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$499,900

2 Ridelle Avenue Unit# 505

Toronto, Ontario

1 Bedrooms1 Bathrooms572 sqft

This charming 1-bedroom, 1-bathroom condo in the highly sought-after Forest Hill North neighbourhood offers the perfect blend of comfort and convenience. Set on a peaceful, tree-lined street, the unit features a wonderful layout filled with natural light, thanks to large windows throughout the unit. Ideally located just steps away from a bus stop and perfectly set between Eglinton West and Glencairn subway stations, this condo is a commuter’s dream. Enjoy easy access to transit, shopping, and dining along Eglinton Avenue West, with Memorial Park nearby for nature lovers. This is a rare opportunity to live in an upscale, well-connected neighbourhood! (id:51158)

For Sale$369,999

69 Herkimer Street Unit# 402

Hamilton, Ontario

2 Bedrooms1 Bathrooms986.93 sqft

Experience the ultimate blend of comfort and community in the Heart of Hamilton's Most Desirable Neighborhood. Nestled within the sought-after Durand neighborhood, this beautifully appointed condo offers the perfect balance of modern living and community charm. Located in an exclusive adult-only co-ownership building, this residence provides an oasis of tranquility amidst the vibrant surroundings. The spacious condo includes a coveted covered driveway space, ensuring convenient parking and easy access. The requirement for board approval underscores the community's commitment to maintaining a harmonious living environment, making it an ideal choice for those who value both privacy and neighborly connection. Wake up each morning to the serene views of Durand Park, just across the street, where you can enjoy leisurely strolls or simply unwind in nature. The allure of this location extends beyond its immediate surroundings. Just minutes away, trendy Locke Street beckons with its eclectic mix of boutique shops, diverse restaurants, and cozy cafés, including the neighborhood favorite, Starbucks. On Sundays, the street comes alive with vibrant markets, offering everything from fresh produce to artisan crafts, adding to the area's dynamic cultural scene. The Durand neighborhood is one of Hamilton's most desirable areas, known for its historic charm, tree-lined streets, and close-knit community feel. With a rich history and a thriving local culture, Durand and Locke Street are not just places to live but destinations to experience. Seize this exceptional opportunity to invest in a lifestyle that preserves your equity while offering unparalleled access to the best that Hamilton has to offer. Don't miss your chance to call this inviting condo your home. Schedule your viewing today and discover the possibilities that await you in this premier location. (id:51158)

For Sale$425,000

15 Queen Street S Unit# 1703

Hamilton, Ontario

1 Bedrooms1 Bathrooms401 sqft

Prestigious bachelor with an owned parking space and a owned locker in Platinum Building. Corner unit suite located on 17th floor, face to West with clear view . Open concept kitchen and living area. Modern stainless steel appliances, quartz countertops and carpet free. In-unit washer/dryer add to the convenience. Gym located in building. Security in the building and on-site management. Conveniently close to everything: GO Centre, West Harbor GO Station, hospitals, top-notch restaurants, grocery stores and McMaster University. it's ideal for McMaster University students or for a young professor. (id:51158)

For Sale$499,900

567 Mary Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms1140 sqft

Detached Home Close to Bayfront Park, Collective Arts Brewery, HMCS Haida & James Street North. 3 Bedrooms. Updated Bathroom. Open Concept Main floor with LR/DR Combination. Directly across the Street from a Park and steps to Lake Ontario! Easy access (From Burlington Street) to QEW. Close to all amenities, the bus route and the Harbour West GO Station. Well Maintained by the owners and super clean! RSA. (id:51158)

For Sale$429,000

1968 Main Street W Unit# 101

Hamilton, Ontario

3 Bedrooms2 Bathrooms1092 sqft

Great Location in the most desirable building in the Forest Glen complex. 2Br plus Bedroom/Den (could be converted back to Br), 1.5 Baths. master Br has walk-in closet and 2pc. ensuite. Quiet location on lowest floor with balcony overlooking greenspace and Conservation lands.Laundry room, storage and parking garage access are near the unit on the same floor. Unit has been updated - kitchen, baths & flooring. Unit is Wheelchair Accessable including the main bathroom shower. Pool with changerooms and sauna are nearby. Proposed exersise room for the same level. Exterior rear exit to outside greenspace is nearby unit. Storage locker across from unit as well as in-unit storage closet. Parking on the basement level below. Appliances included. Furnishings negoitable. Priced for quick sale. This condominium is near public transport,schools, shopping, McMaster University. Generous visitor parking outside. It is a spacious unit with good finishes. Book your showing today. (id:51158)

For Sale$499,900

2301 Derry Road W Unit# 1005

Mississauga, Ontario

3 Bedrooms2 Bathrooms1000 sqft

Immediate possession and great value in this 3 bedroom, top floor unit in a great Meadowvale location. Opportunity knocks! A perfect way to get into the market affordably and into a well managed condominium with outdoor pool, two indoor parking spaces, locker and plenty of green space to enjoy. Room sizes approximate and irregular and square footage is not exact. (id:51158)

For Sale$394,900

75 Queen Street N Unit# 1501

Hamilton, Ontario

3 Bedrooms2 Bathrooms1148 sqft

Welcome to 1501-75 Queen Street N in the City of Hamilton. Looking to experience everything condo living has to offer, this is the unit for you. Enjoy this HUGE condo unit with a total of 1,148sqft, and an amazing view over the city of Hamilton and Lake Ontario. Floor-to-ceiling windows bring in so much natural light and surreal views of Hamilton. Unlike new condos, you receive 3 massive bedrooms with city views, and a full 3 piece bathroom along with a 2-piece ensuite bathroom. A bonus feature is in-suite laundry and storage. This unit is ready for its new owner to either move in or make small changes to boost its value. With room to expand the kitchen or small cosmetic work, this is your chance to secure an amazing city-view unit in a great, quiet building. This unit comes with an underground parking space. Looking for a convenient location to commute or close to amenities? You are a 10-minute walk to West Harbour GO Train Station, within walking distance to amazing restaurants on James Street North, or Locke Street where you can find amazing shops and food! Enjoy the condo lifestyle with an indoor pool, sauna, roof-top patio for socializing, exercise room, party/meeting room, and your private Tennis Court. (id:51158)

For Sale$489,000

2040 Cleaver Avenue Unit# 321

Burlington, Ontario

2 Bedrooms1 Bathrooms633 sqft

One of the Best Location's in this Complex w Ravine Forest Facing Top Floor Level overlooking lush trees in sought after Headon Forest community. Spacious open concept living room overlooking the trees/ravine w french door walkout to great size private balcony. Kitchen features new countertops functional amount of cabinets and a breakfast bar. Generous primary bedroom w double closet and a view of the ravine setting. Den would suit home office or 2nd bedroom. Updated 4 piece Bathroom. Great unit for a young family, downsizing or a couple. Ensuite laundry closet. One locker one underground parking spot. Carpet free. Elevator or stairs your choice! Excellent location for highway access minutes to GO Station 407 & QEW. Close to shopping restaurants, bike paths and walking trails. Lots of Visitors parking for your guests. (id:51158)

For Sale$400,000

27-29 King William Street Unit# 2

Hamilton, Ontario

1 Bedrooms1 Bathrooms484 sqft

Living in this exclusive building means more than just a stylish home; it’s about embracing a lifestyle! Experience the perfect blend of modern living and urban excitement in this stunning pre construction condominium perfectly perched above one of Hamilton's trendiest coffee shops, Relay Coffee Roasters. This prime location beside The Lister Block on King William Street offers easy access to the McMaster Education Centres, fantastic local dining spots, hip patios, boutique shopping, and ample public transportation options, ensuring you’re always connected to the vibrant energy of the city. Wake up and grab your morning coffee just steps away, then explore the neighbourhood filled with lively entertainment options. You are always connected to the best the city has to offer. Don’t miss the opportunity to make this exceptional property your new home! Tarion Warranty included! (id:51158)

For Sale$410,000

27-29 King William Street Unit# 3

Hamilton, Ontario

1 Bedrooms1 Bathrooms498 sqft

Living in this exclusive building means more than just a stylish home; it’s about embracing a lifestyle! Experience the perfect blend of modern living and urban excitement in this stunning pre construction condominium perfectly perched above one of Hamilton's trendiest coffee shops, Relay Coffee Roasters. This prime location beside The Lister Block on King William Street offers easy access to the McMaster Continuing Education Centre, fantastic local dining spots, hip patios, boutique shopping, and ample public transportation options, ensuring you’re always connected to the vibrant energy of the city. Wake up and grab your morning coffee just steps away, then explore the neighbourhood filled with lively entertainment options. You are always connected to the best the city has to offer. Don’t miss the opportunity to make this exceptional property your new home! Tarion warranty included! (id:51158)

For Sale$299,900

1350 Cannon Street E

Hamilton, Ontario

2 Bedrooms1 Bathrooms650 sqft

Handyman's Special! Attention investors 2 bedroom bungalow in central Hamilton near Centre mall. Rear access to basement. Newer windows. Home is in need in repair but priced accordingly. Home is being sold in As Is Where Is condition. Buyer to verify sq footage and taxes. Home is vacant and ready to show! (id:51158)

For Sale$349,000

432 Main Street E Unit# 902

Hamilton, Ontario

2 Bedrooms2 Bathrooms1027 sqft

HUNTER GREEN CONDO, 2 BEDROOM OVER 1000 SQ. FT, IN GREAT CENTRAL LOCATION, SHOPPING DIRECTLY ACROSS THE STREET, LARGE BALCONY WITH VIEW OF THE HARBOUR, SPACIOUS ROOMS, LOTS OF NATURAL LIGHT, 2 BATHS, UNDEGROUND PARKING, PARTY ROOM AND GUEST PARKING, UNIT NEEDS RENO'S AND TLC (id:51158)