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$459,900

3200 Dakota Common Unit# B501

Burlington, Ontario

1 Bedrooms1 Bathrooms517 sqft

Welcome To Valera Condos In Sought After Alton Village. This 1 Bed 1 Bath Suite Features An Open Concept Layout, Floor To Ceiling Windows, Ensuite Laundry And A Walk Out To A Spacious Balcony. Modern Kitchen Offers Stainless Steel Appliances And Quartz Countertops. Resort Like Amenities Include Exercise Room, Yoga Studio, Sauna & Steam Room, Outdoor Rooftop Pool With Lounge & Bbq Area, Lobby With Concierge, Party Room With Kitchenette & Outdoor Terrace. This Unit Comes With 1 Parking Space & 1 Storage Locker. Close Proximity To Great Schools, Shopping, Dining, Public Transit & Major Highway Access. (id:51158)

For Sale$470,000

77 Leland Street Unit# 108

Hamilton, Ontario

1 Bathrooms332 sqft

ATTENTION INVESTORS/STUDENTS FURNISHED READY TO MOVE IN WITH POSITIVE CASHFLOW ! Designed for lifestyle and functionality, this modern and clean unity is only steps away from McMaster University and is perfect for students or commuting professionals! Situated right next to the Hamilton Burlington Trail and surrounded by amenities, entertainment, greenspace, and public transit, this unit ticks all the boxes! Additional Building Amenities Include On-Site Laundry, Secure In-Door Bike Storage, 24/7 Emergency Maintenance, Nighttime Security, Security Cameras + Visitor Parking (id:51158)

For Sale$449,900

26 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1080 sqft

$40,000 in SAVINGS!!!! Welcome to 26 Woodman Drive North, your newly renovated townhome! This unit provides the opportunity to customize your space with finishes from four designer colour palettes. The main floor showcases a modern kitchen with quartz countertops, stainless steel appliances, and luxury plank vinyl flooring. The living room, illuminated by sleek pot lights, and the separate dining room create the perfect setting for family gatherings and entertaining. A convenient powder room completes the main level. Upstairs, you'll find three well-sized bedrooms, including a primary bedroom with a wall-to-wall closet. A spacious 4-piece bathroom adds to the home's appeal, offering both style and functionality. The unfinished basement offers great potential—perfect for storage or creating your own custom space. Inside access from the garage and parking for two (1 garage space and 1 driveway spot) provide added convenience. Located minutes from the Red Hill Valley Parkway, shopping centers, schools, and bus routes, this home combines modern living with an ideal location. (id:51158)

For Sale$490,000

1110 Garth Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1000 sqft

Amazing condo townhouse to call home! Corner unit boasts lots of space for a small family or investors. Fully fenced yard with gate access leads to exclusive and visitor parking. Scenic landscaped paths adorn you as you approach this unit from the rear. Backyard access allows easy unloading of groceries and packages. The home hosts lots of natural light, sits in between beautiful gardens and well maintained landscape areas. The adorable foyer has a double closet with a quant staircase leading to 3 nice sized bedrooms upstairs. In addition, the upstairs has a 5piece bath and full size linen closet. The mainly white kitchen has lots of space and newer updated finishes allow for great nights of good food and fun. The living room is spacious and is filled with light pouring from the large bay window and gives opportunity for quiet reading or tv watching. Downstairs you will find lots of space for storage and a partially finished area to relax and entertain. This home is ready to enjoy, and has lots of potential for a small family or investor! Come take a look! (id:51158)

For Sale$499,900

301 Frances Avenue Unit# 404

Hamilton, Ontario

3 Bedrooms2 Bathrooms1356 sqft

Stress free condo living beside the lake! Welcome to unit 404 at 301 Frances Ave, The Bayliner. This spacious three bedroom unit offers over 1300 square feet of living space, a smart layout, large balcony, in-suite laundry, and all utilities are included in your monthly condo fee! When you enter the unit, the main living space features a modern laminate floor and is flooded with light from the floor-to-ceiling balcony sliding door. The kitchen features stainless steel appliances, separate pantry, and a convenient pass through “window”, opening it up to the rest of the living area. Headed down the hall, you’ll find three spacious bedrooms with hardwood parquet flooring. A 3-piece bathroom off the hall features a walk-in shower with grab bars and large vanity for storage. The primary bedroom at the end of the hall offers a walk-in closet, and it’s own 2-pc ensuite bathroom. A storage room and laundry room complete the unit. Coming with one underground parking space, you’ll find everything you need here. The building is loaded with amenities including a pool, sauna, workshop, gym, party room, and community bbqs. Located right beside the lake within a residential community, this condo offers a peaceful atmosphere, while still offering quick access to the QEW and amenities. (id:51158)

For SaleOPEN HOUSE$499,000

4003 Kilmer Drive Unit# 303

Burlington, Ontario

2 Bedrooms1 Bathrooms769 sqft

Carefree living at Tansley Gardens in the sought after neighborhood of Tansley Woods. This condo is tasteful, spacious, inviting and has a great open concept. It features a large bedroom, updated 4 piece bathroom and fully renovated kitchen (2019). There is plenty of room for a living room and dining room, with a walkout onto a sizable balcony. In addition there is new carpet throughout the space, but laminate flooring waits underneath should the owner prefer. The den can be used as an office, TV area or potentially a guest room. It has an underground parking spot, storage locker and in-suite laundry with a storage area. This location is conveniently located with walking access to park, schools, shopping, the Tansley Woods community centre, public transit and easy access to the QEW/407. Ideal for first time buyers and downsizers alike. (id:51158)

For Sale$499,900

5 Hanna Avenue Unit# 212

Toronto, Ontario

1 Bathrooms450 sqft

Gorgeous Studio In Liberty Market Lofts w Parking Included! This Stylish & Spacious 450sqft Studio, w Large 80sqft W/O Balcony Located in the heart of Trendy LV! Open Concept Kitchen Features S/S Built-In Appliances, Gleaming Quartz Counter, And Backsplash. Steps Away From 24Hours Metro, Goodlife, The Art, Bars, Restaurants, Fashion & Entertainment District. Short Walk To King St Streetcar. This condo has been Freshly Painted, professionally cleaned, & can be sold w all the furniture included! (id:51158)

For Sale$439,900

1284 Guelph Line Unit# 417

Burlington, Ontario

2 Bedrooms1 Bathrooms596 sqft

Top floor unit in the Modern Condo Building! Open concept with 1 bedroom, 1 bathroom and vestile den area, ideal for home office or dining. Bright kitchen with plenty of cupboard storage, granite countertops and stainless steel appliances. Plenty of space to add an island for additional prep space, dining or storage. Open living area with access to the private balcony. Spacious bedroom with double closets and big bright windows. Full 4 piece bathroom. Vinyl flooring throughout. Relax or entertain on the stunning rooftop patio! Features lounge couches, bbqs, tables and chairs for dining, and fireplaces. Clean and well maintained building with welcoming foyer, dual elevators, secure underground visitor parking and landscaped grounds. Conveniently located near shopping, schools, trails and parks. Easy access to major highways, public transit and Go Stations. Included 1 parking space and 1 locker. (id:51158)

For Sale$469,900

700 Dynes Road Unit# 1105

Burlington, Ontario

1 Bedrooms2 Bathrooms1060 sqft

Fabulous views from this spacious 1 bedroom, 1.5 bath condo in “The Empress” building situated close to Burlington Mall with just a quick walk to stores, shops and restaurants! Featuring an open concept living/dining room with large bright windows providing loads of natural light and a walk out to large balcony. Cozy up in the winter months beside the beautiful wood burning fireplace adding warmth and charm to the living area and creating the perfect spot to unwind with a good book or entertain guests! Oversized primary bedroom, walk in closet and bonus 2-piece ensuite. This unit also offers in-suite laundry, plenty of storage and incredible potential to make this your own! Convenient easy highway access, close to bus routes, Burlington Go, parks, schools and more! Well managed building, 24/7 concierge and salt-water pool. Other amenities within the building include a car wash area, BBQ area, games room, party room, library, sauna, work out room and bike storage. Pets are allowed with restrictions. This condo is not just a place to live; it’s an affordable lifestyle! Don’t miss your chance to make this space your own! (id:51158)

For Sale$399,900

1966 Main Street W Unit# 504

Hamilton, Ontario

3 Bedrooms2 Bathrooms1092 sqft

Move-in ready 3 bedroom unit at Forest Glen Condos. Updated flooring throughout. Large L-shaped living/dining rooms with walkout to balcony, has West facing views of Dundas Valley Conservation area. All new kitchen appliances included. Main bath completely renovated in 2022 with glass shower. Huge primary bedroom with walk-in closet & 2-pc ensuite. Unit includes one underground parking space and one storage locker. Special assessment to be paid out by seller on closing. RSA, attach schedule B to offers. Offers anytime. (id:51158)

For Sale$439,900

200 Limeridge Road W Unit# 103

Hamilton, Ontario

1 Bedrooms1 Bathrooms754 sqft

This spacious main-floor 1-bedroom condo on Hamilton's sought-after West Mountain offers convenient living with a blend of comfort and accessibility. Featuring an exclusive underground parking spot and your own private locker, this unit ensures plenty of storage and ease. With ample visitor parking, it's perfect for hosting guests. Located on a major bus route, close to schools, and with quick access to the Lincoln M. Alexander Parkway (the Linc), commuting and daily errands are a breeze. This is a fantastic opportunity for first-time buyers, downsizers, or investors in a desirable, well-connected community. (id:51158)

For Sale$429,900

55 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1080 sqft

$60,000 in SAVINGS!!!!!!! Welcome to this beautifully renovated townhome, offering you the unique opportunity to customize your living space - you can select your own finishes from four stunning colour palettes. The main floor boasts a brand-new kitchen with quartz countertops, stainless steel appliances, and luxury plank vinyl flooring. The separate living and dining areas are ideal for hosting, and a convenient powder room adds to the main floor’s functionality. Upstairs, enjoy three spacious bedrooms, including a primary bedroom with a full wall-to-wall closet. A large 4-piece bathroom completes the upper level, providing both comfort and style for your family. The unfinished basement offers endless potential—use it for extra storage or transform it into a personalized space. Inside access from the garage makes coming and going easy. With one garage space and an additional driveway parking spot, there’s room for all your vehicles. Located just minutes from the Red Hill Valley Parkway, this home is close to shopping, schools, and bus routes. Don't miss this incredible opportunity! (id:51158)