Ontario communities experience a decline in homes under $500,000 

By Staff

February 29th, 2024



Ontario’s residential property landscape has continued to evolve over the last decade – communities with homes under $500,000 are becoming increasingly scarce. According to new data recently released by the Municipal Property Assessment Corporation

The type of homes with a value less than $750,000 and where they can be found has also shifted.

As of December 2023, the median home value in Ontario was $765,000, with the median value in the Greater Toronto and Hamilton Area (GTHA) at $1,031,000.

The median value represents the mid-point of the range, meaning half of properties have a value above, and half have a value below.

MPAC, the  Municipal Property Assessment Corporation reports that “Looking across the province, our data shows increases in home values across Ontario – even in smaller communities outside the GTHA,” The reality is that current home prices are a reflection of various economic forces at play. Factors like supply and demand, increased construction and labour costs plus inflation are all part of what’s driving today’s house prices.”

 With year-over-year price increases driving buyers to look at communities farther outside the GTHA.

We will access more data and report later in the day.

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1 comment to Ontario communities experience a decline in homes under $500,000 

  • David

    Are municipalities looking to hike the assessment values on our homes? I’ve had a sneaking suspicion for quite a while now that our Mayor does not want to build any new homes in this city, I truly believe the Province does but not the Mayor, the why might sound like a bit of a conspiracy theory but I personally love them; ‘Division’ is the goal, so the Feds bring in people in huge numbers and leave the Provinces to handle the influx the Feds even distribute bundles of borrowed cash to help in building houses, and the Mayor fights every development and every expansion into the green belt all the while occupying council and staff with ‘get building’ studies resulting in very low housing builds rising inflation and rising division between the have’s and the have nots. Tell me that the Mayor’s bestie our local MP has not insinuated herself into the Municipal level without telling me she hasn’t. I’ve always liked Marion Mead Ward she always used to laugh and take a joke every time I met or contacted her, it’s the Mayor I’m having a problem with. What the heck happened to you Marion?