Where to find condos for less than $550K in southern Ontario

The average price for a condo in the Toronto area stood at more than $700,000 in July, but there are still some places where you have a good chance to get one for less than $550,000.

Real estate platform Wahi recently compiled a list of communities in the Greater Toronto Area where the median price for a unit was less than $550,000 from January to June of this year.

Parts of Toronto, Durham Region, York Region and Halton Region made the list. The areas needed to have at least five sales over the study period to be included.

The cheapest median sold price was in Toronto’s East York neighbourhood, standing at $485,000, with 63 total sales during the first half of the year, Wahi noted. It also had the lowest median list price at $499,000.

At the bottom of the list, coming in at number 10, was Burlington, where the median sold price of a condo was $549,950, with 224 sales. The median list price there was $558,250.

A comparison of the list and sale prices for the communities in the top 10 shows that many were in underbidding territory, suggesting favourable conditions for buyers and aligning with the wider market in the Toronto area, Wahi said.

Credit: Wahi.com

Condos priced under $550,000 have also made up a larger share of overall condo sales this year, with 20.6 per cent, or 2,731, of the 13,241 units sold in the GTA from January to June selling for below that figure, Wahi said.

That’s up from 16.6 per cent (2,438 units) during the same time period last year.

Mississauga accounted for 12.12 per cent of the 2,731 units that sold below $550,000.

Oshawa’s share accounted for 4.54 per cent, Burlington 4.32 per cent, Brampton 4.06 per cent and Oakville 2.6 per cent.

To see the full analysis from Wahi, visit their website.

Credit: Wahi.com