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Almost half of Ontario condo units are worth less than $500,000 as prices plunge, MPAC reports

Some parts of Southern Ontario have seen condo prices fall as much as 35 per cent since 2022...

News Desk

Staff Writer

Published

Jun 25, 2026

Source

The Globe and Mail

Analytics

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Almost half of Ontario condo units are worth less than $500,000 as prices plunge, MPAC reports

AI Insight:Ontario's condo market is experiencing a significant downturn, with nearly half of units now valued at under $500,000.

A recent report from the Municipal Property Assessment Corporation (MPAC) reveals that almost half of condominium units in Ontario are now worth less than $500,000, marking a significant plunge in prices. This trend is most pronounced in Southern Ontario, where some areas have seen condo prices fall by as much as 35 per cent since 2022. The report highlights a stark shift in the province's real estate landscape, with the condo market experiencing a significant correction after years of rapid growth. This decline in prices is likely to have far-reaching implications for both buyers and sellers, as well as for the broader economy. As the market continues to adjust to changing economic conditions, it remains to be seen how this trend will play out in the coming months and years.