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$399,900

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$439,900

200 Limeridge Road W Unit# 604

Hamilton, Ontario

1 Bedrooms1 Bathrooms813 sqft

Amazing southern exposure with tons of sun and a beautiful treed view from all the windows. 1 bed room plus den very well maintained unit with in-suit laundry, no carpets and new flooring. Loads of storage with large closets, private locker and parking space. High demand building, super clean. Close to highways and shopping with easy transportation. (id:51158)

For Sale$439,000

10 Oak - 4449 Milburough Line

Burlington, Ontario

2 Bedrooms1 Bathrooms

Are you ready to smartsize? This beautifully appointed home has everything you need for year around living. This home offers tons of natural light from transom windows to large patio doors leading to your spacious deck and gardens. Enjoy your morning coffee overlooking the forest and green space and in the evening turn on your outdoor fireplace and enjoy the sounds of nature. There is a primary bedroom and a handy den leading to your comfortable living room. The kitchen is fully equipped and all appliances are included. There is ensuite laundry for your convenience. Drive up to a private double driveway on your corner lot. This home is situated in a beautifully maintained community close to shopping, restaurants and services. It is country living on a budget so don't wait to book your visit today and be prepared to be impressed. **** EXTRAS **** Enjoy a wonderful community and tons of activities throughout the year. Theres a huge inground pool and accessible pavilion for games and classes. (id:51158)

For SaleOPEN HOUSE$479,999

1007 Dunsmure Road

Hamilton, Ontario

2 Bedrooms1 Bathrooms830 sqft

Discover the perfect blend of modern convenience and classic appeal in this well-maintained 2-bedroom bungalow with a versatile loft, nestled in the desirable Normanhurst neighborhood of Hamilton. The unique loft, accessed by a stylish spiral staircase, offers endless possibilities. As you enter, you’re greeted by a bright and spacious living area, where high ceilings and an abundance of natural light create a warm and inviting atmosphere. The kitchen stands out with its crisp, white design complemented by a charming vintage wood accent wall. Sliding doors open to a fully fenced backyard, transforming it into a private outdoor oasis. This expansive space is perfect for entertaining, gardening, or simply soaking up the sun. Additional features include a detached single-car garage, along with recent updates to the furnace and central air systems within the last five years, ensuring comfort and peace of mind. This home is ideally suited for first-time homebuyers, savvy investors or those looking to downsize. Don’t miss your chance to make this delightful property your own! (id:51158)

For Sale$349,900

135 James Street S Unit# 107

Hamilton, Ontario

1 Bedrooms1 Bathrooms649 sqft

This move-in ready main floor 1 bed, 1 bath condo has been beautifully updated, including new floors throughout, refinished cabinetry, and granite counters, and motion-sensor faucet. Very bright unit, with floor-to-ceiling doors and windows. Spacious bedroom, with walk-in-closet. It's one of the few units in the building with your own private patio! If you need more space for a gathering, head up to the gorgeous rooftop patio. Building amenities include a 24 hr concierge, an exercise room, outdoor barbeque area, and monitored underground parking. Chateau Royale is located in south central Hamilton and only minutes to the GO Station and St. Joseph's Hospital. The Durand neighbourhood offers fantastic restaurants and shopping! Easy highway access and transit access. Unit includes 1 titled underground parking spot and an assigned storage locker. (id:51158)

For Sale$489,999

2486 Old Bronte Road Unit# 519

Oakville, Ontario

1 Bedrooms1 Bathrooms574 sqft

This bright and serene open-concept 1 bedroom unit offers everything you need for a comfortable lifestyle, including a spacious balcony and a large walk-in closet in this roomy bedroom. The kitchen features ample cabinetry that enhances both style and storage. Enjoy the convenience of in-suite laundry and access to top-notch amenities like a gym, rooftop patio, and party room. Ideally positioned in North-West Oakville, you're just moments away from hospital, shopping, and easy access to Highways 407 and the QEW. Includes 1 underground parking and 1 storage locker. (id:51158)

For Sale$474,900

1276 Maple Crossing Boulevard Unit# Ph3

Burlington, Ontario

1 Bedrooms1 Bathrooms608 sqft

Welcome to this beautiful 1 bed, 1 bath penthouse condo in the prestigious Grande Regency building in downtown Burlington! Walk to Spencer Smith Park, the lake, trendy restaurants and shops, Mapleview Mall and morel Brand new vinyl plank flooring and freshly painted, this condo is move-in ready. Very bright unit with rare South West facing balcony, one of the few units with a private outdoor space! Updated kitchen and bath complete this fabulous unit. The building offers Incredible amenities Including tennis and squash courts, exercise room, outdoor pool, 24-hour concierge and more! Private underground parking spot. Enjoy exclusive access to your penthouse unit with views of the bay. Nothing left to do but move in and enjoy the good life! Don't miss out! (id:51158)

For Sale$365,000

432 Main Street E Unit# 302

Hamilton, Ontario

2 Bedrooms2 Bathrooms1027 sqft

Are you ready to make Hunters Green Condominiums your next home? Where modern comfort meets convenience. This bright and spacious 2-bedroom, 2-bath condo offers over 1,000 square feet of well-designed living space. Recently updated with newer carpet in the main living space, equipped with all new appliances, and a fresh coat of paint, this home is ready for you to move in and make it your own! Enjoy the vibrant downtown lifestyle from your private large balcony as you sip on your morning coffee, or enjoy a glass of wine in the evening. This is a great condo whether you are a professional, young family or a senior. Walking distance to many conveniences, with a grocery store right across the street, it is a prime location to live and work, with everything you need just moments away. Don’t miss this opportunity to own a piece of urban paradise at a very affordable price!!! The condo is equipped with a party room, and ample visitor parking as well! *Please note some pictures in this listing have been virtually staged. (id:51158)

For Sale$489,000

4450 Fairview Street Unit# 307

Burlington, Ontario

1 Bedrooms1 Bathrooms701 sqft

INCREDIBLE LOCATION JUST MINUTES TO APPLEBY GO, SHOPPING AND RESTAURANTS. THIS BRIGHT AND SPACIOUS UNIT IS IN A WELL RUN, HIGH QUALITY BUILDING. FEATURES NEW QUARTZ COUNTERS IN KITCHEN AND BATH WITH UNDERMOUNT SINKS, EXTRA LARGE BALCONY (BBQ'S ALLOWED), IN SUITE NEWER WASHER AND DRYER, NEWER HVAC SYSTEM WITH EVREYTHING OWNED AND NO RENTAL FEES, PLUS ALL NEW AND REPLACED PLUMBING. INLCUDES PARKING AND LOCKER WITH AN OPTION TO RENT ADDITONAL PARKING SPOTS IF NEEDED. VERY RARE THAT UNITS COME AVAILABLE HERE SO PLEASE COME AND SEE SOON! (id:51158)

For Sale$349,900

5 Applewood Avenue Unit# 5

Hamilton, Ontario

1 Bedrooms1 Bathrooms622 sqft

Attention first-time home buyers, welcome to your new Cond, ideally Located in the Heart of Old Stoney Creek/Battlefield Park Neighborhoods with Close Proximity to 4 parks, Recreation Facilities, Great Restaurants, Shopping, Public Transit, Stoney Creek GO, as well as lots of other amenities including the Farmer’s market running Thursday & Saturday through the summer! This Fabulous open concept unit is in a small quiet building. Great place to get into the market, Condo fees include exterior maintenance, exterior insurance, heat, water & parking! A must see! (id:51158)

For Sale$469,900

1377 Lakeshore Road Unit# 207

Burlington, Ontario

1 Bedrooms1 Bathrooms780 sqft

You can’t beat the location of this beautiful & updated, bright & spacious, 1 bedrm unit at Lakeside Heights in downtown Burlington, directly across from Spencer Smith Park, literally steps to the lake, trails, & hospital, only a minute to the QEW/403/407, & surrounded by just about every other amenity. Lakeside Heights is the premier co-op building in Burlington. This unit features 780sqft + a private 65sqft balcony w/some views of the lake, an updated kitchen w/white cabinetry w/soft-close doors & drawers, quality appliances, backsplash, & a pantry, a dining area off the kitchen, a large living rm overlooking greenspace, w/lots of windows & a door to the balcony, a spacious primary bedrm w/large window, overlooking greenspace, a very nice 4pce bathrm w/newer vanity & vinyl floors, lots of closet/storage space, quality hardwood floors throughout, & fresh paint throughout. 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 immense pride of ownership, has many recent updates, is very clean, fresh, move-in ready, & shows 10+++! Don’t wait & miss out on this beautiful unit in this premier building! Welcome Home! (id:51158)

For Sale$459,900

401 50 Kaitting Trail

Oakville, Ontario

1 Bathrooms

Gorgeous Oversized Studio Unit. Built By Mattamy. Upgraded Kitchen granite countertops, Upgraded stainless steel appliances, Backsplash. Fantastic Bathroom, shower with frameless glass, Upgraded Shower With Golden Faucet. Stylish Tiles And Flooring. Open concept design! 9 ft ceilings! Pot Lights, Bright Airy Spaces With Modern Finishes Throughout. Ensuite Laundry. Unit Size Sufficient To Create Separate Bedroom. 1 Underground Parking And Convenient Same Level Locker Included. Amenities Include Party Room, Gym, Roof Top Rec Place. Close To Grocery,Shops,Hospital,Qew&Hwy407,Sports Facilities. **** EXTRAS **** S/S Fridge,S/S Flattop Range, S/S Microwave & Range Hood, Front Load Washer & Dryer. B/I Dishwasher. Window Coverings (id:51158)