Homes under $500K make up nearly 25% of Ontario real estate market: report

Homes valued under $500,000 are making up a larger portion of Ontario's real estate market, now accounting for nearly 24% of all properties, according to a new report from the Municipal Property Assessment Corp. (MPAC). This represents a notable increase from 17% in 2022, signaling a potential rebalancing in the housing market.

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Homes valued under $500,000 are taking up a bigger share of Ontario’s real estate landscape, led by a shift in the condominium market.

The primary driver behind this shift is the condominium sector. The report indicates that 46% of condos are now valued below the $500,000 threshold, a substantial jump from just 24% four years prior. This suggests a growing affordability within the condo market, making it more accessible for buyers.

However, the report also highlights that despite this recent improvement, the availability of homes under $500,000 is still far below historical levels. A decade ago, properties in this price range made up a commanding 67% of Ontario's real estate landscape. Greg Martino, MPAC's chief assessor and data officer, noted that while prices have seen corrections from their peaks, the market has been reshaped over the past decade.

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Despite that improvement, which MPAC says signals “a rebalancing in the housing market,” the report notes the share of homes priced below $500,000 is still well below that of a decade ago when they made up 67 per cent.

The accessibility of other housing types remains a significant challenge. Only 5% of townhouses are currently valued under $500,000, a steep decline from 69% in 2016. Similarly, the share of semi-detached homes priced below $500,000 has fallen to 15%, down from 52% in 2016. These figures underscore the ongoing affordability crisis for many housing segments outside of condominiums.

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Condos account for much of the recent uptick in affordability, with 46 per cent of that housing segment valued under $500,000 in 2026, up from 24 per cent just four years ago.