5 neighbourhoods with the cheapest homes in the Greater Toronto Area last month

The list of five least expensive neighbourhoods in which to buy a home is out and two communities were in Mississauga last month.

Each month, digital real estate platform Wahi lists neighbourhoods with the most and least expensive homes. Wahi used the median home sale prices in GTA neighbourhoods with five or more sales in August to create the lists.

The real estate market has been on a downward trend this year with average prices down in many communities and homes selling a huge losses.

Areas outside of Toronto’s downtown area, with high concentrations of condos, are typically where people can find the least expensive homes, the report found.

In August, two Mississauga neighbourhoods appear in the top five least expensive list.

Fairview is number three with a median sold price of $492,000 with 13 homes sold and an average of 30 days on the market. Fifth on the list is City Centre Mississauga with a median sold price of $509,000. Here, there were 44 homes sold with an average of 34 days on the market.

Brampton’s Queen Street area is also on the list with a median sold price of $472,500, a total of 10 homes sold and an average of 44 days on the market.

The most expensive neighbourhoods include some of the richest enclaves in the city, such as Hogg’s Hollow and Forest Hill.

The most expensive neighbourhood last month was Oakville’s Eastlake with a median sold price of $3,881,334 Homes here took an average of 28 days to sell, and 10 homes were sold in August.

Eastlake was ranked third in July.

For more information on these neighbourhoods, see Wahi’s guide here.

Lead photo of Mississauga: Google Maps