Where to find a condo for around $500,000

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Buyer-friendly areas for condos can be found primarily in Toronto and Durham region, with a few in York and Halton region

Condos are a great choice for those looking to get on the property ladder without the higher price tag of a house. In recent years, however, it’s become more challenging for condo buyers to find affordable units in the Greater Toronto Area.

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 A new report from digital real estate platform Wahi shines a light on parts of the GTA where you can still find a condo for around $500,000.

While the median price of an existing condo has surpassed $600,000, Wahi identified 10 communities where the median sold price for condos was under $550,000 over the first half of 2024.

These buyer-friendly areas can be found primarily in Toronto and Durham region, with a few in York and Halton region.

Four of the neighbourhoods with condos selling for less than $550,000 were in Durham and three were in Toronto. East York, Toronto, was ranked #1, with a median sold price of $485,000, followed by Uxbridge, Durham, at $500,000 and Oshawa, Durham, at $504,900. These neighbourhoods had to have at least five sales over the six-month period to be included.

All 10 neighbourhoods with typical condos selling below $550,000 sold below list price, which is consistent with the general underbidding trend the Greater Toronto Area has seen over the past few months.

In July, 82% of GTA neighbourhoods had homes selling under-asking. Condos saw far less buyer competition than single-family homes, with 92% of GTA neighbourhoods with condos selling for below list price.

The current market conditions provide a unique opportunity for aspiring condo buyers searching for units in the $500,000 price bracket. While there have been fewer condo sales this year, homebuyers have access to a higher number of reasonably priced units than they did this time last year.

Units selling in this price range are making up a greater share of overall condo sales. Of the 13,241 condo sales between January and June 2024, nearly 21% (2,731) were units that sold for under $550,000, up from 16.6% the previous year.

The City of Toronto had the most condo sales (19.7%) in this price range, followed by North York (13.4%), Scarborough (13.3%), Mississauga (12.1%) and Etobicoke, (10.0%). Oshawa, Burlington, and Brampton saw roughly 4 to 4.5% of its condos sell for under $550K, while Vaughan and Oakville had 2.86% and 2.6% respectively.

City centres tend to have more buildings with smaller condo units, as well as more one-bedroom units, which likely accounts for the prevalence of lower-priced condo sales in the GTA.

The availability of more units in the $500,000 price range — combined with falling interest rates — should help put home ownership within reach for more first-time buyers.

Benjy Katchen is the CEO of Wahi, a digital real estate platform that
provides valuable information for realtors and home buyers. For more
information, visit www.wahi.com.