Affordable condos in the Greater Toronto and Hamilton Area are increasingly becoming a pipe dream. Today, a little more than 11 per cent of condos are priced below $500,000, according to newly released data from the Municipal Property Assessment Corporation that covers the period between December 2013 and December 2023.

The average condo in the GTHA now stands at $645,000, a stark difference from 2013 when 88 per cent of condos were less than $500,000 and the median price was $325,000.

MPAC suggests that buyers looking to enter the market may need to look beyond the GTHA for a condominium priced at less than $500,000. Across all housing types, properties at this price can be found in cities such as Sudbury, Sault Ste. Marie, North Bay, Thunder Bay and Windsor. Homes under $750,000 can be found in cities such as Ottawa, London, Kitchener, Kingston, Barrie, and Peterborough.

Semi-detached and townhomes have also appreciated in value. In 2013, 94 per cent of semi-detached and 97 per cent of townhomes were $750,000 or less. Ten years later, that number has dropped to 33 per cent of semi-detached homes and 46 per cent of townhomes, a decrease of 61 per cent and 51 per cent respectively.

When looking at a value of $500,000 or less, the inventory drops to just 13 per cent for semi-detached and four per cent for townhomes. The average detached home in 2013 was once  $378,000 and has now increased by 128 per cent  to over $862,000.

Overall, the median home value in the GTHA is now $1,031,000 and $765,000 in Ontario.

“Looking across the province, our data shows increases in home values across Ontario – even in smaller communities outside the GTHA,” says Greg Martino, vice-president and chief valuation and standards officer for MPAC. “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.”