The Greater Toronto Area (GTA) real estate market — covering the regional municipalities of Peel, York and Durham — remained subdued in 2023 due to elevated borrowing costs. The composite benchmark home price in the GTA started 2023 at $1,070,600 and peaked at $1,171,300 in June, according to the Canadian Real Estate Association. A Bank of Canada rate hike in July pushed the benchmark rate to 5%, and by December the GTA benchmark price had eased to $1,067,200, a slight 0.3% decline from January. Below are trends and recommended neighbourhoods to consider across Peel, Durham and York regions.
Table of contents: Best places to buy in the GTA
- Best places to buy in Peel Region (Mississauga, Brampton and Caledon)
- Best places to buy in Durham Region (Oshawa, Pickering and Whitby)
- Best places to buy in York Region (Markham, Newmarket, Richmond Hill and Vaughan)
- Methodology
Peel Region, Ont.
Peel Region, immediately west of Toronto, includes Mississauga, Brampton and Caledon. The area is anchored by Toronto Pearson International Airport, major highways and GO Transit connections, and offers a wide variety of retail and dining options.
Best places to buy real estate in Peel Region
Below are the top neighbourhoods identified for Peel Region, with 2023 benchmark prices and recent growth metrics.
| Rank | Neighbourhood | City | Benchmark price 2023 | 1-year growth | 3-year growth | 5-year growth | Value | Economics | Accessibility | Children (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cheltenham | Caledon | $1,533,542 | 127% | 234% | 925% | 5.0 | 4.7 | 0.5 | 54% |
| 2 | Mono Mills | Caledon | $1,130,000 | 70% | 64% | 549% | 4.1 | 4.7 | 0.4 | 47% |
| 3 | Inglewood | Caledon | $1,630,000 | 88% | 106% | 124% | 3.0 | 4.7 | 1.2 | 54% |
| 4 | Alton | Caledon | $1,043,140 | -27% | 80% | 94% | 2.8 | 4.7 | 2.3 | 47% |
| 5 | Meadowvale Village | Mississauga | $1,202,102 | -11% | 24% | 49% | 2.4 | 5.0 | 2.1 | 71% |
| 6 | Meadowvale | Mississauga | $919,614 | -6% | 24% | 54% | 3.0 | 4.2 | 3.4 | 60% |
| 7 | Central Erin Mills | Mississauga | $1,050,555 | -6% | 11% | 45% | 2.7 | 4.5 | 3.7 | 63% |
| 8 | Streetsville | Mississauga | $1,089,051 | -5% | 18% | 54% | 2.7 | 4.5 | 3.2 | 63% |
| 9 | Churchill Meadows | Mississauga | $1,145,266 | -4% | 28% | 50% | 2.6 | 4.5 | 3.6 | 63% |
| 10 | Lisgar | Mississauga | $1,180,387 | -5% | 33% | 56% | 2.5 | 4.2 | 3.2 | 60% |
Source: Toronto Regional Real Estate Board
Top three neighbourhoods in Peel Region
1. Cheltenham, Caledon
Cheltenham sits in southern Caledon and is centered around the historic Cheltenham General Store at Creditview and Mill streets. In 2023 the benchmark home price was $1,533,542 — up 127% year-over-year and far higher than prices in previous years — giving the neighbourhood a maximum value score of 5.0 and a strong economics score of 4.7. Cheltenham appeals to outdoor enthusiasts with trails like the Grand Valley Trail nearby and a mix of heritage homes, ranch-style bungalows and newer upscale properties. Its rural nature results in a low walkability/accessibility score (0.5), so most residents rely on cars.
2. Mono Mills, Caledon
Mono Mills is a rural village popular for hiking and trout streams. Its 2023 benchmark price was $1,130,000 — up 70% from 2022 and considerably higher than prices in 2018 — reflecting strong long-term appreciation. The neighbourhood scores highly on economics (4.7) but has limited walkability (accessibility 0.4), so it’s best suited to buyers seeking a rural lifestyle.
3. Inglewood, Caledon
Inglewood’s historic Main Street is a designated Heritage Conservation District. Its 2023 benchmark price was $1,630,000, reflecting significant growth over several years. Inglewood is family oriented (54% of households have children), offers community amenities including parks and a community centre, and supports arts and culture through venues such as the nearby Alton Mill Arts Centre. Value and economics scores are solid, while accessibility is modest.
Peel market overview
Real estate activity in Peel was muted in 2023. The benchmark price peaked in June at $1,145,515 and closed the year at $1,020,187 as mortgage affordability tightened and buyer demand softened. Agents report that many buyers stepped back because higher interest rates reduced purchasing power; those who remained active found less competition and better negotiating conditions.
Outlook for Peel Region
By February 2024, activity and prices were starting to recover: home sales were up 34% from late 2023 and the region’s benchmark price rose slightly to $1,024,926. Increased showings and more multiple-offer situations have been reported. Inventory remains historically low — Peel had roughly 2.4 months of supply in January 2024, well below the four- to six-month range considered balanced — which will put upward pressure on prices if demand continues to rebound.
Return to menu.
Durham Region, Ont.
East of Toronto, Durham Region blends urban, suburban and rural communities across its eight municipalities: Oshawa, Pickering, Whitby, Ajax, Uxbridge, Brock, Clarington and Scugog.
Best places to buy real estate in Durham Region
Top Durham neighbourhoods show a mix of affordability, accessibility and long-term growth.
| Rank | Neighbourhood | City | Benchmark price 2023 | 1-year growth | 3-year growth | 5-year growth | Value | Economics | Accessibility | Children (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Town Centre | Pickering | $696,623 | -3% | 34% | 56% | 4.4 | 3.6 | 2.7 | 55% |
| 2 | Rouge Park | Pickering | $1,099,057 | -8% | 121% | 138% | 4.1 | 3.6 | 1.9 | 55% |
| 3 | Village East | Pickering | $743,111 | -7% | 29% | 68% | 4.1 | 3.6 | 4.5 | 55% |
| 4 | Pringle Creek | Whitby | $930,144 | -6% | 35% | 67% | 3.3 | 4.1 | 2.7 | 63% |
| 5 | Brooklin | Whitby | $1,124,344 | -7% | 39% | 58% | 2.4 | 5.0 | 1.7 | 66% |
Source: Toronto Regional Real Estate Board
Top three neighbourhoods in Durham Region
1. Town Centre, Pickering
Town Centre is an urban hub with retail and transit options. Its 2023 benchmark price was $696,623, down slightly year-over-year, but up substantially over three and five years. The neighbourhood scores well for value (4.4) and has a family-friendly profile with about 55% of households containing children.
2. Rouge Park, Pickering
Rouge Park borders one of North America’s largest urban park systems and combines natural amenities with strong long-term home price appreciation. Its 2023 benchmark was $1,099,057. Despite recent annual softness, the area’s five-year growth has been significant, offering strong value for long-term buyers.
3. Village East, Pickering
Village East is affordable relative to many GTA neighbourhoods and scored very high on accessibility (4.5), making it easy to get around by foot, bike and transit. The 2023 benchmark price was $743,111 and the area has shown healthy medium-term growth.
Durham market overview
Durham’s benchmark price rose in spring 2023, nearly reaching $1 million in June, but retreated to $860,622 by December — roughly 3% below January. Activity peaked in spring with more than 1,000 sales, then slowed sharply after July amid uncertainty around interest rates. Local agents note a strong spring rebound in 2024, with benchmark prices recovering by nearly 4% from December 2023.
Return to menu.
York Region, Ont.
York Region stretches north of Toronto to Lake Simcoe and includes major municipalities such as Markham, Vaughan, Richmond Hill and Newmarket. The area mixes a strong local economy with diverse housing markets.
Best places to buy real estate in York Region
The table below highlights top York neighbourhoods based on 2023 benchmark prices, growth and neighbourhood attributes.
| Rank | Neighbourhood | City | Benchmark price 2023 | 1-year growth | 3-year growth | 5-year growth | Value | Economics | Accessibility | Children (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Vinegar Hill | Markham | $1,126,400 | 44% | 72% | 41% | 5.0 | 4.2 | 1.8 | 53% |
| 2 | Pottageville | King | $1,657,917 | 55% | 27% | 113% | 3.3 | 5.0 | 0.4 | 56% |
| 3 | Concord | Vaughan | $742,158 | -2% | 9% | 54% | 3.6 | 4.6 | 1.7 | 54% |
| 4 | Elder Mills | Vaughan | $1,507,084 | 6% | 86% | 715% | 3.4 | 4.6 | 2.0 | 70% |
| 5 | Vellore Village | Vaughan | $1,482,234 | 24% | 33% | 54% | 3.0 | 4.6 | 2.6 | 70% |
Source: Toronto Regional Real Estate Board
Top three neighbourhoods in York Region
1. Vinegar Hill, Markham
Vinegar Hill is a historic, picturesque neighbourhood in Markham with strong price growth: its 2023 benchmark was $1,126,400, up 44% year-over-year. The area offers a mix of family-friendly character and local services, though accessibility scores remain modest.
2. Pottageville, King
Pottageville sits on the Oak Ridges Moraine and within the Greenbelt corridor. In 2023 its benchmark price was $1,657,917 and it scores highly on neighbourhood economics (5.0). The area attracts families and outdoor enthusiasts but has low walkability/accessibility.
3. Concord, Vaughan
Concord benefits from excellent highway access and local amenities like Vaughan Mills and conservation areas. Its 2023 benchmark was $742,158, reflecting modest recent movement but solid long-term growth and strong economic indicators.
York market overview
York Region’s home prices held up better than other parts of the GTA in 2023, with the benchmark price falling only slightly — from $1,285,583 in January to $1,281,020 in December. Higher interest rates limited activity, but early 2024 showed renewed buyer interest: January sales rose about 27% from December and roughly 42% year-over-year, signaling potential momentum if mortgage affordability improves.
Return to menu.
Additional resources
- Full report: Where to Buy Real Estate
- Mortgage affordability calculator
- Guide for first-time home buyers in Canada
This article was created by Zoocasa.
This is an unpaid article written by a content partner and edited by MoneySense. The piece is presented with support from Ratehub.ca; the advertiser provided financial support but did not influence editorial content.