Finding a condo in the Greater Toronto Area for less than $550,000 is rare, but not impossible, a recent study finds.
New analysis from digital real estate platform Wahi identified 10 communities in the Greater Toronto Area where the median rate for a unit was under $550,000 within the first half of this year.
The majority of the lower-cost locations were primarily concentrated in Toronto and Durham regions, but neighbourhoods in York and Halton regions also made an appearance.
East York in Toronto topped the chart, with a median sale price of $485,000 for a condo, while typically being listed for $499,000.
Durham Region was next up, with condos selling in Uxbridge for $500,000, followed by Oshawa with a median sale price of $504,900. Uxbridge had the least amount of overall sales throughout the list, with only five sales during the first six months of the year. In addition, Oshawa was one of two cities on the list where the median sale price was higher than the listing price of $499,900.
Toronto’s York neigbourhood appeared next, with a median price of $515,000 for a condo.
Heading north of Toronto, condos in the municipality of King in York Region were sold for a median price of $532,000, well under the average listed price of $547,000.
Durham Region made a final comeback, where condos in Clarington were sold for $536,000, followed by Ajax with a median selling price of $537,900, a mere difference of $1,900 between the municipalities that are only about 35 minutes apart. Like Oshawa, Clarington’s median sale price was higher than its median listing price of $529,900.
Meanwhile, Georgina in York had a median price of $542,450 for condos, much lower than the listed price of $554,900.
Condos in Scarborough were sold the most overall, with 687 sales in the first half of the year, according to Wahi’s data, at a median price of $545,000, while the listed price was at $548,800.
The final spot went to Burlington, where condos were sold for a median price of $549,950. Despite having the most expensive condos on the list, the city took second place for total sales, where 224 condos were sold in the first half of the year.
Through this analysis, Wahi says it has noticed a broader trend of underbidding that is continuing throughout the Greater Toronto Area. As of July, 82 per cent of the GTA’s neighbourhoods were selling under-asking, according to the platform.
“Despite fewer condo sales this year, homebuyers have been able to purchase a higher number of more-affordably priced units this year than they did in 2023,” Wahi CEO Benjy Katchen says in the report.
