Here's where you can buy a home in the GTA for the cheapest right now

After years of being ridiculously overinflated, the once-runaway Toronto real estate market has completely stalled, with prices, sales figures and new home completions tumbling to record lows that one wouldn't have thought possible just a few years ago.

Though it's all a very bad sign for the economy, for those who are brave enough to wade into home ownership amid such tumult — and who are okay with the risk that things could continue to spiral lower — there are deals to be had.

According to the most recent data from local real estate firm Wahi, there are some locales in and around Toronto where buyers can now even nab a place of their own for less than $500,000, on average, which is a fantastic price for a starter home or investment.

Topping the list for these inexpensive communities is the Queen Street Corridor in Brampton, which is up-and-coming with numerous new condo developments. The median sold price for a unit along this strip last month was just $448,000, which Wahi's experts call "excellent value" for those okay with living a commute away from downtown.

Second to Queen Street Corridor was nearby Fairview in Mississauga, also condo-dense, where prices average around just $472,000 right now, which is quite low compared to surrounding neighbourhoods.

Also good for bargain-hunters are North York's Flemingdon Park, Oakville's Business Corridor and Corktown, Toronto, where average selling prices last month ranged from just under $500k to just over it. Further development in these pockets, though quiet right now, could mean higher land value potential in the future, as well.

Of course, there are some exceptions to the overall drought, including specific housing types and a few eternally desirable, established neighbourhoods where properties have, for the most part, maintained their value.

As of October, per Wahi, these include Toronto's York Mills area, which has the most expensive average home price of $3,565,000, along with the Annex ($3,315,000), Richmond Hill's Bayview Hill ($2,850,000), Kingsway South in Etobicoke ($2,690,000), and Eastlake in Oakville ($2,268,000).

That being said, even some of these reputably bougie areas full of estate properties are seeing homes go for far cheaper than last fall — the median selling price for a home in York Mills, for example, was $3,944,000 this time last year, though Eastlake's was a slightly lower $2,050,000.