This is where you can buy a home under $500K in the GTA

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House hunters scouring for a home may try their luck looking in these five areas in the Greater Toronto Area, where residential properties can be found for less than $500,000.

Wahi, a digital real estate platform and brokerage, analyzed sales data from February, looking in neighbourhoods where there were at least five transactions made that month. From there, it determined what were the priciest and most affordable neighbourhoods in the GTA that month.

The cheapest neighbourhood is found along the Queen Street Corridor in Brampton, where the median sold price hovered at $407,000.

Part of why the prices are lower there is due to the number of condos and apartments packed in the area, Wahi says, adding that area’s central location makes it attractive for first-time buyers.

“Brampton really had a huge run up in prices during COVID as people kind of moved farther away from the city, and now it’s coming off quite a bit more,” Wahi economist Ryan McLaughlin told CTV News Toronto.

Flemingdon Park, another condo-heavy neighbourhood located east of the Don Valley Parkway, saw a median sold price of $452,000, which Wahi says is relatively affordable within Toronto’s city limits.

Core Mississauga near the Square One mall, Wallace Emerson in Toronto’s west end, and Markham’s Wismer neighbourhood round off the most affordable neighbourhoods in the GTA last month.

Respectively, properties sold at $475,000, $485,000 and $499,500 in those areas.

There are a few factors that are contributing to cheaper prices in these areas, McLaughlin said: negative population growth, the building boom, and the aftermath of when borrowing rates were lower during COVID.

“The sales are pretty low in these places and so it turns out, in the case, it seems more like low demand is pushing down the price rather than low prices pushing up the demand,” McLaughlin said.

While the cheapest communities saw homes sell for just under $500,000, the priciest neighbourhoods exceeded the $2 million market.

Oakville’s Eastlake neighbourhood, bordering Lake Ontario, tops the list, with a median sold price of $2,458,000. Its tree-lined, quiet residential streets and access to top-rated schools attract affluent homebuyers, Wahi says, particularly those looking for large, detached homes.

Next up is Kingsway South in Etobicoke, with a median sold price of $2,298,000. The brokerage says its expansive homes, “suburban charm” and proximity to downtown Toronto are what lure buyers in.

Three neighbourhoods in North York round out the rest of the most expensive neighbourhoods in the GTA: Ledbury Park, with a median sold price of $2,281,000; Hogg’s Hollow, with a median sold price of $2,269,000; and York Mills, with a median sold price of $2,135,000.

Prices are higher in these neighbourhoods because of the type of homes that are more common to them, according to McLaughlin.

“It’s a different product mix, like this isn’t exactly an apples-to-apples comparison,” McLaughlin said.

In its most recent market watch update, Toronto Regional Real Estate Board noted benchmark prices dropped by nearly eight per cent (7.9 per cent) year-over-year in February. The average selling price also dropped by 7.1 per cent compared to February 2025, hovering at $1,008,968.

“There is substantial pent-up demand in the GTA ownership market, with more than 100,000 buyers holding off on making a home purchase,” TRREB‘s Chief Information Officer Jason Mercer said in a release.

“Buyers are waiting for selling prices to level off and for positive news on the trade front. Once we see both, there could be substantial momentum driving home sales in the second half of this year and into 2027.”