Top 10 Cheapest Areas in the GTA to Buy aHome
When it comes to buying a home, the first thing buyers consider is price.
Unless you have an unlimited budget, you'll have to narrow down your options by price. Like any other major purchase, you want to make sure you're not spending any more than you can afford.
But when it comes to Toronto's real estate market these days, home prices are way out of reach for many. It can be tough to find a home in an area that fits comfortably within your budget.
That's why we've created a list of the top 10 most affordable areas in the Greater Toronto Area (GTA). Below we've listed home prices by neighbourhood code and split the categories into single-family detached homes and townhouses.
These are the most up-to-date figures from the Toronto Regional Real Estate Board (TREBB) as of August 2023.
Most Affordable GTA Areas For Single-Family Detached Homes
The average price for a single-family detached home in all TREBB areas is $1,464,000, and in the City of Toronto, it's $1,727,900. The following neighbourhoods fall below both of these averages:
W10 - Rexdale, The Elms, Kipling, West-Humber, Clairville, Thistletown, Beaumond Heights, Mount Olive, Silverstone, Jamestown: $1,066,900
E04 - The Golden Mile, Dorset Park, Wexford, Maryvale, Kennedy Park, Ionview Park, Clairlea, Birchmount: $1,107,900
E09 - Scarborough City Centre, Woburn, Morningside, Bendale: $1,116,000
W03 - Corso Italia, Keelesdale, Eglinton West, Weston-Pellam Park, Rockcliffe-Smythe: $1,127,500
E11 - Rouge (West), Malvern, Cedarwood: $1,145,700
W04 - Yorkdale, Glen Park, Brookhaven, Amesbury, Humberlea, Pelmo Park, Weston, Briar Hill, Belgravia, Maple Leaf, Mount Dennis: $1,257,400
W05 - Downsview, Humber Summit, Humbermede, Black Creek, York University Heights, Glenfield-Jane Heights, incl. Downsview Airport: $1,267,900
E07 - Milliken, Agincourt North, Agincourt South, Malvern West: $1,300,700
W08 - Kingsway South, Central Etobicoke, Eringate-Centennial-West Deane, Princess-Rosethorn, Edenbridge, Humber Valley, Islington (City Centre West), Markland Woods: $1,303,600
E06 - Birch Cliff, Cliffside, Oakridge, Hunt Club: $1,309,700
Most Affordable GTA Areas For Townhouses
The average price for a townhouse in all TREBB areas is $845,600, and in the City of Toronto, it's $902,300. The following neighbourhoods fall below both of these averages:
W05 - Downsview, Humber Summit, Humbermede, Black Creek, York University Heights, Glenfield-Jane Heights, incl. Downsview Airport: $707,600
E10 - Rouge (South), Centennial Scarborough, West Hill, Highland Creek: $709,300
W10 - Rexdale, The Elms, Kipling, West-Humber, Clairville, Thistletown, Beaumond Heights, Mount Olive, Silverstone, Jamestown: $733,300
E09 - Scarborough City Centre, Woburn, Morningside, Bendale: $738,500
C11 - Leaside, Thorncliffe Park, Flemingdon Park: $749,900
W08 - Kingsway South, Central Etobicoke, Eringate-Centennial-West Deane, Princess-Rosethorn, Edenbridge, Humber Valley, Islington (City Centre West), Markland Wood: $776,300
W04 - Yorkdale, Glen Park, Brookhaven, Amesbury, Humberlea, Pelmo Park, Weston, Briar Hill, Belgravia, Maple Leaf, Mount Dennis: $760,100
E08 - Scarborough Village, Cliffcrest, Guildwood, Eglinton East: $803,200
E05 - Steeles, L’Amoreaux, Tam O’Shanter, Sullivan: $826,100
C14 - Newtonbrook East, Willowdale East: $845,000
No matter what the average listing price is for a home in the area you’re looking in, you need a professional to help you wheel and deal to ensure the lowest purchase price possible. At The Lotus Group, we have plenty of experience helping our clients get the best deal on a home.
Call us today and let us do the same for you!