cities of OntarioAverage increase for a real estate transaction
(Jan 2021 to Jan 2022)
Ontario (global)25.6%
North Bay46.0%
Bancroft & Area45.0%
Cambridge42.4%
Brantford Region42.0%
Renfrew County41.4%
Kawartha Lakes40.1%
Oakville-Milton39.5%
Barrie & District39.3%
London & St. Thomas37.8%
Kitchener-Waterloo37.1%
Source : CREA

As a dynamic city and Ontario's second city in terms of population, Ottawa is 'only' the 17th most expensive area in the province for real estate (10th last year). However, prices in Ottawa are growing fast since 2006. It's average real estate price in 2005 was $226,600, and it has now raised $689,700 in January 2022, more than tripling in 15 years!

Ontario the second most expensive province for estate price in Canada

As of January 2022, Ontario ranks the second most expensive province of Canada in regards to the housing market, with an average of 1 million transaction prices. Only BC has higher prices, with an average transaction price

Indeed, the average price of a property in Canada is around $748,500 in January 2022, according to data released by the CREA. Buying real estate in Ontario costs on average 33.4% more than in the rest of the country.

RangeProvinces & TerritoriesAverage price for a real estate transaction (January 2022)
1British Columbia$1,040,888
2Ontario$998,629
-Canada (global)$748,439
3Quebec$474,941
4Alberta$443,398
5Nova Scotia$392,828
6Yukon$391,158
7Prince Edward Island$351,890
8Manitoba$338,772
9Newfoundland & Labrador$324,800
10Northwest Territories$295,583
11Saskatchewan$285,700
12New Brunswick$275,000
-NuvanutNo data
Ranking of Canadian provinces by average price of a real estate transaction (data: CREA)

On the other hand, New Brunswick is the province where buying real estate goods is the least expensive, with a $275,000 average transaction price - which is 73.5% less in comparison to BC!


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Alexandre Desoutter, editor-in-chief at HelloSafe Canada

«The 2021 real estate numbers are very impressive as concerns Ontario. Despite difficult circumstances related to the Covid pandemic, the housing markets prices remain crazy, with now many areas where you to invest more than $1 million to have a house. The question now is: when and how that exponential trend will stop? Let's just hope that the housing market bubble do not explode all of a sudden in the future».

Our methodology 

Please note that the above-mentioned information is accurate at the date it is published. All our studies are based on reliable information sourced from public and privates organization. For further information on our editorial guidelines please click here.

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