Top 5 least and most expensive neighbourhoods for home buyers in the Greater Toronto Area

Those looking to buy a new home in the Greater Toronto Area may want to check out the least and most expensive neighbourhoods.

Traditionally a slow month in real estate, December saw the average selling price drop 5.1 per cent compared to a year earlier to $1,006,735, according to the Toronto Regional Real Estate Board’s latest report.

Of course, prices vary across the region.

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

In December, two Peel Region communities made the list of the least expensive places in which to buy a home.

Brampton South ranks first with a median price of $345,000. Seven homes were sold here in December, and it took an average of 64 days to sell property.

Downtown Brampton also made the list with a median price of $448,000. Eleven homes were sold here in December, and it took an average of 46 days to sell property.

Mississauga’s core area ranked fifth with a median price of $453,500. A whopping 34 homes were sold here in December, and it took an average of 54 days to sell property.

The most expensive neighbourhoods include areas known for their large estates and luxury homes.

Topping the list is Humber Valley in Toronto with a median sold price of $2,450,000. Five homes sold in this neighbourhood in December, and it took an average of 34 days to sell.

Old Toronto’s Forest Hill is next with a median sold price of $2,170,000. Seven homes sold in this neighbourhood in December, and it took an average of 88 days to sell.

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

Lead photo of Mississauga: Google Maps