Toronto 
Recent data from the Municipal Property Assessment Corporation (MPAC) highlights a significant shift in Ontario’s housing market, indicating a noticeable decline in the availability of homes priced under $500,000.
In a news release, MPAC says the landscape of residential property in Ontario has evolved over the past decade, with fewer communities offering homes below this price point. As of December 2023, the median home value in Ontario reached $765,000, with the Greater Toronto and Hamilton Area (GTHA) seeing a median value of $1,031,000.
This trend reflects broader economic factors, including supply and demand dynamics, rising construction and labour costs, and inflation. Greg Martino of MPAC pointed out the province-wide increase in home values, affecting even smaller communities outside the GTHA.
MPAC’s data reveals a stark contrast compared to a decade ago:
- In 2013, 74% of residential properties were valued at less than $500,000, and 91% were under $750,000. These figures have since plummeted to 19% and 48%, respectively.
- Affordable homes under $500,000 are now mostly found in cities like Sudbury, Sault Ste. Marie, North Bay, Thunder Bay, and Windsor, while homes under $750,000 are available in cities including Ottawa, London, Kitchener, Kingston, Barrie, and Peterborough.
- The condo market, especially in the GTHA and Toronto, has also seen dramatic changes. In 2013, the majority of condos were priced under $500,000. Now, only about 11% of GTHA condos and less than 11% in Toronto fall within this range, with the median condominium value exceeding $645,000.
- Detached, semi-detached, and townhome prices have surged, with a significant decrease in the percentage of homes valued at $750,000 or less.
- The median value for detached homes in Ontario has more than doubled in the last decade, leading to a situation where 41% of detached homes in the province, and over 78% in the GTHA, are now valued at more than $1 million.
Distribution of Residential Property Inventory by Municipality
