If Ontario residents could hop in a DeLorean and travel back to 2018, it’s safe to say many people would likely head straight to an open house. That year, the average home price in Canada was $491,000, according to the Canadian Real Estate Association (CREA). According to the latest 2025 data from CREA, the national average home price has risen to $668,097, a 36% increase over the past seven years.
In the Toronto CMA, rapid population growth has pushed the region’s population beyond 7M people, which accounts for over 18% of Canada’s total. Within the past seven years, this surge in demand has put added pressure on the condo market, driving up both prices and competition. So, what can you still purchase in today’s GTA for what used to be the average home price in Canada? You might be surprised to learn that only 23% of GTA regions have condos priced below that $491,000 threshold in 2025.
Then vs. Now: The Shrinking Reach of $491,000
Although Toronto and the GTA have always been more expensive than other areas in the country, a $491,000 budget in 2018 was more than enough to find a condo within your price range. The average condo across the GTA at the time was $551,003, and many units in the 905 suburbs sold well below the national average. Here’s how the market stands today in comparison to 2018.
Rising demand has pushed entry-level prices beyond what was once considered standard, even in outer regions that were once easier for first-time buyers, making lengthy commute times worth the sacrifice.
The Price Gap is Closing—But Not in the Way You’d Hope
The narrowing price gap between areas 416 and 905 means that suburban condos are no longer the affordable alternative they once were.
In March 2018, Canada’s average home price was $491,000, allowing buyers to access 19 out of 28 regions in and around the Greater Toronto Area (GTA), representing about 68% of the market. The current national average home price is $668,097. As a result, the number of more affordable regions has risen slightly to 24 out of 33, representing 73%. While this may seem like a minor improvement, the overall situation presents a different picture.
Condo prices soared dramatically in key areas like Toronto, Markham, Vaughan, and Oakville, pushing many of these regions beyond the reach of the average Canadian buyer. The modest increase in affordable areas is mainly due to continued accessibility in outer markets such as Georgina, Oshawa, Orangeville, and Simcoe County, where commute times are typically more than 90 minutes on average on a GO bus or GO train, often without a direct route.
In other words, today’s higher average home prices mean buyers get less space and fewer options closer to Toronto. This pushes many first-time buyers to the outskirts in search of affordability. However, because the city centre remains a central employment hub, this often means longer commutes, more time spent at GO stations, and fewer practical housing options for those who need to travel downtown regularly.
Where to Buy a Condo in the GTA Under Half a Million Dollars
Despite rising averages, there are still pockets of opportunity, though they’re quickly becoming harder to find. In March 2025, seven GTA cities and regions recorded average condo prices under $500,000. Across the Greater Toronto Area, Brampton stands out with 20 condo sales and an average price under $491,000, significantly surpassing nearby markets like Oshawa (7 sales), Innisfil (3 sales), Orangeville (3 sales), and Georgina (2 sales). In other words, Brampton offers more opportunities for buyers seeking affordable condo options in today’s market.
Brampton’s Pocket of Affordability
“Brampton’s a solid option if you want to stay in the GTA without the high price tag,” says Brampton-based eXp Realty agent Shan Thavayogam. “You’re not paying Toronto’s double land transfer tax like in Etobicoke, and it’s more budget-friendly than Mississauga. The commute can take 45 minutes to over an hour depending on traffic, but it’s manageable, especially if you steer clear of peak times.”
According to Thavayogam, one-bedroom units in Brampton currently can start around $350K, but keep in mind the maintenance fees tend to be higher. One-bedroom units typically range from $400K to $450K if you want something newer. With a budget of about $490K, you could find a two-bedroom in a building that’s 15 to 20 years old.
Back in 2018…
Back in March 2018, the affordability of the condo market was very different. Nearly 23% of all sales were under $400,000, with 70 units selling between $200,000 and $299,999 and another 440 in the $300,000 to $399,999 range. Those price points have all but vanished in 2025.
Condominium prices have climbed significantly across several regions since 2018, with some markets seeing values nearly double. Simcoe County led with a remarkable 110.5% increase in condo prices, followed by Clarington at 82%. Aurora and Oakville also posted strong gains, with prices rising 58% and 54%, respectively. However, with prices increasing by over 50% in just seven years, the question remains: how long will these units remain within reach for buyers?
Only 30 condos sold between $300,000 and $399,999, representing a mere 2.1% of total sales. The most active segment is the $500,000 to $599,999 range, making up nearly 32% of sales. This shift reflects how much the entry point for condo ownership has climbed in just seven years. As the most inexpensive type of home, it’s an essential indicator of how affordability challenges have intensified, especially for first-time buyers and younger households entering the market.
Have Wages Kept Up with Inflation in Canada?
Another critical point is that salaries have barely increased for most workers. According to a Toronto Star report at the end of 2023, hourly wages have remained essentially flat for most workers since 2006, with one major exception: CEOs and senior executives. The data reveals that while tradespeople, teachers, and nurses have seen little to no wage growth, those at the top have continued to see their earnings climb.
While buying at 2018 prices may feel like a distant memory, one key lesson remains: Waiting can be costly. Spring 2025 presents a unique window of opportunity—especially for condo buyers.
In March alone, the GTA condo market saw 5,488 new listings, yet only 1,404 units sold, meaning just 25.6% of listings resulted in a sale. This widening gap between supply and demand signals a market where buyers hold the advantage.
Curious to learn more? Talk to an agent about opportunities to buy an investment property your 2032 self would be thankful for.
