Here are the few places in Ontario where you can still buy a condo for relatively cheap

For prospective buyers, dreams of owning a detached or even semi-detached home in Canada are slowly turning into fantasies, with salaries struggling to keep up amid rising inflation and sky-high interest rates.

However, all hope is certainly not lost thanks to condo apartments, which continue to offer a more affordable and attractive price point for entry-level buyers. 

As of October, the national average price of a condo is $541,500, according to the Canadian Real Estate Association, and the good news is that there are still some cities in Ontario where you'll find prices below the Canadian average. 

In order to find the most affordable areas for condo apartments, real estate agency Zoocasa analyzed data for major cities across Canada and compared the average price of a condo in each to the national average. 

Average condo prices across major cities in Canada. Infographic from Zoocasa.

As expected, the report revealed that you'll likely have to search way beyond the borders of the GTA to find any units priced below the national average. 

Toronto's average condo price in October 2023 was $703,500 — a staggering $162,000 above the Canadian average. 

Naturally, you'll find that prices continue to trend downward the further you move away from the downtown core, with the average condo price in Oakville-Milton being a significantly lower $669,300. 

The average condo price in Mississauga is still roughly $100,000 over the national average, meaning prospective buyers operating under a tight budget should probably hone in on real estate located even further west of the city. 

In Guelph, the average condo price comes in at $537,300, which is approximately $4,000 less than the national average. Prices continue to decline in Cambridge, where you'll find the average-priced condo is $499,200, and $466,600 in Kitchener-Waterloo. 

According to the report, the top three places in Ontario for the cheapest condo prices, on avearge, are London and St. Thomas ($385,300), Brantford ($384,000), and Bruce—Grey—Owen Sound at $336,200, which is roughly $200,000 below the national average. 

Looking at the country as a whole, your most affordable options for a condo are in the East Coat and the Prairies — where the average price for a condo in Edmonton, for example, is just $180,600. 

Ontario and B.C. continue to be the most expensive provinces to buy in, regardless of property type, and six of the top 10 most expensive cities for condo apartments are still right here in Ontario.