The CN Tower can be seen behind condos in Toronto’s Liberty Village neighbourhood in Toronto on Tuesday, April 25, 2017. THE CANADIAN PRESS/Cole Burston
A recent report indicates that homes priced under $500,000 are claiming a larger portion of Ontario’s housing market, primarily due to changes in the condo sector.
New information from the Municipal Property Assessment Corp. reveals that these lower-priced homes now represent almost 24 percent of Ontario’s real estate market, an increase from 17 percent in 2022.
Even with this progress, MPAC noted that the percentage of homes selling for less than $500,000 is still far below what it was ten years ago when it constituted 67 percent.
“The past decade has reshaped Ontario’s housing market, and while prices remain elevated, there have been corrections from peak conditions,” said the organization’s chief assessor and data officer Greg Martino in a news release.
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The proportion of homes valued over $1 million has decreased from its peak of 35 percent in 2022 to around one-quarter today.
Condos make up a significant part of the recent rise in affordability; currently, 46 percent of condos are priced under $500,000 as compared to just 24 percent four years ago.
The report highlighted that other types of housing remain less affordable. Only five percent of townhouses are currently valued below $500,000-a slight increase from three percent in 2022 but down considerably from 69 percent in 2016.
For semi-detached homes, only 15 percent fall under the $500,000 mark now-down from 52 percent back in 2016. In terms of detached houses, just 18 percent are available below that price point compared to a much higher rate of 60 percent ten years ago.
More regions across Ontario are seeing movement into lower price ranges based on this data. From 2022 to 2026, the count of municipalities where median home values exceed $750,000 has dropped from 105 down to just 65.
The report stated that several communities just outside the Greater Toronto and Hamilton Area-which had more than half their homes priced above $750K last year-now have a majority of properties under that threshold. These areas include Kitchener, Waterloo, Cambridge, Hamilton, Collingwood, Kawartha Lakes, Gravenhurst and Brock.
“For buyers previously priced out of the Toronto area, these shifts may widen the range of communities within reach,” it said.
This report by The Canadian Press was first June 24，2026.
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