5 Cheapest Neighbourhoods for Homebuyers in the Greater Toronto Area (January 2026 Market Report)

5 Cheapest Neighbourhoods for Homebuyers in the Greater Toronto Area

If you’ve been waiting for prices to soften in the Greater Toronto Area real estate market, this may be the window you’ve been watching for.

According to the latest report from the Toronto Regional Real Estate Board (TRREB), the average selling price across the GTA dropped 6.5% year-over-year in January, bringing the average price to $973,289.

But averages don’t tell the full story.

Some neighbourhoods — particularly those with high concentrations of condo buildings — are seeing significantly lower entry points.

Here are the five cheapest neighbourhoods for homebuyers in the GTA based on January’s median sold prices.

1. Flemingdon Park (North York)

Median Sold Price: $350,000
Homes Sold: 5
Average Days on Market: 45

Flemingdon Park tops the list as the most affordable neighbourhood in the GTA last month.

With a median sold price of just $350,000, this North York community offers one of the lowest entry points into Toronto real estate. The area is primarily condo-driven, making it attractive for first-time buyers and investors looking for lower purchase prices.

While inventory isn’t massive, homes here are still taking about a month and a half to sell — giving buyers some negotiation room.

2. Liberty Village (Toronto)

Median Sold Price: $470,500
Homes Sold: 11
Average Days on Market: 69

Liberty Village is known for its trendy vibe, walkability, and high-rise living.

Despite being one of Toronto’s most sought-after condo hubs, median prices dipped to under $500,000 in January. However, units are taking longer to sell — over two months on average — which reflects the cooling condo segment of the Toronto housing market.

For buyers wanting downtown access at a lower price point, this may represent opportunity.

3. Core Mississauga

Median Sold Price: $480,000
Homes Sold: 37
Active Listings: 291

Core Mississauga ranks third — and notably had the highest number of units sold among the most affordable neighbourhoods.

With a median sold price of $480,000, this area continues to be a key entry point into the Mississauga real estate market.

However, inventory is significantly higher here, with 291 active listings compared to 69 in Liberty Village and 53 in Flemingdon Park.

What does that mean?

Buyers have options. And in today’s GTA market, more options often mean stronger negotiating power.

With transit expansion, new condo developments, and continued infrastructure investment, Mississauga remains one of the most dynamic housing markets in the region.

Where Are the Most Expensive Neighbourhoods in the GTA?

On the opposite end of the spectrum, luxury markets are still commanding multi-million-dollar price tags.

Here are the three most expensive neighbourhoods last month:

1. Eastlake (Oakville)

Median Sold Price: $2,615,000
Homes Sold: 7
Average Days on Market: 73

Eastlake in Oakville leads the luxury market. Known for custom-built estates, large private lots, and proximity to Lake Ontario, it continues to attract high-net-worth buyers.

Even in a cooling market, this neighbourhood remains firmly in the luxury tier.

2. York Mills (North York)

Median Sold Price: $2,000,000
Homes Sold: 6
Average Days on Market: 65

York Mills is another established luxury pocket in North York, featuring executive homes and strong long-term property values.

Sales are steady, though homes are taking over two months on average to sell.

3. King

Median Sold Price: $1,825,000
Homes Sold: 9
Average Days on Market: 108

King Township rounds out the list, offering large estate-style properties north of Toronto.

Homes here are taking the longest to sell — over 100 days on average — reflecting a more cautious luxury buyer in today’s market.

What This Means for the GTA Real Estate Market

The contrast is clear.

Condos in areas like North York, downtown Toronto, and Mississauga are offering entry-level pricing not seen in years.

At the same time, luxury markets remain active but slower-moving.

With the average GTA home price sitting at $973,289, the gap between condo affordability and detached luxury homes is wide — creating opportunity for first-time buyers and investors.

For buyers:

• Increased inventory means more choice
• Longer days on market create negotiating power
• Softened pricing may open doors that were previously closed

For sellers:

• Pricing strategy matters more than ever
• Overpricing in today’s market leads to longer days on market
• Presentation and positioning are critical

Final Thoughts

The Greater Toronto Area real estate market is shifting — not crashing, but correcting.

With average prices down 6.5% year-over-year, affordability pockets are emerging, especially in condo-heavy neighbourhoods like Flemingdon Park, Liberty Village, and central Mississauga.

If you’re thinking about buying in Mississauga or anywhere in the GTA, this is a market that rewards strategy — not emotion.

Want to know what opportunities exist in your specific price range? Let’s talk through the numbers and see where you fit in today’s market.