Year-over-year price increases are driving buyers to look at communities farther outside the GTHA

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 released by the Municipal Property Assessment Corporation (MPAC), 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.