The Municipal Property Assessment Corporation (MPAC) reports that the influx of lower-priced homes for sale is helping to restore balance in Ontario’s housing market.
New data from MPAC indicates that homes valued under $500,000 now account for around 24 percent of the market. This marks an increase from approximately 17 percent since 2022.
The trend is primarily driven by condominiums. This year, 46 percent of condos across the province are priced below $500,000, a significant rise from just 24 percent in 2022.
Back in 2022, only 17 percent of homes throughout the province were valued under $500,000. Currently, that percentage has climbed to nearly 24 percent.
In Durham Region, MPAC notes that every municipality except Oshawa still has an average home value exceeding $750,000.
Additionally, the number of homes priced under $500,000 has more than doubled in Ajax, Whitby, Clarington, Oshawa and Newmarket.
“The past decade has reshaped Ontario’s housing market, and while prices remain elevated, there have been corrections from peak conditions,” said Greg Martino, Chief Assessor and Data Officer at MPAC. “Our data highlights how trends vary across regions and property types, underscoring the importance of local insights. Tools like our interactive map help provide a clearer picture of these changes, supporting informed decision-making for existing homeowners, potential buyers, and municipalities across the province.”
You can find MPAC’s interactive map here.
If you have found a spelling error, please notify us by selecting that text and pressing Ctrl+Enter.
Source link
Source link
