These are the cheapest places in the GTA to buy a condo right now
Greater Toronto Area (GTA) home prices are on a downward trend, declining almost 18 per cent year-over-year since February 2022. But an average home in the region will still run you almost $1.1 million, an average that drops by a massive margin when you exclude single-family houses from the equation.
Average condo prices in the GTA sat just above $705k in February 2023, but there are still many bastions of relative affordability spread across the region, where you can find average prices sitting in excess of $100,000 below area norms.
Digital real estate platform Wahi looked into some of these lower-priced pockets, where prospective buyers can still find a place to call home for well below the regional averages.
Experts at Wahi analyzed Toronto Regional Real Estate Board (TRREB) transactions to determine which communities had the lowest selling price averages for condos in February, excluding municipalities with fewer than 10 transactions and coming to a total of 21 communities examined.
Surprisingly, two of the top five most-affordable GTA condo markets were located within Toronto itself.
Crunching the numbers, Wahi determined that Oshawa, in Durham region, was the cheapest place to buy a condo in the GTA last month, with an astonishingly cheap selling average of $505,191.
Coming in as somewhat of a surprise, the second-cheapest condo market in the GTA is actually York, within the City of Toronto, where the average selling price for a condo in February was $563,431.
Right back to Durham Region, the town of Clarington offers condos selling at an average of $594,355. It's much cheaper than the Toronto and region-wide average, but still priced higher than several Toronto neighbourhoods as of Q4 2022.
Scar-town has always been known as a place with lower property prices than central areas of Toronto, and that is also the case with condo units. Scarborough condos sold at an average of $594,903 last month, once again, well below city and region-wide averages but by no means cheap.
The growing urban centre in Peel region, northwest of Toronto, is the first on this list to crack the $600k mark with a February average condo selling price of $611,756.
Toronto condo rent prices just hit another all-time highhttps://t.co/8b9NPhV7du #Toronto #RealEstate— blogTO (@blogTO) October 27, 2022
As for the other side of the equation, there are several communities that far outpace the Toronto and GTA averages for condo selling price.
The most expensive place to buy a condo in the region is $991,034 in Oakville, almost $165k more than the average of $826,172 seen in Old Toronto last month.
Markham is once again a contender for priciest condos in the region, with units selling for an average of $772,884.
Like its neighbour in Oakville, real estate is scorching-hot in Burlington, now the fourth-most expensive place to buy in February, with condos selling for an average of $754,043
The northern Toronto community is another regular on lists of the most expensive places in the GTA to purchase a condo, last month averaging $724,208.
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