According to realtor Samreen Al-Taher, finding a home in Windsor's Southwood Lakes neighborhood for just more than $500,000 was once entirely possible — but that's no longer the case. A new report from the Municipal Property Assessment Corporation (MPAC) confirms that homes under $500,000 are becoming increasingly scarce across the city.
Rising Prices Shrink Affordable Inventory
MPAC data shows that the number of residential properties assessed at under $500,000 has declined significantly in recent years. In 2024, approximately 35% of Windsor homes fell below that threshold, but by 2026, that share dropped to just 22%. The trend reflects broader market pressures, including strong demand and limited supply.
“We’re seeing a lot of first-time buyers getting priced out,” Al-Taher said. “Even fixer-uppers are going for over $500,000 now.”
Neighborhoods Most Affected
Southwood Lakes, once a go-to area for affordable family homes, has seen median prices climb above $550,000. Other neighborhoods like Walkerville and Riverside have also experienced double-digit percentage increases. MPAC reassessments, which occur every four years, have captured these shifts, with many homeowners seeing their property values rise by 15-20% since the last cycle.
The trend is not unique to Windsor. Across Ontario, the number of homes under $500,000 has fallen by nearly 30% since 2020, according to MPAC. However, Windsor’s relatively lower average income makes the squeeze particularly painful.
Impact on Buyers and Market
Al-Taher notes that buyers are now competing for a shrinking pool of entry-level homes. “Multiple offers are common, and many buyers are having to look at condos or townhouses instead of detached homes,” she said. The average home price in Windsor reached $580,000 in May 2026, up 8% year-over-year.
MPAC’s report highlights that while new construction is adding some inventory, most new builds are priced above $600,000. “Affordable housing remains a critical issue,” said a MPAC spokesperson. “We’re monitoring the situation closely.”
Looking Ahead
Local real estate experts predict that homes under $500,000 will become even rarer unless there is a significant increase in supply or a cooling of demand. Interest rate changes could also play a role, but for now, the market remains tight. “It’s a challenging time for buyers,” Al-Taher concluded. “But with patience and the right strategy, there are still opportunities.”
