With a condo market that has hit recessionary levels and sales that haven’t bounced back despite a few interest rate cuts, buying or selling a condo can feel futile in Toronto. But a new study found that, despite sluggish conditions, one segment of the market is seeing more action and sales than last year — units under $550,000.

A new report by Wahi looked at condo sales for the first half of 2024 in the GTA. Despite declining sales and an increasing oversupply over the past year, the report found that there’s still some interest in the most affordable bracket — units priced under $550,000 have made up a greater share of overall condo sales this year. Of units that sold between January and June of 2024, 20.63 per cent were under $550,000, compared to just 16.6 per cent in 2023. There were 2,731 condo sales under $550,000 in the first half of 2024 compared to 2,438 in the same period of 2023, marking a 12 per cent increase. 

The Toronto neighbourhoods of Old Toronto, North York and Scarborough saw the biggest share of total condo sales under $550,000 — 19.74 per cent of sales were condos in that more affordable bracket in Old Toronto, while 13.37 per cent and 13.33 per cent of condo sales were under $550,000 in North York and Scarborough, respectively.

If you’re on the hunt for one of these more affordable units, the study found that three Toronto communities made the top 10 list of regions where the median sold price came in under $550,000 for the first half of 2024. With the lowest median sold and list price in the GTA, East York came in at number one — from January to June 2024, the median condo sold price was $485,000, and the median list price was $499,000. This was based on 63 total sales in the six-month period.

Also on the list was Toronto’s York neighbourhood, coming in at number four — based on 75 total sales, the median sold price was $515,000, slightly less than the median list price of $525,000.

Scarborough also came in at number nine, reporting a whopping 687 sales during the six-month period and a median sold price of $545,000.

If you’re willing to look further, four Durham neighbourhoods took spots number two, three, six and seven: Uxbridge had a median sold price of $500,000 (but over just five total sales), and Oshawa’s median condo price was $504,900 from a total of 179 sales. Clarington and Ajax also made the list, at $536,000 and $537,900, respectively.

Two York neighbourhoods also made the list — King at number five and Georgina at number eight, with median condo prices of $532,000 and $542,450, respectively.

Burlington squeaked in at number 10 just under $550,000 — the median condo sold price there, accounting for 224 sales during the six-month period, was $549,950.