Top 10 Ontario Cities: From Luxury to Affordable Home Prices in 2024

by Sherwin Mamaradlo

Ontario’s real estate market offers a diverse range of options, from luxury homes in bustling urban centres to affordable properties in quieter towns. Whether you're a first-time homebuyer or looking to invest, understanding the market dynamics of Ontario's cities is crucial. In this blog, we’ll explore the top 10 cities in Ontario based on home prices, ranking from the most expensive to the most affordable. We'll also dive into where cities in the Niagara Region fall on this spectrum.

Top 5 Most Expensive Cities in Ontario

1. Toronto

Toronto consistently ranks as the most expensive city in Ontario for homebuyers. With an average home price of approximately $1,200,000, the city is known for its high demand and limited supply, especially in neighborhoods like Rosedale, Yorkville, and The Annex. Toronto’s real estate market is driven by its status as a global financial hub and cultural epicenter.

2. Oakville

Oakville, a picturesque town along Lake Ontario, is known for its luxurious homes and scenic views. The average home price in Oakville is around $1,150,000. Its proximity to Toronto and high-quality schools make it a prime location for affluent families.

3. Richmond Hill

Richmond Hill offers a suburban lifestyle with easy access to Toronto. The average home price here is approximately $1,100,000. The town is popular among families and professionals, thanks to its good schools, parks, and community services.

4. Markham

Markham, known for its diverse community and thriving tech industry, has an average home price of about $1,050,000. The city’s growth in recent years has made it a desirable location for both families and businesses.

5. Vaughan

Vaughan rounds out the top five with an average home price of $1,000,000. The city is known for its rapid development, shopping centers like Vaughan Mills, and new residential communities that attract both young professionals and families.

Top 5 Most Affordable Cities in Ontario

1. Windsor

Windsor tops the list as the most affordable city in Ontario, with an average home price of $540,000. Known as the "Automotive Capital of Canada," Windsor offers a lower cost of living while being directly across the border from Detroit, USA.

2. Sault Ste. Marie

With an average home price of $490,000, Sault Ste. Marie offers affordable living in a city known for its beautiful landscapes and outdoor activities. It's an ideal location for those looking for a quieter, more nature-centric lifestyle.

3. Thunder Bay

Thunder Bay’s average home price is around $470,000, making it one of Ontario's most affordable cities. The city offers a strong sense of community and a slower pace of life, with plenty of outdoor recreational opportunities.

4. Sudbury

Sudbury, with an average home price of $460,000, is known for its mining industry and large lakes. The city has been growing as a hub for healthcare and education, attracting new residents with its affordable housing market.

5. London

London is a growing city with an average home price of $450,000. Known for its vibrant arts scene and educational institutions like Western University, London offers a balanced lifestyle with more affordable housing options compared to larger cities.

Where Do Cities in the Niagara Region Fall?

The Niagara Region, famous for its wineries, waterfalls, and proximity to the U.S. border, offers a mix of affordable and moderately priced housing markets.

St. Catharines

St. Catharines, the largest city in the Niagara Region, has an average home price of around $700,000. Known as the "Garden City," it offers a mix of urban and suburban living with good schools and parks, making it a popular choice for families.

Niagara Falls

Niagara Falls, with an average home price of $680,000, is not only a world-famous tourist destination but also an attractive place to live. The city's affordability compared to larger urban centers, along with its scenic beauty, makes it a desirable location for both retirees and young families.

Welland

Welland, known for its rich history and the Welland Canal, has an average home price of $620,000. The city is gaining attention for its affordability and growing community, making it an ideal spot for first-time homebuyers.

Fort Erie

Fort Erie, with its average home price of $600,000, is a quiet town known for its beaches and proximity to Buffalo, NY. It's a great place for those seeking a peaceful lifestyle while still being close to the border and larger cities.

Niagara-on-the-Lake

Niagara-on-the-Lake, famous for its wineries and historic charm, is one of the more expensive areas in the Niagara Region, with an average home price of around $950,000. Its picturesque setting and cultural significance make it a premium location for those who can afford it.

Thorold

Thorold, a small city with an average home price of $620,000, is known for its historic downtown and close-knit community. It’s an appealing option for those looking for affordable housing in the Niagara Region.

Port Colborne

Port Colborne, with an average home price of $610,000, offers a mix of rural charm and lakeside living. It’s an attractive destination for those seeking a more relaxed lifestyle at a reasonable cost.

Pelham/Fonthill

Pelham, including the community of Fonthill, has an average home price of $680,000. This area is known for its rolling hills, vineyards, and upscale homes, offering a blend of luxury and affordability.

Conclusion

Ontario's real estate market is as diverse as its landscape, offering options for every budget. Whether you're looking for luxury in Toronto or affordability in Windsor, understanding the market dynamics of each city is key to making informed decisions. The Niagara Region, with its mix of affordable and moderately priced cities, offers something for everyone, from the historic charm of Niagara-on-the-Lake to the growing community of Welland.

Whether you're a first-time buyer or an investor, staying informed about the latest market trends is essential. As Ontario's real estate landscape continues to evolve, keeping an eye on these top cities can help you find the right home at the right price.