Dreaming of owning property in the Greater Toronto Area but worried about sky-high prices? You’re not alone. Fortunately, pockets of affordability still exist. According to a recent report by Canadian digital real estate platform Wahi, several GTA neighbourhoods offer homes (including condos) for under $550,000.
Wahi’s analysis, based on October’s median sold prices in neighbourhoods with at least five sales, identifies Brampton’s Queen Street Corridor, Mississauga’s Fairview, and North York’s Flemingdon Park as the most affordable. These areas boast median sale prices ranging from $448,000 to $487,000.
On the other end of the spectrum, the most expensive neighbourhoods included York Mills in North York (median price of $3.565 million), the Annex in Toronto, and Bayview Hill in Richmond Hill. Wahi economist Ryan McLaughlin points out that these areas are dominated by larger detached homes, which naturally drive up prices. He also highlighted the Annex, noting that its high value reflects the desirability of central downtown living, even if it means sacrificing square footage.
Brampton, in particular, has seen significant price drops. The Toronto Regional Real Estate Board (TRREB) reported an average price of $934,000 across all property types in Brampton during October, a substantial 31% decrease from the February 2022 peak of $1.346 million.
For those seeking proximity to downtown Toronto without breaking the bank, Corktown emerges as a viable option. With a median sale price of $516,500 in October, it ranked fifth on Wahi’s list of least expensive neighbourhoods. Real estate broker Socrates Apallas attributes this affordability to the influx of new condo units, particularly junior one-bedrooms, making it an attractive market for first-time buyers.
McLaughlin emphasizes that affordability is relative. While condo prices, especially for smaller units, have declined, semi-detached and detached homes in sought-after areas like Leslieville remain highly competitive. If you’re looking for a studio or one-bedroom condo, now might be the right time to buy, but those seeking family-sized homes may need to adjust their expectations or expand their search area.
