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!

Date (Newest to Oldest) Date (Oldest to Newest) Price (Highest to Lowest) Price (Lowest to Highest) Beds (Highest to Lowest) Beds (Lowest to Highest) Baths (Highest to Lowest) Baths (Lowest to Highest)

Search / Filter Results

237 results | Page 10 of 20

12 24 48

Search/Filter Properties

All Property TypesAgricultureBusinessHospitalityIndustrialInstitutional - Special PurposeMulti-familyOfficeOtherParkingRecreationalRetailSingle FamilyVacant Land

All Transaction TypesFor LeaseFor RentFor SaleFor Sale Or Rent

All Building TypesApartmentCommercial ApartmentDuplexFourplexHouseMobile HomeModularMulti-FamilyMulti-Tenant IndustrialNo BuildingOfficesOtherParkingRecreationalResidential Commercial MixRetailRow / TownhouseTriplexUnknownWarehouse

All Construction StylesAttachedDetachedLinkSemi-detached

Bedrooms

Min. 0 1 2 3 4 5 6 7 8 9 10 +

Max. 0 1 2 3 4 5 6 7 8 9 10 +

Bathrooms

Min. 0 1 2 3 4 5 6 7 8 9 10 +

Max. 0 1 2 3 4 5 6 7 8 9 10 +

Price

Min. $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,000 $2,400,000 $2,500,000 $2,600,000 $2,700,000 $2,800,000 $2,900,000 $3,000,000 $3,100,000 $3,200,000 $3,300,000 $3,400,000 $3,500,000 $3,600,000 $3,700,000 $3,800,000 $3,900,000 $4,000,000 $4,100,000 $4,200,000 $4,300,000 $4,400,000 $4,500,000 $4,600,000 $4,700,000 $4,800,000 $4,900,000 $5,000,000 $5,100,000 $5,200,000 $5,300,000 $5,400,000 $5,500,000 $5,600,000 $5,700,000 $5,800,000 $5,900,000 $6,000,000 $6,100,000 $6,200,000 $6,300,000 $6,400,000 $6,500,000 $6,600,000 $6,700,000 $6,800,000 $6,900,000 $7,000,000 $7,100,000 $7,200,000 $7,300,000 $7,400,000 $7,500,000 $7,600,000 $7,700,000 $7,800,000 $7,900,000 $8,000,000 $8,100,000 $8,200,000 $8,300,000 $8,400,000 $8,500,000 $8,600,000 $8,700,000 $8,800,000 $8,900,000 $9,000,000 $9,100,000 $9,200,000 $9,300,000 $9,400,000 $9,500,000 $9,600,000 $9,700,000 $9,800,000 $9,900,000 $10,000,000 +

Max. $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,000 $2,400,000 $2,500,000 $2,600,000 $2,700,000 $2,800,000 $2,900,000 $3,000,000 $3,100,000 $3,200,000 $3,300,000 $3,400,000 $3,500,000 $3,600,000 $3,700,000 $3,800,000 $3,900,000 $4,000,000 $4,100,000 $4,200,000 $4,300,000 $4,400,000 $4,500,000 $4,600,000 $4,700,000 $4,800,000 $4,900,000 $5,000,000 $5,100,000 $5,200,000 $5,300,000 $5,400,000 $5,500,000 $5,600,000 $5,700,000 $5,800,000 $5,900,000 $6,000,000 $6,100,000 $6,200,000 $6,300,000 $6,400,000 $6,500,000 $6,600,000 $6,700,000 $6,800,000 $6,900,000 $7,000,000 $7,100,000 $7,200,000 $7,300,000 $7,400,000 $7,500,000 $7,600,000 $7,700,000 $7,800,000 $7,900,000 $8,000,000 $8,100,000 $8,200,000 $8,300,000 $8,400,000 $8,500,000 $8,600,000 $8,700,000 $8,800,000 $8,900,000 $9,000,000 $9,100,000 $9,200,000 $9,300,000 $9,400,000 $9,500,000 $9,600,000 $9,700,000 $9,800,000 $9,900,000 $10,000,000 +

Open House

Search

LOADING

For Sale$389,900

42 Macklin Street N Unit# 36

Hamilton, Ontario

2 Bedrooms1 Bathrooms1036 sqft

Westdale co-op Townhouse. Co-op Fee $550.00 and includes property tax, water, building insurance, snow clearing, lawn maintenance & gutter cleaning. Unit must be owner occupied. Mortgages not available for co-ops as Buyer is purchasing Shares in Co-op. Bright unit, updated windows, new flooring on main level, parking along the fence behind the unit. Fenced yard. Buyer must be approved by Board & must provide police check, credit check, 2 references(not family), at Buyer's expense. Condo Co-op makes no warranties or representations & unit is purchased as is. Walking distance to all amenities nearby. Close to public transit. (id:51158)

For Sale$419,000

69 Herkimer Street Unit# 301

Hamilton, Ontario

2 Bedrooms1 Bathrooms1091 sqft

Updated 2 bedroom home with a large balcony located in the desirable Durand neighbourhood. North facing with gorgeous views of Durand Park. Updates include kitchen, bathroom, flooring, and lighting. One of the bedrooms was converted to a den and can easily be made into bedroom by closing in the open space to the foyer back into a closet and the wall to the dinette put back. There are 2 electric fireplaces: one in the living room and one in den/bedroom. Shared laundry on the 3rd floor conveniently located across from the unit. Assigned laundry days. Condo fee is $600/mth single occupancy and $10 extra per month for a laundry room fee for an additional resident. Common patio area with BBQ, carport parking and a locker. No pets allowed. Units cannot be rented. Bus transit on the street. Close to great shopping and dining areas. Come and see all that this home and community have to offer! (id:51158)

For Sale$349,900

350 Quigley Road Unit# 511

Hamilton, Ontario

3 Bedrooms1 Bathrooms1088 sqft

First Time Home Buyers, this is for you! Commuters ideal location as it is close to the Redhill for an easy commute to the QEW with loads of walking trails nearby. Great location in the building with clear views and stunning views overlooking greenspace. 3 bedrooms including an oversized master & 1 bath. New windows throughout including a new patio door. Included is the fridge & stove with hook-ups for the dishwasher and washer/dryer in place. This unit also comes with 1 underground parking space as well as a spacious storage locker and in-suite pantry. The building has many amenities including outside and inside basketball nets, community garden, bike storage, party room & children’s playground. This unique building has outdoor sky streets and 2 story layout, to give a townhome feel. Bring your pup as this building is pet friendly. (id:51158)

For Sale$499,900

13 East 9th Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms938 sqft

Great starter home/investment in prime Mountain neighbourhood. Extra wide and deep lot with mature trees close to all amenities including schools, shopping, major Hwy's & public transportation. Exterior finish is cement siding. Don't miss this opportunity. (id:51158)

For Sale$499,900

225 Webb Drive Unit# 1501

Mississauga, Ontario

2 Bedrooms1 Bathrooms664 sqft

Experience urban living at its finest in this chic 1-bedroom plus den condo nestled in the heart of Mississauga's vibrant City Centre. This stunning residence boasts 664 square feet of intelligently designed space, featuring an open-concept kitchen complete with a breakfast bar, full-sized appliances, granite countertops, and ample cabinet storage. The spacious bedroom offers direct access to a stylish, 4-piece Jack-and-Jill ensuite bathroom ensuring both convenience and privacy, while the well appointed den provides a versatile space perfect for a home office or guest area. The living area boasts floor to ceiling windows and extends effortlessly to a private balcony with both lake and city views—your front-row seat to holiday fireworks at Celebration Square. Unwind with first-class amenities that redefine modern living: dive into the indoor pool, rejuvenate in the indoor and outdoor hot tubs, or break a sweat in the state-of-the-art gym and aerobics room. The sauna and steam room offer a tranquil escape, while the party room, games room, and playground cater to social and family gatherings. With a 24-hour concierge at your service, every detail is taken care of. Outside your door, Mississauga's dynamic City Centre awaits with convenient public transit options including the new LTR, retail therapy at Square One Shopping Centre, proximity to Mississauga's Living Arts Centre, local community hubs and and abundance of nearby restaurants, bars and eateries. Embrace a lifestyle of comfort, culture, and convenience in this exceptional condo—your gateway to all that Mississauga has to offer. (id:51158)

For Sale$399,900

76 Gage Avenue N

Hamilton, Ontario

4 Bedrooms2 Bathrooms1522 sqft

Welcome to 76 Gage Ave North, a 4-bedroom, 2-bathroom home located in the Crown Point neighborhood of Hamilton This residence includes a main floor bedroom and accessible 3 piece bathroom, along with a ramp for easy entry, catering to those preferring accessible living. The home features a spacious outdoor area, perfect for relaxation and gatherings, and includes one parking spot. Conveniently situated near Ottawa Street's shops and restaurants, and with a view of Tim Horton's Field, the area offers a lively community atmosphere. Explore the Crown Point neighborhood of Hamilton, where history meets modern vibrancy in every corner. Nestled amidst charming streets lined with character homes, this community pulses with a welcoming energy. Discover local gems along Barton St and Ottawa St. With its eclectic mix of vintage finds, modern boutiques, and bustling markets, Ottawa Street invites you to explore, shop, and savor the essence of Hamilton's dynamic cultural scene. Stroll through a variety of unique shops, where artisans and craftsmen showcase their talents. Indulge your palate at diverse eateries offering everything from cozy cafes to trendy bistros. Whether you're drawn to its rich heritage or its evolving cultural scene, Crown Point invites you to experience the best of Hamilton living in a neighborhood that feels like home. Explore the possibilities of living at 76 Gage Ave North. Schedule your viewing today to experience this inviting neighborhood firsthand. (id:51158)

For Sale$499,000

1441 Walker's Line Unit# 110

Burlington, Ontario

1 Bedrooms1 Bathrooms640 sqft

Condo Living at its best! Beautiful one bedroom one bathroom ground floor condo with an underground parking space, storage locker and large patio! Spacious open concept floor plan with neutral vinyl flooring throughout. The kitchen features white cabinetry, newer stainless-steel appliances and is open to the dining and living rooms. Enjoy the spacious living room leading to the patio, while relaxing or entertaining family and friends! The spacious primary bedroom features ample closet space and bright windows. Laundry is located in-suite for convenience. Fantastic location- close to restaurants, shopping, highways and all amenities! (id:51158)

For Sale$395,000

2373 King Street E Unit# 17

Hamilton, Ontario

1 Bedrooms1 Bathrooms530 sqft

Welcome to Red Hill Condominium - A rare find with 2 parking spots! This bright and sunny 1 bedroom, 1 bathroom condo offers stunning part views from the spacious 15-foot balcony. It's perfect for first-time buyers or those looking for a hassle-free lifestyle. The open-concept eat-in kitchen and living room provides a welcoming space, ideal for relaxing or entertaining. The unit boasts an updated bathroom, modern kitchen countertops, a stylish backsplash, stainess steel appliances, and california shuttrrs. The flooring in both the living room and bedroom has been tastefully updated, adding to the fresh, modern feel. Storage is no issue, whith ample in-suite space. Plus, enjoy the convenience of a same-level laundry room. The highlight? TWO exclusive-use parking spots - a rare and sought after feature! With quick access to the Red Hill Expressway, highways, and public transit, commuting is a breeze. This condo offers the best of easy living, modern upgrades, and unbeatable parking! Don't miss out, book your showing today! (id:51158)

For Sale$479,800

6 Loconder Drive Unit# 17

Hamilton, Ontario

3 Bedrooms2 Bathrooms1537 sqft

Welcome to an amazing fully finished Brick Townhome in a small, well maintained complex. TLC plus a few minor repairs is all that is needed for this 3 bed, 1.5 bath home to sparkle. Central Mountain location moments away from the LINC, bus routes, shopping, park and schools. Walk upstairs into an inviting, open concept, light filled living room with 9'4 ceilings & dining area. Step onto your private terrace overlooking the backyard with access to large, fenced in and gated common area providing bonus outdoor space. Large eat-in kitchen. Head upstairs to find 3 generous sized bdrms and full bath. Main level features convenient games room or den, 2 pc bath, laundry & walk out to enclosed backyard. Inside garage entry. Low Utility Bills, Flexible Closing 48 hrs irrv for Offers. With a bit of repair here and there this will be a gem. (id:51158)

For Sale$350,000

283 King Street E Unit# 206

Hamilton, Ontario

1 Bedrooms1 Bathrooms535 sqft

Beautiful condo with very low monthly fees (ONLY $226/MONTH!!!) in the downtown core. Spacious unit perfect for first time home buyers looking to live a chic downtown lifestyle or an investor looking to lease out a condo with low maintenance fees. 9' ceilings, open concept, newer appliances, granite countertops, backsplash, hardwood floors and laundry on the same floor. Excellent location! Close to trendy restaurants, cafes, shopping, offices, colleges, Art Crawl, transit, GO Station and everything the heart of downtown has to offer. Welcome Home! RSA (id:51158)

For Sale$372,900

212 King William Street Unit# 521

Hamilton, Ontario

1 Bedrooms1 Bathrooms540 sqft

Prime condo available on King William Street in the heart of downtown Hamilton. Just steps away from trendy cafes, restaurants, and lively bars, this location offers the perfect blend of convenience and vibrant city living. This modern unit features a spacious living room, stainless steel appliances, in-unit laundry, ideal for anyone looking to live or invest in one of Hamilton’s most sought-after neighborhoods. With quick access to local amenities, transit, and entertainment, this is an opportunity you won’t want to miss! Reach out today and make this fantastic condo your new home or investment property before it’s gone! (id:51158)

For Sale$499,000

306-2545 Erin Centre Boulevard

Mississauga, Ontario

1 Bedrooms1 Bathrooms570 sqft

Welcome to this 1-bedroom condo located in the heart of Mississauga! Enjoy the convenience of having everything you need right at your doorstep, with Erin Mills Town Centre Shopping Mall just a stones throw away. This well-maintained unit offers a great layout, complete with in-suite laundry, a private locker for extra storage and an underground parking spot. The building boasts an array of top-notch amenities, including a swimming pool, sauna, gym, tennis court and a party room perfect for entertaining. With easy access to shopping, dining, and public transportation, and schools this condo offers both comfort and convenience in one prime location. Perfect for professionals or anyone seeking urban living with suburban charm. Don’t miss out on this incredible opportunity! (id:51158)