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It seems the real estate landscape in Cambridge, Ontario, has undergone significant changes over the past decade. According to a recent report by the Municipal Property Assessment Corporation (MPAC), the availability of properties priced under $500,000 has drastically declined, from 96 percent in 2013 to less than 7 percent in 2023. This shortage is attributed to increased demand and various economic factors driving up home values.

The report also highlights a shift in the types and locations of homes priced below $750,000. An interactive property inventory map on MPAC’s website illustrates these changes over time, offering insights into the evolving real estate market dynamics.

As of December 2023, the median home value in Ontario stood at $765,000, with the Greater Toronto and Hamilton Area (GTHA) recording a median value of $1,031,000. This median value serves as a midpoint, indicating that half of the properties are valued above it, and the other half below.

Greg Martino, vice president and chief valuation and standards officer for MPAC, emphasized that home values have seen consistent increases across Ontario, even in smaller communities outside the GTHA. This suggests a broader trend of rising property values impacting various regions of the province.

These findings underscore the challenges faced by prospective homebuyers in Cambridge and the broader Ontario housing market, where affordable housing options are becoming increasingly scarce.