Collingwood and Gravenhurst are among a growing list of Ontario communities where the majority of homes are now valued under $750,000, a shift that could expand options for buyers who have been priced out of the Toronto area.
That's according to new data published Tuesday by the Municipal Property Assessment Corporation, which tracks assessed values across the province. Between 2022 and 2026, the number of municipalities where the median home value sits above $750,000 fell to 65 from 105. Both Collingwood and Gravenhurst were above that mark four years ago. Now they're below it.
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Affordability picture improving, but still far from a decade ago
Across Ontario, homes valued under $500,000 now make up nearly 24 per cent of the real estate market, up from 17 per cent in 2022. MPAC described that movement as "a rebalancing in the housing market."
Still, context matters. In 2016, homes under $500,000 accounted for 67 per cent of Ontario's market. The current figure is a recovery from the 2022 peak, not a return to normal.
"The past decade has reshaped Ontario's housing market, and while prices remain elevated, there have been corrections from peak conditions," said Greg Martino, the organization's chief assessor and data officer.
The share of homes valued above $1 million has also come down, dropping from 35 per cent at the 2022 peak to about one-quarter today.
Condos leading the shift
Much of the recent movement on affordability is being driven by the condominium segment. In 2026, 46 per cent of condos in Ontario are valued under $500,000, up from 24 per cent in 2022.
Other housing types haven't moved as much. Just five per cent of townhouses fall below $500,000 today, up slightly from the 2022 low of three per cent but well below the 69 per cent recorded in 2016. Among semi-detached homes, that figure sits at 15 per cent, down from 52 per cent a decade ago. For detached homes, 18 per cent are under $500,000, compared to 60 per cent in 2016.
Communities beyond the GTA becoming more accessible
In addition to Collingwood and Gravenhurst, the MPAC data identified several other communities just outside the Greater Toronto and Hamilton Area where the majority of homes have moved below the $750,000 threshold since 2022. Those include Kitchener, Waterloo, Cambridge, Hamilton, Kawartha Lakes and Brock.
"For buyers previously priced out of the Toronto area, these shifts may widen the range of communities within reach," the report said.
*With files from CP
