Nearly one-quarter of Ontario homes now valued below $500,000: report

Lower-priced homes are making up a larger share of Ontario’s housing market, according to new data from the Municipal Property Assessment Corporation (MPAC), which found nearly one-quarter of residential properties are now valued below $500,000.

Properties valued at less than $500,000 accounted for nearly 24 per cent of Ontario homes in 2026, up from about 17 per cent in 2022, MPAC said. The figure remains well below the 67 per cent recorded a decade earlier.

The shift has been particularly noticeable in the condominium market. MPAC found 46 per cent of condos across the province were valued below $500,000 this year, compared with 24 per cent in 2022.

In 2022, homes valued at more than $1 million accounted for 35 per cent of Ontario’s residential properties. By 2026, that share had fallen to about one-quarter of the market.

“The past decade has reshaped Ontario’s housing market, and while prices remain elevated, there have been corrections from peak conditions,” Greg Martino, MPAC’s chief assessor and data officer, said in a statement.

More communities below $750,000

The change is also evident at the municipal level.

MPAC, an independent not-for-profit organization funded by Ontario municipalities, said the number of Ontario municipalities with a median home value above $750,000 fell to 65 in 2026 from 105 four years earlier.

Several communities outside the Greater Toronto and Hamilton Area that previously had a majority of homes valued above that threshold now have most properties below it, including Kitchener, Waterloo, Cambridge, Hamilton, Collingwood, Kawartha Lakes, Gravenhurst and Brock.

Regional differences remain

Despite the broader shift, home values continue to vary significantly across the province.

In some northern and eastern Ontario communities, lower-valued homes have become less common over the past decade even as prices softened elsewhere.

In Sault Ste. Marie, the share of homes valued below $250,000 fell from 75 per cent in 2016 to 22 per cent in 2026, according to MPAC. In Greater Sudbury, the proportion declined from 50 per cent to two per cent over the same period.

Median home values in both cities have also continued to rise since 2022, while communities including North Stormont, South Stormont, North Glengarry and South Glengarry recorded gains of roughly $50,000.

Condo market leads affordability gains

While lower-valued homes have become more common overall, the improvement has been concentrated in the condominium sector.

Only five per cent of townhouses were valued below $500,000 in 2026, compared with 69 per cent a decade earlier, MPAC found.

Semi-detached homes have also become less common at lower price points, with 15 per cent valued below $500,000 this year, down from 52 per cent in 2016.

Among detached homes, 18 per cent were valued below $500,000 in 2026, compared with 60 per cent a decade ago, underscoring how affordability challenges persist for buyers seeking larger properties.

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