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$379,900

36 James Street S Unit# 1105

Hamilton, Ontario

1 Bedrooms1 Bathrooms565 sqft

Located in the heart of the city in Hamilton's first sky scraper, the Pigott building is a piece of Hamilton history. Gothic style and Art Deco features in the foyer are sure to impress! This one bedroom corner unit located on the 11th floor offers unobstructed views of the South and West of the city. Recent kitchen renovation (approx. 5 years) include Ikea cabinetry with ambient remote control back lighting, stone counters, stainless fridge, stove, dishwasher, and range hood. The wall was half removed to open the kitchen sight lines to the living room and dining room. Hardwood floor throughout. Pot lights and surround sound in the main living area have been added all with wireless controls. Great entertainment set up with flat screen TV and stereo system. Ample closet space, in-suite laundry and owned hot water heater for added convenience. Art Gallery, First Ontario Concert Hall, First Ontario Centre, Farmer's Market, Library, Hamilton GO, James North restaurants and so much more all a short walk. (id:51158)

For Sale$384,900

350 Quigley Road Unit# 625

Hamilton, Ontario

3 Bedrooms1 Bathrooms1088 sqft

Do you love Condo living, yet you’ve been dreaming of having your own 2-Storey home?! Well, We've managed to combine your WANTS together with your NEEDS in ONE PLACE!! Unit 625 at 350 Quigley Road; One of a kind living experience where you can enjoy your Beautiful 3-Bedroom Townhome inside a Uniquely Designed High-Rise Building in an Amazing East Hamilton Location for a Very Affordable Price!! Start every morning with the Breathtaking Views of the Escarpment and Lake Ontario right from your Private Large Balcony and the Oversized Windows of Your Spacious Master Bedroom! Open Concept Living/Dining Layout and a Decent Size Kitchen with Like-New Stainless Steel Fridge, Stove, and Dishwasher.. A Spacious Walk-in Pantry for all your storage needs! Lots of Upgrades; New Appliances, New Windows, New Patio Door, and New Bathroom Fixtures.. Each Unit has One Designated Underground Parking Spot and One Large Storage Locker.. In-suite Stacked Stainless Steel Washer & Dryer for your Convenience..! Lots of Amenities included; Party Room, Community Garden, Basketball Court, and Kids Playground. A Pet Friendly Building conveniently located close to schools, parks, shopping, and minutes to RedHill Valley Parkway and QEW. Book your Private Showing today to explore an Amazing Living Experience waiting for you and your Family! (id:51158)

For Sale$264,900

5 East 36th Street Unit# 410b

Hamilton, Ontario

1 Bedrooms1 Bathrooms618 sqft

This bright 1 bedroom unit is nicely updated. Great kitchen with updated cabinets, backsplash and open shelves. The low monthly fees include Building Insurance, Common Elements, Taxes, Heat and Water! The co-op offers convenient amenities such as on-site laundry facilities, secure entry, and dedicated parking (surface parking avail for $40/month). This co-op provides both comfort and peace of mind for residents. Situated on the Mountain Brow with great views and provides easy access to parks, walking and biking trails, and steps to Juravinski Hospital. Easy access to public transit, Concession St. amenities, downtown Hamilton via Sherman Cut or Jolley Cut. This is a cooperative apartment and is subject to different financing and application protocols. Must be owner occupied. (id:51158)

For Sale$489,900

120 Duke Street Unit# 1602

Hamilton, Ontario

2 Bedrooms2 Bathrooms1273 sqft

Welcome to The Durand Condominium located at 120 Duke Street in the heart of Hamilton. Harvey Sobel Custom built 1 + 1 apt. North east corner unit. Spacious primary bedrm, two bathroom unit offers parkay flooring throughout the living areas, crown moldings in living rm and dining rm.,design features include mirrored closet doors, decorative marble surround fireplace, elevated dining rm and rotunda. Lots of natural light, in-suite laundry. Desired downtown location, walking distance to neighbourhood shopping, restaurants and cafes, religious institutions and schools, St. Joes Hospital, GO transit and a short distance to highway access. The building is well-maintained with updated common areas and has great amenities including indoor pool(salt water), sauna, hot tub, fitness room, party room, outdoor patios with BBQs and tables and ample underground visitor parking spots. Condo fee includes all utilities other than cable tv and internet, common element, additional storage in shared locker, and one exclusive use underground parking space. A pleasure to view. (id:51158)

For Sale$499,900

47 Barnesdale Avenue N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1135 sqft

Welcome to 47 Barnesdale North! Situated in the up and coming Stipley neighborhood, this family friendly home has a ton of potential and is waiting for your personal touches. Major systems like a full metal roof and completely rebuilt furnace plus newer central air mean less to worry about. The main floor has a living room, separate dining room, eat in kitchen plus an enclosed sun room out back. Upstairs are 3 spacious bedrooms plus a 4 piece bath. Bonus value add in the basement with a separate entrance, kitchen, second 3 piece bath plus a full walk out to the backyard. Ample parking in the detached 2 car garage out back. Perfect for the first time buyer or a handyperson looking to put their own stamp on this property! (id:51158)

For Sale$329,000

97 Evans Street

Hamilton, Ontario

2 Bedrooms1 Bathrooms517 sqft

This 2 bedroom home with carport is perfect for investor or first time buyer.  Open concept kitchen with breakfast bar and modern flooring, ensuite laundry off kitchen. Close to all amenities. 24 hours required for all showings. Seller will not respond to offers before Nov 19/24. Allow 72 hrs irrevocable. Seller standard Schedules to accompany all offers. No Representation or Warranties are made of any kind by the Seller. Rental Equipment is unknown. RSA. (id:51158)

For Sale$385,000

64 Main St N Street Unit# 8

Hamilton, Ontario

1 Bedrooms1 Bathrooms713 sqft

Welcome to The Jackson, a beautiful never condo building located in Hagersville! This 1 bedroom, 1 bathroom condo unit is conveniently located close to Hagersville's finest amenities. Spacious living room walks out to private balcony. The utlility cloest with a stacked washer & dryer making life easy. Additionally, this unit comes with 1 parking space and a storage locker. Great condo fees and amenities!! (id:51158)

For Sale$309,000

81 Charlton Avenue E Unit# 1004

Hamilton, Ontario

1 Bedrooms1 Bathrooms562 sqft

Welcome to this top floor, 1 bedroom, 1 bath condo in the heart of the Corktown neighbourhood of Hamilton, offering beautiful south facing views of the escarpment. This space has a large bedroom with a good size window to bring in natural light and offers plenty of room for a queen size bed, dresser and side tables. The galley kitchen opens to the dining area that flows into the spacious living room with sliding glass doors out to a private balcony, bringing plenty of light and beautiful views to the space. The condo not only has 1 privately owned, underground parking spot, but also offers plenty of visitor parking. Conveniently located close to hospitals, schools, parks, restaurants, shopping and public transit making this condo the perfect place to call home. (id:51158)

For Sale$499,900

63 Clyde Street

Hamilton, Ontario

4 Bedrooms3 Bathrooms1772 sqft

Multi - Generational Living Potential! Rare find with so many opportunities - beautiful all-brick home nestled in the quiet and family-friendly Landsdale neighbourhood of Hamilton. Tons of space in this well-maintained family home. Features 2 bedrooms on the second level (Oversized primary bedroom w/ lounge area - originally 3 bedrooms - could be converted back) & a 4 piece bathroom. Finished attic with an additional large bedroom features a walk-in closet plus extra storage. On the main level, You will love the generously-sized living/dining spaces & bright kitchen, equipped with lots of pantry storage and good working appliances. The main floor is completed with a 2pc bathroom, perfect for entertaining guests. Rear garage space can be used as extra storage, extra living space / potential bedroom, OR converted back for use as a car garage! Separate Entrance w/ walkup finished basement which has in-law conversion capabilities; contains a bedroom, a full 3pc bathroom, laundry room and tons of storage. Close to many amenities such as schools, parks, rec centres and highly accessible to public transit. Perfect for your growing family OR multi-generational family living! Minutes to shopping; less than 5min drive to buzzing downtown Hamilton and Tim Hortons Field. There is so much potential - don't miss this opportunity! (id:51158)

For Sale$499,888

443 Cannon Street E

Hamilton, Ontario

5 Bedrooms2 Bathrooms2017 sqft

Discover your newly renovated dream home in Hamilton's thriving Landsdale community. This beautifully maintained property radiates pride of ownership, with a thoughtfully designed main floor that boasts soaring 9-foot ceilings, an expansive open-concept living and dining area, and elegant laminate flooring throughout. Recent updates include new exterior siding, roof shingles, windows, and fully remodeled bathrooms, plus a waterproofed and fully insulated basement for peace of mind. The spacious, fenced backyard is perfect for entertaining, and there’s a convenient carport with parking for two vehicles. This move-in-ready home is a true gem. Contact the listing agent to schedule your viewing today! RSTA. (id:51158)

For Sale$450,000

1377 Lakeshore Road Unit# 108

Burlington, Ontario

1 Bedrooms1 Bathrooms780 sqft

An unbeatable location for this updated, bright & spacious, 1 bedrm corner unit at Lakeside Heights in downtown Burlington, directly across from Spencer Smith Park, literally steps to lake, trails, & hospital, a minute to QEW/403/407, & surrounded by just about every other amenity. Lakeside Heights is the premier co-op building in Burlington. This unit features 780sqft, an updated kitchen w/quartz CTs, brand-new SS fridge, stove, & range hood, backsplash, new sink & faucet, quality cabinetry w/soft-close drawers, & a pantry, a dining area off kitchen, a large living rm w/lots of windows, a spacious primary bedrm w/mirrored closet, an updated 4pce bath w/new vanity, porcelain CT, faucet, showerhead, toilet, vinyl floors, & reglazed tub & wall tile, quality hardwood floors T/O, updated light fixtures, lots of closet/storage space, & fresh paint T/O. This unit is in a great location in the building, just a few steps to laundry, storage locker, & parking. The building has a great community feel, is very quiet, extremely well maintained, has a great condo committee, & a healthy reserve fund. The building also has an elevator, onsite laundry facility, & ample visitor parking. The monthly fee includes PROPERTY TAX, heat, water, cable, internet, storage locker, & exclusive parking space. Adults only. No rentals/leasing. No pets other than service animals. This unit shows pride of ownership, has many very recent updates, & is move-in ready! Don’t wait & miss this one! Welcome Home! (id:51158)

For Sale$499,999

42 Palmer Road

Hamilton, Ontario

3 Bedrooms2 Bathrooms1200 sqft

This lovely 3-bedroom + 1.5 Bath, 2 story townhouse fully finished basement including laundry room.At the rear of the property is the parking area with two parking spots(across from unit) which come with the unit. This small complex(only 9 units) is very quiet and offers 'on site' visitor parking is situated in the desirable quiet Mountain neighborhood, conveniently close to various amenities schools & buses and the highway. It offers an easy commute, low maintenance, and affordability, making it an attractive option for a first time home buyer to enter into the market or investor. Or suitable for anyone looking for a low maintenance lifestyle! (id:51158)