Condos priced under $500,000 are making a comeback in Ontario
A boon for buyers, a downer for sellers
Close to half of Ontario’s condos are now priced under $500,000, according to a report from the Municipal Property Assessment Corporation (MPAC) released yesterday. The study says that 46 per cent of the province’s condos are now selling below the half-million-dollar threshold. That’s nearly double the 24 per cent from 2022, largely due to high inventory and low demand.
“The past decade has reshaped Ontario’s housing market,” said Greg Martino, MPAC’s chief assessor and data officer. “While prices remain elevated, there have been corrections from peak conditions. Our data highlights how trends vary across regions and property types, underscoring the importance of local insights.”
Other forms of Ontario housing have maintained higher prices. For example, only five per cent of townhouses are currently valued under $500,000, down from 69 per cent in 2016. Semi-detached houses sit at 15 per cent, down from 52 per cent in 2016, and detached houses come in at 18 per cent, down from 60 per cent a decade ago.
Prices remain relatively high in the GTHA, with every municipality except Oshawa having a median price above $750,000.
