Windsor, Sarnia, and Chatham-Kent are among the few communities in Ontario where the majority of homes can be purchased for under $500,000 but even that is starting to change.
A new report by the Municipal Property Assessment Corporation (MPAC) shows that, as of December 2023, homes under $500,000 are becoming increasingly scarce.
In 2013, 99.1 per cent of properties in Windsor were less than $500,000. In 2023, only 59 per cent of properties were under $500,000.
In January, the average price of a home sold in Windsor was $534,655.
Sarnia figures show a similar picture where in 2013, 97 per cent of properties were less than $500,000 and in 2023 that number was down to 59.9 per cent.
In Chatham-Kent, the majority of homes, 73.3 per cent, are still assessed at under $500,000 but in 2013 that number was 99 per cent.
As of December 2023, the median home value in Ontario was $765,000.
