Lower-priced homes now represent a larger portion of Ontario’s housing market, according to new data from the Municipal Property Assessment Corporation (MPAC). The assessment agency reports that nearly one-quarter of residential properties in the province are valued below $500,000, reflecting a notable change in the distribution of home values since the peak period earlier this decade.
MPAC’s 2026 assessment shows that properties valued under $500,000 made up almost 24 per cent of Ontario homes, up from roughly 17 per cent in 2022. Although this marks a shift toward greater availability of lower-priced listings, the proportion remains far below levels observed a decade ago, when about 67 per cent of homes fell below the $500,000 mark.
The most pronounced change has been in the condominium segment. MPAC found that 46 per cent of condos across Ontario were assessed below $500,000 in 2026, compared with 24 per cent in 2022. This concentration of more affordable options in the condo market helped drive much of the overall increase in lower-valued properties.
At the higher end of the market, the share of homes valued above $1 million has declined. In 2022, roughly 35 per cent of Ontario’s residential properties were valued at more than $1 million; by 2026 that share fell to about one-quarter of the market. MPAC’s chief assessor and data officer, Greg Martino, noted that while prices remain elevated relative to historical norms, the past decade brought shifts and corrections from peak conditions.
More communities below $750,000
The change in price distribution is visible at the municipal level as well. MPAC, an independent not-for-profit organization funded by Ontario municipalities, reports the number of municipalities with a median home value above $750,000 dropped to 65 in 2026, down from 105 in 2022. This indicates a broader easing from the heights reached earlier in the decade.
Several communities outside the Greater Toronto and Hamilton Area that once had a majority of homes priced above $750,000 now see most properties valued below that threshold. Examples identified by MPAC include Kitchener, Waterloo, Cambridge, Hamilton, Collingwood, Kawartha Lakes, Gravenhurst and Brock. These shifts reflect changing local market conditions and contribute to a more balanced provincial distribution of home prices.
Regional differences remain
Despite the provincewide movement toward more lower-valued properties, significant regional variation persists. Some northern and eastern Ontario communities have seen a decline in the share of lower-valued homes even as prices softened in other parts of the province. These differences underscore how local economic and demographic factors continue to shape housing affordability across Ontario.
MPAC’s data highlights stark examples: in Sault Ste. Marie the share of homes valued below $250,000 fell from 75 per cent in 2016 to 22 per cent in 2026. In Greater Sudbury that proportion dropped from 50 per cent to 2 per cent over the same period. Median home values in these cities have continued to rise since 2022, indicating stronger upward pressure on prices in certain regional markets.
Other smaller communities such as North Stormont, South Stormont, North Glengarry and South Glengarry recorded median value gains on the order of $50,000, reflecting local variations in demand and supply that have pushed median home prices higher in those areas.
Condo market leads affordability gains
When examining housing types, the improvement in lower-priced availability has been concentrated in condominiums. Condos represent the clearest area of increased affordability: nearly half of units were assessed under $500,000 in 2026. By contrast, lower-priced townhouses, semi-detached and detached homes have become much less common compared with a decade ago.
Only about five per cent of townhouses were valued below $500,000 in 2026, a dramatic fall from 69 per cent in 2016. Semi-detached homes valued under $500,000 accounted for 15 per cent in 2026, down from 52 per cent in 2016. Among detached houses, 18 per cent were below the $500,000 threshold this year, compared with 60 per cent ten years earlier. These trends highlight that while some affordability gains exist, they are uneven across housing types and that larger, detached properties remain comparatively expensive for many buyers.
Overall, MPAC’s 2026 assessment paints a nuanced picture of Ontario’s housing market: an increased share of lower-priced properties driven mainly by the condo sector, a decline in the proportion of million-dollar-plus homes, and persistent regional and housing-type differences that continue to influence affordability across the province.