The percentage of Ontario condominiums valued at less than $500,000 has nearly doubled since 2022, reaching 46 percent of the market, according to a June report from the Municipal Property Assessment Corp. (MPAC). In 2022, only 24 percent of condos were priced under that threshold.
Share of Homes Under $500,000 Rises
Overall, homes valued under $500,000 now account for 24 percent of Ontario's housing market, up from an all-time low of 17 percent in 2022. A decade ago, 67 percent of all homes were priced below $500,000.
“The data shows a clear rebalancing from the market peak in 2022,” an MPAC spokesperson said. The report highlights that the apartment condominium segment is leading the decline in property values.
Million-Dollar Homes Fall
The share of homes exceeding $1 million in value has dropped significantly. In 2022, 35 percent of all homes were valued over $1 million; in 2026, that share has fallen to 25 percent, MPAC reported.
Meanwhile, the proportion of homes valued at $750,000 or less has remained relatively stable: 55 percent in 2022 compared to 56 percent in 2026.
Median Prices Drop in Many Communities
Many Ontario communities have seen their median home prices decline. In 2022, 105 communities had a median price above $750,000. By 2026, only 65 communities remain above that threshold. Communities just outside the Greater Toronto Area, including Kitchener, Waterloo, and Hamilton, have fallen below $750,000.
The report underscores ongoing struggles in Ontario's housing market, particularly in the condo segment, as prices continue to adjust from pandemic-era peaks.
