This Is The Cheapest Spot In The GTA To Buy A Condo & It's A Long Commute From Toronto

Finding the cheapest place to invest in a condo within the GTA is a surefire way to ensure your adulting on hard mode. Thankfully, a new report by the Toronto Regional Real Estate Board (TRREB) has done the dirty work.

According to the TRREB condo market report, condominium apartment sales are growing in 2022, with the average selling price expected to increase by over 20% year-over-year.

Despite the depressing reality facing millennial homebuyers, spots like Oshawa offer a glimmer of hope.

The average unit currently sells for $457,688 in the city, making it the cheapest area for condos in the entire Greater Toronto Area, according to TRREB.

Following somewhat closely behind is Orangeville, a town that sells its condos for an average of $533,979.

However, both of these towns are about an hour's drive away from Toronto, so any hopes of you continuing to hold onto your city life will likely disappear.

Staying in the 6ix will prove even tricky for young home buyers as the average condo is currently selling at a whopping $809,853.

"Condominium apartments represent a key market segment in the GTA, providing housing for an array of households," TRREB President Kevin Crigger said. "Many first-time buyers see condos as an affordable entry point into homeownership. At the other end of the spectrum, condos provide a luxury alternative for many households."

It's also worth noting that the overall average GTA condominium apartment selling price increased by 22.5% to $790,398 in 2022.

So, residents are technically getting a bargain on places selling for under $600,000 even though it's still atrociously high.