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$359,900

1251 Cannon Street E

Hamilton, Ontario

2 Bedrooms1 Bathrooms690 sqft

Close to Ottawa st. shopping, transit, dining and more. Good for a first time buyer or for retirement. Property is vacant so fast closing is possible. Seller has never lived in the property. Property being sold “As Is”. Seller makes no representations or warranties. Furnace rental contract has a buyout option of 3560.00 plus taxes and seller willing to payout on closing depending on the offer.. Attach schedule B and deposit must be certified. (id:51158)

For Sale$449,900

25 Britten Close Unit# B52

Hamilton, Ontario

3 Bedrooms1 Bathrooms1180 sqft

Don't miss this fantastic opportunity to own a charming 3-bedroom, 1-bathroom townhome in the welcoming West Hamilton Mountain neighborhood! Conveniently located just minutes from the Lincoln Alexander Parkway and a short stroll from Newlands Park, this home is move-in ready. It has been freshly painted and features a brand new modern kitchen with stunning quartz countertops, along with an updated bathroom. Enjoy the cozy gas fireplace and the convenience of main floor laundry. The fully fenced backyard offers privacy and space for outdoor enjoyment. This delightful home is a must-see! Contact us today to schedule a viewing. (id:51158)

For Sale$349,997

356 Hunter Street E Unit# 10

Hamilton, Ontario

1 Bedrooms1 Bathrooms590 sqft

Welcome home to 356 Hunter St E., This bright and spacious 1 bedroom condo unit in the trendy Stinson neighbourhood is close to restaurants, shops, transit and all amenities. Located in a historic well maintained, 3 stry brick walk up. This unit offers two separate entrances including an outdoor space balcony. Nothing to do but move in and enjoy the sound of the birds and breeze through the screened door in the kitchen. Featuring: updated luxury vinyl flooring in kitchen and bath, newer laminate in living room and bedroom, bright neutral colour scheme, assigned storage locker, newer windows (2015) shared laundry in building. Low condo fee includes: exterior maintenance, heat, water and building insurance. Call the listing agent for details (id:51158)

For Sale$399,900

187 Barton Street W

Hamilton, Ontario

1 Bedrooms1 Bathrooms772 sqft

Uncover the essence of downtown living in this exquisite 1-bedroom, 1-bathroom semi-detached home in the heart of Hamilton. Nestled near the picturesque Bay and Pier 4, this property boasts a prime location that promises great urban living. The bedroom offers a peaceful retreat, while the bathroom is both functional and convienant. Outside, a private fenced yard welcomes you, providing a sanctuary for outdoor activities and quiet moments. With the convenience of the new GO Station and public transit just moments away, you'll have easy access to the vibrant city life that Hamilton offers. Don't miss the opportunity to make this charming semi-detached home your own urban sanctuary. (id:51158)

For Sale$499,900

455 Charlton Avenue E Unit# 208

Hamilton, Ontario

2 Bedrooms2 Bathrooms811 sqft

Stylish and Modern Vista Condos Built 2020. Live right next to nature while nearby city conveniences! Excellent Central Location - Perfect for Business Professionals working Downtown & Healthcare Workers as its steps to St. Joes Hospital and minutes to many area Hospitals. Open concept Elm layout boasts 811 square feet - 2 Beds, 2 Baths. Corner unit with Escarpment & City Views - Oversized Windows and Sliding Doors provide plenty of Natural Light. Large Quartz Counter in sizeable U-shaped Kitchen with Breakfast Bar & Glass Backsplash. Ample Cupboard space. Stainless appliances include Fridge, Stove, Microwave/Range Hood & Dishwasher. Many Upgrades: Floors, Cabinets, Backsplash, Countertop, Bathroom Tiles & Lighting. Both Bedrooms with Large Closets - Primary features gleaming all white 4pc Ensuite. Second Bed could be a Home Office. Main 3pc Bath with Glass Shower - so each Bedroom has their own Bath. Convenient In-Suite Laundry includes Stacking Washer/Dryer. Spacious Balcony with Northeast Exposure offers room for Outdoor Dining & Relaxation. Includes Storage Locker and Underground Parking Space. Nearby trendy Corktown & Augusta, green space, trails, bike share, transit, shopping, restaurants, coffee shops, schools & parks! Fees include Heat, AC & Water plus Exterior Maintenance & Building Amenities featuring: Motion activated LED Lighting, Acoustic Underlay for Sound Insulation. Beautiful Lobby with Water Feature. Common Outdoor Terraces with BBQs. Well equipped Gym. Party Room with Kitchen & Fireplace. Bike Storage. Security. Visitor Parking. Dog friendly - one dog, one cat, a cat and a dog, or two cats per unit. *Quick closing available* Do not miss this opportunity - call today for your private viewing! RSA (id:51158)

For Sale$474,900

4015 Kilmer Drive Unit# 308

Burlington, Ontario

2 Bedrooms1 Bathrooms719 sqft

1 Bedroom + Den condo situated in the desirable Tansley Woods neighbourhood! Enjoy the convenience of in-suite laundry, parking for one vehicle and a storage locker. Featuring a fantastic open-concept floor plan, tasteful flooring, and light tones throughout. The kitchen is finished with ample cupboard space, an updated backsplash, and a peninsula with seating. The spacious living area features a functional design, ideal for comfortable everyday living and entertaining. Enjoy a large covered balcony, perfect for relaxing outdoors! The bedroom is freshly painted and bright, and features a double closet. The den is a major bonus, offering flexibility as a home office, hobby room, kids’ play area, and more. A tasteful 4-piece bathroom completes this lovely condo. Located in the excellent, walkable community of Tansley Gardens near all amenities, including grocery stores, schools, great restaurants, shops, parks such as Tansley Woods Park, and the Tansley Woods Community Centre with a library and pool. Within a short drive, you'll find the scenic Escarpment with renowned golf courses and trails, as well as easy access to highways 5, 407, the QEW, and public transportation, including the Burlington and Appleby GO stations. Move-in ready, your next home awaits! (id:51158)

For Sale$359,900

36 James Street S Unit# 303

Hamilton, Ontario

1 Bedrooms1 Bathrooms721 sqft

Life at the Pigott Building offers the perfect blend of character, convenience, and urban vibrancy. As you enter the Pigott Building, you'll be struck by the beautifully restored marble archway and dark marble accents with light-colored stone walls. Experience downtown living at its finest. From the moment you step outside, the energy of the city surrounds you, trendy cafes, boutique shops, and some of the best restaurants Hamilton has to offer are all just minutes away. Commuters will love the seamless access to public transit, with the GO station and bus terminal just a short walk away. McMaster University is also close by, making this location ideal for students and professionals alike. This 1-bedroom, 1-bath condo spanning over 700 sqft, seamlessly blends spacious open-concept design with sleek ceramic accents and a bright atmosphere. Inside the unit, the design creates a sense of space and flow, perfect for relaxing or entertaining. Thoughtfully arranged closets offer plenty of storage, while large windows bring in natural light, adding warmth and brightness to the living space. To top it off, this unit includes rare exclusive underground parking and storage locker. Amenities include exercise room and party room. Heat and water include in condo fees. (id:51158)

For Sale$479,900

90 Charlton Street W Unit# 210

Hamilton, Ontario

2 Bedrooms1 Bathrooms779 sqft

Welcome to the sought after City Square at 90 Charlton Ave. West. This spacious 779 square foot one bedroom, one bath unit also comes with a den for your home office or guests. The open concept lends itself to entertaining. The living room leads to a large balcony perfect for relaxing on those warm summer evenings. The modern, step saving kitchen with quartz countertops is a chef's dream. This unit also comes with an exclusive parking spot and locker. There is also a well equipped gym, party room, and bicycle storage room for your convenience. Located in the prestigious Durand neighbourhood you are walking distance to shopping, restaurants, and parks. (id:51158)

For Sale$499,888

2490 Old Bronte Road Unit# 714

Oakville, Ontario

1 Bedrooms1 Bathrooms520 sqft

Welcome to Mint Condos where one can enjoy an array of amenities including a fully equipped fitness centre, chic party room, and a lavish rooftop terrace, offering an urban oasis for owners and their guests. This unit features upgraded appliances, new carpet, new laminate flooring, complemented by freshly painted walls. The kitchen boasts new granite countertops, including on the island, creating a sleek and modern open space. Enjoy the convenience of blackout blinds and panoramic views from the spacious open balcony. This unit also comes with two parking spaces and one storage locker! Appreciate modern living with a smart technology system in the lobby, alerting residents of visitors via cell phone. Additional amenities include underground parking, rooftop patio, fitness room, storage locker, bike storage, and ample visitor parking. (id:51158)

For Sale$499,900

10 Gibbs Road Unit# 501

Toronto, Ontario

1 Bedrooms1 Bathrooms491 sqft

Welcome To 'Park Terrace A Master Planned Community At Valhalla Town Square. Popular Mid-Rise Building. Spacious 1 Bedroom With Parking (#313, P2) And Balcony (491 Sf, Balcony 56 Sf). Open Concept Living/Dining, floor to ceiling windows,9' ceiling. Modern Kitchen With Stainless Steel Appliances & Modern Cabinetry. 24/7 Concierge, Outdoor Pool, Rooftop Patio. Bbq. Gym& Cardio. Theatre & Party Room, Library & Kids Zone. Shuttle To Kipling Subway. Walking Distance To Cloverdale Mall, Grocery Stores. Direct Access To Hgw 427.Status Certificate will be Ordered.RSA (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

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)