A new housing report highlights the most affordable neighbourhoods for homebuyers in the Greater Toronto Area (GTA), showcasing areas where prices are significantly lower.
According to the Toronto Regional Real Estate Board, the average selling price of homes in the GTA dropped by 6.5% in January, reaching $973,289. Despite this overall decline, not all areas in the GTA are equally priced.
Real estate platform Wahi has listed the most and least expensive neighbourhoods based on the median home sale prices in areas with five or more sales in January. The cheapest neighbourhoods in the GTA were predominantly found in areas with a high concentration of condo buildings, such as central Mississauga.
Flemingdon Park in North York topped the list with a median sold price of just $350,000, where five units were sold in January. Homes in this neighbourhood took an average of 45 days to sell.
Next on the list is Liberty Village, with a median sold price of $470,500. This trendy area saw 11 units sold in January, with an average of 69 days to close a sale.
Core Mississauga follows closely with a median sold price of $480,000, making it the third least expensive neighbourhood. This area had 37 units sold in January, with 291 active listings compared to Liberty Village’s 69 and Flemingdon Park’s 53.
On the other hand, the most expensive GTA neighbourhoods include areas with luxury homes. Eastlake in Oakville takes the top spot with a median sold price of $2,615,000, followed by York Mills in North York at $2,000,000, and King at $1,825,000.
