Homes under $500,000 take a larger share of Ontario market

A new report from the Municipal Property Assessment Corp. says homes valued under $500,000 now make up nearly 24% of Ontario's real estate market, up from 17% in 2022. The change is largely linked to the condominium segment, where 46% of homes are now valued below $500,000, compared with 24% four years ago. MPAC said the figures point to a market rebalancing, although prices remain higher than they were a decade ago. Other housing types are still less affordable. Only 5% of townhomes, 15% of semidetached homes and 18% of detached homes are valued under $500,000. The report also found that fewer Ontario municipalities now have median home values above $750,000, with several communities outside the Greater Toronto and Hamilton Area seeing values move into lower ranges.