These are the cheapest places to buy a home in the GTA right now

Home prices in the Greater Toronto Area (GTA) may still feel out of reach for most buyers, but new data suggests there are still pockets of affordability.

The findings come as the housing market continues to cool, with recent reports showing sales and prices sliding across the region.

A new report from digital real estate platform Wahi reveals the cheapest neighbourhoods to buy a home in the GTA, with prices starting just above $400,000 – a figure that feels like a real bargain these days.

Wahi

Queen Street Corridor

While Brampton recently ranked as the 15th most expensive city to buy property, not all areas in the city reflect this trend. The most affordable neighbourhood in the GTA right now is Brampton's Queen Street Corridor, where the median home sells for $407,000.

The area is largely made up of apartment buildings and high-rise condos, which helps keep prices much lower than areas built out primarily with detached homes. And, because it's so close to transit, restaurants and shopping centres, it has become a solid entry point for first-time home buyers who want a taste of city life while still living in the suburbs.

Flemingdon Park

Flemingdon Park is a North York neighbourhood just east of the Don Valley Parkway with a mix of high-rise condos and townhomes, and prices traditionally much lower than the surrounding city. With a median sold price of $452,000, it's the second-most affordable spot to buy a home in the GTA right now.

It's a multicultural hub popular among young families, working professionals and newcomers. With its proximity to the Don River, parks, schools, and transit, it's an ideal area for families looking to buy their first home somewhere that's close to the city.

Core Mississauga

Mississauga's downtown core is the third-cheapest neighbourhood to buy a home, with the average home selling for $475,000. The area is full of modern condos built in the 2000s and is located just steps from Square One Shopping Centre. 

It's a highly walkable area, making it easy to pop over to the mall or check out bars and restaurants for those without access to a car. The area also provides plenty of transit options, including future LRT connections, to get around the city or visit Toronto.

Wallace Emerson

Smack dab in between the Junction Triangle and Dovercourt-Wallace Emerson neighbourhoods, this is one of the cheapest spots to buy a home in Toronto and the fourth cheapest in the GTA overall, with a median sold price of $485,000.

The area is mostly made up of older semi-detached houses and modern condos. It's a gentrifying area with a burgeoning scene of cafes, restaurants and shops just steps from Lansdowne subway station. Considering how many homes in nearby neighbourhoods can easily sell for $1 million or more, $485K is a real steal here.

Wismer

Rounding out the list of the cheapest areas to buy a home, Wismer comes in with a median sold price of $499,500. This suburban Markham neighbourhood is known for being family-friendly, with newer semi- and detached homes, lots of townhouses and condos, which collectively keep prices below the GTA average. 

It's a popular spot for young families and first-time buyers, thanks to its quiet streets, ample green space, and an easy commute to downtown Toronto, taking about 30 minutes to drive to Union Station or an hour by transit.

In the same report, Wahi also revealed the top five most expensive neighbourhoods to buy a home in the GTA, and many North York communities were listed.

1. Eastlake, Oakville ($2,458,000)
2. Kingsway South, Etobicoke ($2,298,000)
3. Ledbury Park, North York  ($2,281,000)
4. Hogg's Hollow, North York ($2,269,000)
5. York Mills, North York ($2,269,000)