A new report reveals that homebuyers can now save up to half a million dollars by moving to cities just outside of the GTA, but is this your sign to give up your Toronto condo for a house in the suburbs? These experts are sharing some tips that can help you decide.
The new study by Canadian real estate listings website Wahi suggests that homebuyers might not need to move too far from the region to find more affordable options.
It is no surprise that the Toronto region holds one of Canada’s most expensive markets for real estate, with a single-family home in the city currently going for an average of $1,145,000. But according to Wahi, stepping just a bit away from the GTA borders can get you a much better deal.
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Looking east, in Peterborough, homebuyers can find one of the cheapest markets in the region, where a single-family home can go for as low as $650,000, which is less than the current average price for a condo in downtown Toronto, which was $685,961 in the second quarter of 2025, according to the Toronto Regional Real Estate Board (TRREB).
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Meanwhile, in Hamilton, homes also go for a lot less than in the downtown core, with an average price of $759,500.
Other regions, including Kawartha Lakes, Simcoe, Dufferin, and Northumberland County also show much more affordable home prices, with the average home in the $650,000-$850,000 mark.
Wahi Economist Ryan McLaughlin tells Now Toronto that the findings come after COVID caused a surge in demand for homes outside of the GTA, which has been declining as the U.S. tariffs on Canadian goods and recent return-to-office mandates kick in.
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“There was this whole phenomenon of the ‘COVID towns.’ And, basically, we saw that during COVID, the gaps between these outlying cities and the GTA really closed a lot. So, home prices everywhere went up, but in the central core of Toronto, they didn’t go up that much,” he said.
“[Now], the more historically normal ratio between central Toronto and these outside areas has sort of resumed. And actually we’re seeing prices are continuing to fall more in these outlying areas.”
While prices now might seem very attractive for those looking for a chance to jump into the market, McLaughlin says that there is no rush.
The expert explains that fluctuations in the market are common, and while hard to predict, it is possible that lower prices will linger for some time.
“Making the purchase decision is about the individual and the characteristics of their life and making sure that owning a home in this location is going to be right for that person and their family right now and five years from now and 10 years from now,” he added.
But for those who think now might be their chance to give up their condo view of the city’s skyline and step away from the downtown core for a cheaper fee, Now Toronto spoke with realtor Michelle Glasgow to weigh the pros and cons of this decision.
PROS FOR MOVING AWAY FROM THE GTA
Affordability
As suggested by Wahi, an obvious advantage for buying outside of the GTA is the cheaper mortgage. While in Toronto and its suburbs it can be impossible to find a freehold home without breaking the bank, Glasgow says other cities offer properties in the $300,000–$600,000 range.
“I recently helped a client purchase a three-bedroom, 1,600 square foot condo townhome for under $400,000,” she revealed.
More space
While Toronto can be a hotspot for highrise condos and smaller studio apartment units, places around the GTA often offer much larger homes, with backyards and big rooms for family gatherings. According to the realtor, more space can make a big difference in lifestyle, especially for families who might be looking for increased privacy, more space for children to play around or a chance to invite family over.
Moreover, a lot of these properties also offer similar layouts to many downtown homes, which means that just for giving up downtown, you might be getting more land and similar quality for a much lower price.
An opportunity to enter the market
Glasgow also explained that GTA satellite cities could be the perfect opportunity, not only for families with children, but also for those looking to enter the market for the first time.
With existing rent and living expenses, many first-time homebuyers face challenges when entering the market, but more affordable prices in homes away from the GTA also mean a lower down payment and monthly mortgage payments, which makes it easier to take the first step.
“The monthly mortgage payments are often very similar to what people are paying to rent. In many cases, buyers are purchasing homes where the mortgage payments are under $2,500 a month. That’s equivalent to, or even less than, what some renters are paying for smaller units in the GTA,” Glasgow added.
Long-term investment
While many leaving the city’s core look to find their forever homes, the realtor says the cheaper market is also an opportunity for many to slowly build their way into their dream area.
According to her, by entering the market, homebuyers can grow their investments, and later sell or rent out the property, which can give them an opportunity to even move back into the city if that’s what they want.
“These properties, while still priced accessibly, are appreciating quickly. That means buyers are not just owning a home, they’re building equity and wealth in a shorter time frame. That equity can then be used to refinance, invest in additional properties, or move closer to the GTA when they’re ready,” Glasgow said.
CONS FOR MOVING AWAY FROM THE GTA
Longer commutes
As all choices have consequences, it is also important to consider what you might be losing by moving away from the city.
With many employers looking to bring workers back into the office, many suburb residents might be looking at longer commutes. In this case, they might be looking at a few more hours a day sitting in traffic or on transit.
Glasgow also points out that the longer commutes mean more expenses in gas and vehicle wear and tear, along with more maintenance costs.
“That said, commuting from outside the GTA often means a smoother, more consistent drive. I’ve personally spent an hour just trying to get across Toronto in traffic. When you’re coming in from out of town, that same hour is usually spent actually moving, not stuck bumper to bumper,” she added.
Accessibility and lifestyle
As pointed out by Glasgow, moving away from downtown can mean a significant change in homebuyers’ lifestyles. While downtown you might be used to having nearby access to malls, hospitals, cinemas, and restaurants, while many cities outside of the GTA might have limited access to these amenities.
Additionally, a lot of these cities are less accessible by public transit, making it a lot more difficult to move around without a car than in the city.
“For buyers who are used to having everything at their doorstep, this can take some adjustment,” Glasgow added.
