The number of residential properties in Ontario valued at less than $500,000 has sharply declined over a decade, according to new data released by the Municipal Property Assessment Corporation (MPAC). 

MPAC released a report Thursday highlighting that 74 per cent of residential homes in Ontario were valued under $500,000 in 2013, while 91 per cent of homes were worth less than $750,000. Currently, only 19 per cent of Ontario residential properties are valued under $500,000 and only 48 per cent are worth under $750,000. 

“Looking across the province, our data shows increases in home values across Ontario – even in smaller communities outside the GTHA (Greater Toronto and Hamilton Area),” Greg Martino, the vice president and chief valuation and standards officer for MPAC, said in a press release Thursday. 

“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.” 

The cost of a detached, semi-detached or townhome was seen to have been increasing at “unprecedented rates,” MPAC said. 

In 2013, the median value for a detached home in Ontario was just under $378,000, however, today that has increased by 128 per cent to above $862,000. 

“Forty-one per cent of detached homes across the province are estimated to be worth more than $1 million. This is in contrast to 2013, when the inventory of homes at this price point was only six per cent,” the release said. 

In 2013, 94 per cent of semi-detached homes and 97 per cent of townhomes were valued at less than $750,000. Today, only 33 per cent of semi-detached homes are under that threshold and only 46 per cent of townhomes are below $750,000. 

The release said that as of December 2023, the median home value in Ontario was $765,000, with the median GTHA value at $1,031,000.