Nearly half of condominium units in Ontario are now valued at less than $500,000, marking a significant decline in the province’s condo market since 2022, according to recent data from the Municipal Property Assessment Corporation (MPAC). The data shows that 46 percent of Ontario’s condos fall below this price threshold, nearly double the 24 percent recorded at the height of the pandemic-driven real estate boom.

The decline can be attributed to a sharp drop in buyer demand combined with an influx of new condominium developments entering the market. Some of the steepest decreases have taken place in regions that experienced considerable price surges during the boom years, including Toronto and several southern Ontario cities.

In Hamilton-Burlington, the typical condo price has fallen by 26 percent over the past four years, declining by approximately $165,900 to $453,700, according to Canadian Real Estate Association (CREA) figures. Similar trends were observed in Barrie, where the average condo price dropped by 33 percent to $398,400, a $198,400 decrease. Kitchener-Waterloo experienced a 35 percent decline, reducing typical condo prices by $200,000 to $364,200. Cambridge saw a 31 percent reduction to $389,000, representing a $175,600 decrease.

Price declines have also been noted in the Lakelands district, which includes cottage areas such as Muskoka and Haliburton. There, the average condo price fell 21 percent, slipping $114,000 to $417,900 over the same time period. While resale condo prices remain lower than those for properties under construction or in preconstruction stages, the sizeable volume of new units entering the market is a key factor contributing to the overall price drop.

Despite these decreases, the Greater Toronto Area (GTA) has maintained average condo prices above $500,000, though current values are approximately 26 percent below the 2022 peak. The market for detached houses has similarly softened. For instance, the typical price for a single-family home in Barrie declined by 26 percent—roughly $268,000—to $746,700, according to CREA data.

This broader trend reflects a province-wide reduction in home prices across all property types. In Toronto—the country’s most populous city—16 percent of homes were valued under $500,000 in 2026, up from just 4 percent in 2022. Nevertheless, current prices remain well above levels from a decade ago. Across Ontario as a whole, 24 percent of homes were priced below $500,000 this year, compared with 67 percent in 2016.

MPAC has not provided details on the methodology behind its analysis, and its representatives did not respond to requests for comment by the published deadline.