Homes For Sale in the GTA, Price Under $500,000

Finding Affordable Housing in 2025

In 2024, finding homes for sale in the Greater Toronto Area (GTA) under $500,000 can feel like an elusive goal, given the competitive nature of the real estate market. However, with the right strategies and knowledge, there are still affordable options for prospective buyers in the region. Whether you’re a first-time homebuyer or looking to downsize, this guide will help you explore budget-friendly homes in the GTA and provide tips on navigating the real estate landscape.

Current Real Estate Market in the GTA

The real estate market in the GTA has seen substantial growth over the past decade, with average home prices skyrocketing. In 2024, housing prices remain high due to a strong demand fueled by population growth, urban development, and limited supply. However, the good news is that homes priced under $500,000 are still available, especially in select neighborhoods and specific types of properties such as condos or smaller houses in suburban areas.

According to the Toronto Regional Real Estate Board (TRREB), the median price for a home in Toronto hovers above $1 million, but a closer look at less-central areas in the GTA reveals opportunities for buyers with smaller budgets. Condominiums and townhomes, particularly in suburban communities, offer a realistic entry point for those seeking affordable housing in the GTA.

Affordable Neighborhoods in the GTA

If you’re looking for homes for sale in the GTA under $500,000, certain neighborhoods offer more possibilities than others. While properties in the core Toronto area are mostly out of this price range, expanding your search to surrounding areas can yield better results.

• Scarborough: Known for its diversity and community feel, Scarborough offers some of the most affordable housing in Toronto. Condos and townhomes are the primary options for buyers under $500,000.
• Pickering: Just east of Toronto, Pickering is another affordable suburb that offers smaller detached homes, condos, and townhouses within the $500,000 range.
• Oshawa: Located further east in Durham Region, Oshawa is an emerging market for budget-friendly homes. With a range of condos and townhomes available, this area offers a great balance of affordability and proximity to the city.
• Milton: West of Toronto, Milton provides options for first-time buyers and young families, with townhomes and smaller detached homes available under $500,000.
• Brampton: Known for its growing population and strong real estate market, Brampton still offers some opportunities for homes under $500,000, particularly in the form of condos and townhouses.

Tips for Homebuyers on a Budget

Navigating the GTA real estate market can be overwhelming, especially when you’re on a budget. Here are some practical tips to help you find a home that fits your needs and financial situation:

1. Be Open to Different Types of Properties: Condos and townhouses are often more affordable than detached homes. If you’re looking for a home under $500,000, focus on these types of properties, which offer lower maintenance costs and are easier to find within this price range.
2. Expand Your Search Radius: While central Toronto may be out of reach, nearby areas such as Durham Region, Peel Region, and Halton Region offer more affordable housing options. You may find better deals by widening your search to suburban communities or even smaller cities within commuting distance.
3. Stay Informed About New Developments: New housing developments often offer units at a lower price point during the pre-construction phase. Keep an eye on upcoming projects in affordable neighborhoods to secure a home at a better price before the market drives it up.
4. Get Pre-Approved for a Mortgage: Before you begin your home search, it’s important to understand what you can afford. Getting pre-approved for a mortgage gives you a clear budget and can help streamline the buying process.

Considerations for Buyers Looking for Homes Under $500,000

When you’re purchasing a home in the GTA for under $500,000, there are several factors to keep in mind:

• Size and Space: Homes in this price range may be smaller or offer fewer bedrooms. It’s important to prioritize what aspects of a home are most important to you, such as proximity to work or schools, rather than focusing solely on size.
• Renovations: Homes in the lower price range may require some upgrades or renovations. Consider whether you’re willing to invest in a property that may need work, and factor these costs into your budget.
• Location vs. Price: The closer a property is to Toronto’s downtown core, the more expensive it is likely to be. Evaluate your need for accessibility to the city versus your budget. Properties in suburbs like Oshawa or Milton may offer a larger space at a lower cost, but require longer commute times.

While finding a home for sale in the GTA under $500,000 may seem like a challenge in today’s market, it is not impossible. With strategic planning, an open mind, and the right guidance, buyers can still find budget-friendly options in this dynamic region. Whether you’re looking for a cozy condo in Scarborough or a family-friendly townhouse in Milton, the GTA has affordable housing options to suit a range of needs.

If you’re ready to start your home search or need expert advice, contact a local realtor today. Explore available listings, subscribe to real estate updates, and stay informed about new opportunities in the GTA’s ever-changing market. Your dream home may be more attainable than you think!

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For Sale$499,700

17 Craigroyston Road

Hamilton, Ontario

1 Bedrooms1 Bathrooms752 sqft

High basement with separate entrance. Was 2 bedroom & could easily be converted back. Garage has hydro. Breaker panel in house. Roomy bungalow on quiet street near traffic circle. Relaxing front porch. Private rear yard. Groceries, shopping, park, schools & public transit all nearby. Quick access to QEW for Toronto or Niagara. Ideal home for 1st time buyers or investors. Easy to view! (id:51158)

For Sale$429,900

427 Aberdeen Avenue Unit# 304

Hamilton, Ontario

2 Bedrooms1 Bathrooms820 sqft

Beautiful, light filled open 1 bedroom plus den condo with gorgeous panoramic views to the City through wall to wall windows. Terrific south-west location close to St. Joe's hospital, 403, McMaster and Chedoke Golf Course. Steps to Bruce trail and trendy Locke St with shops and restaurants. Unit is approx 820 SF with insuite laundry, granite c/tops, and breakfast bar. Parking spot (6) and storage locker (18) included. Large rooftop terrace for entertaining and relaxing. Status certificate available and all info (condo fees and inclusions,etc) to be confirmed by status certificate. (id:51158)

For Sale$474,900

68 East 35th Street

Hamilton, Ontario

2 Bedrooms1 Bathrooms625 sqft

Welcome to this delightful 2-bedroom, 1-bathroom bungalow situated on the highly sought-after Hamilton Mountain. Perfect for first-time homebuyers or those looking to downsize, this home offers cozy charm with a modern touch. Step inside to discover the care and attention that has been poured into this property. Recent updates include a replaced beam under the house and 30 brand-new floor joists, complete with added insulation, subfloor, and sleek new flooring throughout. The fresh coat of paint creates a bright and inviting atmosphere, while new light fixtures add a contemporary flair. The kitchen features a new dishwasher, making meal prep and cleanup a breeze. In the bathroom, enjoy the new bath surround, fittings, shower head, and updated vanity with fresh plumbing. The laundry room has also been revamped with re-done plumbing and a new window for added natural light. A newly installed back door completes the list of thoughtful upgrades. The outdoor space is just as impressive, with a generously sized backyard perfect for entertaining, gardening, or relaxing. The property also boasts a 2-car driveway for convenient off-street parking. This bungalow is truly move-in ready, blending classic charm with essential modern updates. Don’t miss your chance to make this wonderful home yours! (id:51158)

For Sale$399,000

15 Albright Road Unit# 1

Hamilton, Ontario

3 Bedrooms2 Bathrooms1188 sqft

Welcome to this beautifully updated two-storey condo, located in the highly sought after Sir Wilfred Laurier Estates. This home has been meticulously upgraded, offering a modern and stylish living space perfect for today's lifestyle, complete with its own in unit storage locker. Although this unit is 2 storeys it does boast a main floor Bedroom, convenient for guests or persons with mobility issues. Enjoy the convenience of a range of amenities, including a refreshing underground pool, a well-equipped party room, and a fully stocked gym. Whether you're looking to relax, entertain, or stay active, everything you need is right at your fingertips. Start your day with a peaceful cup of coffee on the second level balcony, offering serene views to set the tone for your morning. The main floor features an exclusive private yard, ideal for hosting BBQs or relaxing in your own outdoor oasis. With the perfect combination of indoor and outdoor living, this updated condo offers comfort, convenience, and a vibrant community, making it an ideal place to call home. Don't miss your chance to experience all that this exceptional property has to offer! (id:51158)

For Sale$464,990

460 Dundas Street E Unit# 422

Hamilton, Ontario

2 Bedrooms1 Bathrooms715 sqft

This bright and brand new 715 sq ft, 1-bedroom + den condo is located on the fourth floor and is the perfect blend of comfort and style. Large windows and 9-foot ceilings fill the space with natural light, creating an airy, open atmosphere. Neutral colours and sleek, modern design, including stainless steel appliances and a breakfast bar, offer a versatile and inviting space. Enjoy the convenience of in-suite laundry with a spacious walk-in laundry room, plus an energy efficient geothermal heating and cooling system to keep utility bills low year-round. The open balcony provides a peaceful view of surrounding greenspace, while one underground parking space and a large storage locker add extra value. Building amenities include a community terrace with a barbeque, a gym, a party room, bike storage and an elevator. Located in picturesque Waterdown, the condo offers peace and tranquility while being just a minute from shopping, dining, and parks. (id:51158)

For Sale$425,000

112 King Street E Unit# 1003

Hamilton, Ontario

1 Bedrooms1 Bathrooms618 sqft

Welcome to the Iconic Residences of Royal Connaught. This historic hotel located in the heart of downtown Hamilton has been converted into luxury condo units while meticulously maintaining its original character and stunning architecture. Marvel at the spectacular lobby with huge arched windows, polished marble floors, massive chandeliers, ornate pillars & moldings of a bygone era restored to their original glory of the roaring 1920’s. Step inside this stunning 618 sqft condo on the 10th floor that is sparkling clean and freshly painted featuring dark plank flooring, floor to ceiling windows and juliette balcony with stunning ornate grates and panoramic views of the city and waterfront. The unit features 1 bedroom with a walk-in closet, a sleek 4-piece bath, in-suite laundry, spacious kitchen with stainless steel appliances and granite countertops and an open living area that is much bigger than it looks. The unit includes a storage locker which is on the same level and an underground parking space. Fabulous building amenities include a gym, theater room, party room, outdoor terrace, with bbq’s, fireplace & lounge areas + 24-hour security. Grab a coffee from Starbucks on the street level or walk over to restaurant row on King William St for dinner, or shop trendy James St N, the Market, hop on GoTransit + just minutes to all area hospitals, McMaster University & the 403, making this location perfect for anyone looking to enjoy convenient condo living in the core. RSA (id:51158)

For Sale$489,900

208 East Avenue N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1183 sqft

Welcome to 208 East Ave North, a charming duplex located in the heart of Hamilton, Ontario! This spacious property offers two units, perfect for investors or homeowners looking to live in one and rent out the other. Each unit features bright, open-concept living spaces, with large windows that allow natural light to fill the rooms. The lower units both boast 2 bedrooms, full kitchen. With separate entrances this property provides privacy and convenience for both tenants and owners. Situated just minutes from schools, Hamilton General Hospital, public transit, parks, and the vibrant downtown Hamilton scene, this is an ideal location for anyone looking to enjoy the best of city living. Don’t miss out on this fantastic opportunity to own a duplex in a growing neighbourhood! (id:51158)

For Sale$448,900

75 Queen Street Unit# 1804

Hamilton, Ontario

3 Bedrooms2 Bathrooms1280 sqft

Experience unmatched city living in this rare corner-unit condo located in the heart of the vibrant Strathcona neighbourhood. This spacious 1300 sqft 3-bedroom, 2-bathroom home offers breathtaking panoramic views of the city skyline, the Escarpment, and Burlington Bay—views that truly need to be seen to be believed! Perfectly situated, you’ll enjoy being just minutes from everything Hamilton and Burlington have to offer, including James Street’s trendy shops and restaurants, the West Harbour GO Station, highway access, and so much more. As one of the building's coveted corner units, this home provides an abundance of natural light and an expansive layout designed for comfort and style. The building boasts an impressive array of top-notch amenities, including an indoor pool and hot tub, his-and-hers gyms with saunas, green space, a tennis court, car wash, workshop, underground parking, on-site security, and ample visitor parking. Additionally, the building is undergoing an exciting exterior makeover, giving it a fresh and modern look. Rarely do large 3-bedroom corner units like this come to market. Don’t miss this exceptional opportunity to combine space, convenience, and luxury living! (id:51158)

For SaleOPEN HOUSE$489,900

2040 Cleaver Avenue Unit# 310

Burlington, Ontario

2 Bedrooms1 Bathrooms650 sqft

Welcome to 2040 Cleaver Ave Unit 310. A corner unit within the popular Forest Chase Complex. This property is conveniently located close to numerous amenities. Walk to shopping, restaurants, schools, parks and public transit. 1 Underground parking spot and 1 locker. This unit has laminate flooring thought out and neutral decor, and in suite full size stacked laundry. The private outdoor balcony is equipped with a BBQ too! This is a great opportunity for a new first time home buyer, or someone who is looking to downsize to condo living! Don't miss this opportunity to live in a forest like setting in North Burlington. (id:51158)

For Sale$485,900

112 King Street E Unit# 1104

Hamilton, Ontario

2 Bedrooms1 Bathrooms739 sqft

Luxurious Condo Living at The Royal Connaught – 112 King St E, Unit 1104 Discover upscale living in this stunning 1-bedroom + den condominium located in the historic Royal Connaught, a beautifully renovated 13-storey gem in the heart of downtown Hamilton. This elegant residence offers breathtaking panoramic views of the city skyline and Lake Ontario, perfectly positioned between the Niagara Escarpment and the Waterfront Trail. With convenient access to the 403 and just a short stroll to the Art Deco-inspired GO Station, commuting to and from Toronto’s Union Station is a breeze. Live at the center of it all! You’ll be steps from Hamilton’s cultural hotspots like the First Ontario Place, and Jackson Square Shopping Mall. The neighborhood also includes the Hamilton Farmers’ Market and professional AHL hockey at First Ontario Centre. For healthcare professionals or students, local hospitals and McMaster University are easily accessible via the main transit route. This unit comes with one locker and one parking spot. Explore the video tour and photos to envision your new home. Status certificate available upon request. Don’t miss this opportunity to enjoy the best of luxury and location in downtown Hamilton! (id:51158)

For Sale$499,900

99 Beland Avenue N

Hamilton, Ontario

2 Bedrooms1 Bathrooms710 sqft

Welcome to 99 Beland Ave. Located in the desirable McQuesten neighborhood of Hamilton's east end, with easy access to the Red Valley Parkway, QEW, LINC, Highway 403 and close proximity to local transit, shopping schools and various amenities, this property is ideally located for convenience. This quaint detached home offers a bright living room, eat in kitchen & 2 bedrooms all with new hardwood flooring. The newly renovated 4pc bathroom and back hallway has heated floors. This homes unfinished basement with laundry is awaiting your final touches. The house has a new front door, side door (on order), metal roof, a front porch & private parking for 2 vehicles. Walk out to the fully fenced yard complete with stone patio, gazebo (as-is) , large garden shed with metal roof & multiple raised garden beds. Don't miss this great opportunity to own a freehold detached home! (id:51158)

For Sale$399,900

81 Robinson Street Unit# 703

Hamilton, Ontario

1 Bedrooms1 Bathrooms522 sqft

Stunning one bedroom condo located in Hamilton's sought after historic Durand Neighborhood! City Square Condos offers the best of both worlds in terms of location. Enjoy the peace of living on a quiet street with the hustle and bustle of the downtown core within walking distance. A wealth of local coffee shops, restaurants, and shopping options are all located within the immediate area. West Harbor GO Station and Hamilton GO Centre are both just minutes from the building. This beautifully updated unit is perfect for young professionals and families looking to lay down their roots in Hamilton. The kitchen boasts gorgeous countertops, a large breakfast bar, and stainless steel appliances including a dishwasher. The spacious living room combined with the private balcony make this space ideal for both unwinding and entertaining. Benefits of the unit include the convenience of in-suite laundry and the comfort of central air conditioning. The four piece bathroom features a beautifully tiled shower and a sleek vanity. Building amenities include two fitness centers, a party room, and a luxurious outdoor terrace. One underground parking space and one storage locker are included with the unit. Don't miss out on this incredible opportunity to live in one of Hamilton's very best condo buildings! (id:51158)