Where to find a house for under $1 million

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Durham Region overall is home to six out of the 10 most affordable areas in which to buy a house

The Greater Toronto Area (GTA) remains one of the most expensive real estate markets in Canada. Between bidding wars, steep home prices, and other affordability challenges, buying a house in the GTA for below the $1.36 million average price may seem next to impossible.

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While the June 5 Bank of Canada rate cut is unlikely to offer immediate relief for the housing market, it may inspire new buyers to ramp up their home search efforts.

Over the past few years, many first-time buyers have been forced to move outside of the GTA in search of affordable houses. Others have gone the condo route, which comes with a less expensive price tag and the conveniences of being close to work, transit and amenities.

While buying a condo allows many new buyers to get onto the property ladder sooner, downtown condo life doesn’t fit with every first-time homebuyer’s lifestyle or future needs.

Wahi’s latest analysis of detached and semi-detached houses (including townhomes) uncovers 20 GTA communities where you can buy a house for less than $1 million. While homes at this price point are rare, they are far from extinct. Here’s a look at the top 10 places where you can find them.

If you’re looking for the best deal on a house in the GTA, look no further than Oshawa, Durham. The median sold price here is $775,000 — well below the average price for a GTA home.

Located 60 km east of Toronto’s downtown core, the average household income in Oshawa is lower than many other GTA municipalities, making it more affordable. It also has a larger supply of less expensive housing types like townhouses and semi-detached homes compared to areas closest to Toronto.

Durham overall is home to six out of the 10 most affordable areas in which to buy a house, based on Wahi’s report. Here, houses sold between $789,900 and $910,000.

Homebuyers can also find homes for under the $1 million threshold in Burlington and Halton Hills in the Halton Region, where the median sold prices are $900,000 and $917,500 respectively.

Despite the challenges facing many first-time homebuyers, nearly one in five Canadians are still considering purchasing a home this year, and these GTA communities offer some affordable options to help make the dream of homeownership a reality.

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.