More Ontario homes valued under $500,000 as market eases from 2022 peak

Condominiums lead the shift, with nearly half now valued below $500,000

PICKERING, ON, June 24, 2026 /CNW/ – The share of lower-priced homes in Ontario is on the rise, signalling a rebalancing in the housing market, according to new data released by MPAC (Municipal Property Assessment Corporation). Homes valued under $500,000 now make up nearly 24 per cent of the market in 2026, up from a low of about 17 per cent in 2022. That’s still well below the 67 per cent recorded a decade earlier.

Condominiums have led the shift. In 2022, just 24 per cent of condos province-wide were valued under $500,000; by 2026, that figure has nearly doubled to 46 per cent, re-emerging as a more accessible entry point for first-time buyers.

“The past decade has reshaped Ontario’s housing market, and while prices remain elevated, there have been corrections from peak conditions,” said Greg Martino, Chief Assessor and Data Officer at MPAC. “Our data highlights how trends vary across regions and property types, underscoring the importance of local insights. Tools like our interactive map help provide a clearer picture of these changes, supporting informed decision-making for existing homeowners, potential buyers, and municipalities across the province.”

An updated property insights (housing inventory) map allows users to explore how residential property values have changed across Ontario communities.

A decade of change: from peak to stabilization

Ontario’s residential property landscape has changed significantly over the past 10 years. In 2016, approximately 67 per cent of homes were valued under $500,000, and 86 per cent were valued under $750,000. Over the following years, prices rose rapidly, reaching a high in 2022, when only 17 per cent of homes were valued under $500,000 and properties above $1 million made up 35 per cent of all residential properties in the province.

Since that peak, conditions have shifted modestly but meaningfully. By 2026, the share of homes under $500,000 grew to nearly 24 per cent, while the share of those valued over $1 million dropped to about 25 per cent. And while more than half of Ontario homes (56 per cent) were priced over $750,000 in 2022, today most (55 per cent) fall below that threshold.

An accompanying chart shows how the distribution of home values has changed between 2016, 2022 and 2026 in Ontario communities with populations greater than 50,000.

More communities moving into lower price ranges

The shift in values is also reflected at the community level. Between 2022 and 2026, the number of Ontario municipalities with a median home value above $750,000 dropped significantly, from 105 to 65 — meaning more communities across the province are becoming accessible to a broader range of buyers.

Several communities just outside the Greater Toronto and Hamilton Area (GTHA), where over half of homes were valued above $750,000 in 2022, now contain a majority of homes under that threshold. These include Kitchener, Waterloo, Cambridge, Hamilton, Collingwood, Kawartha Lakes, Gravenhurst and Brock. For buyers previously priced out of the Toronto area, these shifts may widen the range of communities within reach.

Regional differences remain across the province

While the provincial picture points to easing, the trend is far from uniform — home values and price ranges continue to vary widely across Ontario.

In some northern and eastern communities, the share of homes in lower value ranges continues to decline. In Sault Ste. Marie, the proportion of homes valued under $250,000 fell from 75 per cent in 2016 to just 22 per cent in 2026. In Greater Sudbury, that figure dropped from 50 per cent to only two per cent over the same period. Median values in both cities have risen between $45,000 and $57,000 since 2022, with eastern communities such as North Stormont, South Stormont and North and South Glengarry recording increases in the $50,000 range.

Condos lead the shift; other property types follow more slowly

Not all property types are following the same trend, and the divergence tells an important story for buyers. Not surprisingly, condominiums have seen the most notable shift toward lower price points, with the share valued under $500,000 nearly doubling from 24 per cent in 2022 to 46 per cent in 2026. Greater availability at this price point does not necessarily mean suitability, however, as these units may fall short of buyer preferences around size, bedrooms or location.

Other housing types remain less accessible. Just five per cent of townhouses are valued under $500,000 today, up from the 2022 low of three per cent and down sharply from 69 per cent in 2016. This is partly reflective of where townhouses are concentrated. A significant share is located in the GTHA, where overall property values remain elevated. Unlike condos, townhouses more closely align with buyer preferences around space, making the lack of townhouses at lower price points a key consideration for buyers looking for more space. Semi-detached homes sit at 15 per cent under $500,000 (from 52 per cent in 2016), and detached homes at 18 per cent (from 60 per cent in 2016).

GTHA cools from peak but remains elevated

Property values in the GTHA have declined notably since the 2022 peak, though they remain well above 2016 levels. Every GTA municipality except Oshawa still has a median value above $750,000, but the share of properties at the very high end has dropped substantially. Oakville, Richmond Hill, Caledon, Vaughan, Markham and Aurora each had more than 30 per cent of homes valued above $1.5 million in 2022; by 2026 those proportions had fallen by between 22 and 65 per cent, though Oakville and Richmond Hill continue to lead the region in high-value properties.

At the other end of the market, the share of homes valued under $500,000 has more than doubled since 2022 in several GTHA communities, including Whitby, Ajax, Clarington, Halton Hills, Bradford West Gwillimbury, Brampton, Oshawa and Newmarket.

Key takeaways

Condominiums are leading gains in lower price points. Nearly half of condos are now valued under $500,000, up from about a quarter in 2022, while other housing types remain largely out of reach at lower price points.

More homes are priced below $750,000. In 2022, most homes were above $750,000; by 2026, the majority fall below that threshold.

More communities are becoming accessible. The number of municipalities with median home values over $750,000 has dropped from 105 to 65, with several communities outside the GTHA shifting below that level.

Lower price points remain limited. Despite modest gains, the share of homes under $500,000 (24 per cent) sits far below 2016 levels (67 per cent), and some northern and eastern communities continue to see lower-priced stock shrink.

About MPAC

MPAC is an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the Province, municipalities, and property taxpayers through its 13-member Board of Directors.

Our role is to accurately assess and classify all properties in Ontario in compliance with the Assessment Act and regulations set by the Government of Ontario. We are the largest assessment jurisdiction in North America, assessing and classifying over 5.7 million properties with an estimated total value exceeding $3.2 trillion.

Distribution of Ontario home values by price range (2016, 2022 and 2026) 

SOURCE Municipal Property Assessment Corporation (MPAC)