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$299,900

2 Vineland Avenue Unit# 9

Hamilton, Ontario

1 Bedrooms1 Bathrooms480 sqft

This affordable condo in Hamilton's Gibson / Stipley South offers an incredible opportunity to enter the market. This fully renovated & updated 1 bedroom, 1 bathroom unit features incredible built-in storage, hardwood floors, & high-ceilings. Enter into the living room to be greeted by the white brick ornamental fireplace with bright oversized windows allowing significant light to fill the space, and convenient built-in storage offering ample space to tuck away coats & shoes. The updated 4pc bathroom with marble floors and the modern & sleek galley kitchen offers great functionality with a bistro-dining area, stainless steel appliances & white cabinetry. The large wardrobe in the primary bedroom offers fantastic storage. Condo fees include heat & water. Shared laundry conveniently located in the building & close to the unit. Great opportunity for a first-time home buyer or investor looking for a low-maintenance, move-in ready property. Fabulous proximity to shops, public transit, Playhouse Cinema, Tim Hortons Field & more. (id:51158)

For Sale$475,000

344 Emerald Street N

Hamilton, Ontario

2 Bedrooms1 Bathrooms801.27 sqft

OFFERS ANYTIME! CONDO FEE FREE LIVING Absolutely nothing left to do but move in and enjoy! This home underwent a complete renovation in 2021. Had an additional $50,000 + invested by the current owners. Recent updates include reparging, waterproofing, and concrete finishing in the basement, along with a plastic-encapsulated storage crawl space (completed by AOG Renovations between 2023-2024). It features new spray foam insulation and a brand-new roof (installed by Woodshield Roofing in 2022). The sewer plumbing and sanitary stack have been updated from the main floor to the sewer line (done by Bernie and Sons in 2023). No detail has been overlooked in this modern Barton Village Semi! This home also features a private outdoor space! Enjoy easy, year-round, permit-free street parking right outside your front door, and more parking spots available for lease nearby. The location offers walking distance to cafes, restaurants, bars, the GO Station, city transit, the future LRT line, Hamilton General Hospital, parks, dog parks, and schools. Plus, its just a short drive to McMaster University (id:51158)

For Sale$479,900

2040 Cleaver Avenue Unit# 304

Burlington, Ontario

2 Bedrooms1 Bathrooms650 sqft

Charming Condo in the Sought-After Headon Forest Community! Step into your future with this meticulously maintained 2 Bedroom (1+1), 1 Bathroom, 1 Parking Spot, 1 Locker condo that exudes comfort and modern living. Ideal for first-time homebuyers, those looking to downsize, or savvy investors, this property is a remarkable find. Bright and Airy Living Space, Experience an open-concept layout that welcomes an abundance of natural light, creating a warm and inviting atmosphere for relaxation and entertainment. Generous primary bedroom with double door closet plus additional bedroom or a home office. 4 Pc Bathroom offering a refreshing escape for your daily routines. The condo comes complete with a designated parking space and a storage locker, ensuring you have all the room you need for your belongings. Nestled in the highly desirable Headon Forest neighbourhood, you’ll find yourself just a stone's throw away from excellent schools, vibrant shopping areas, delightful dining options, and seamless access to major highways and public transportation. This condo represents not just a residence but a lifestyle enriched by convenience and community. Seize the chance to make this exceptional property your new home! (id:51158)

For Sale$459,900

1444 Upper Ottawa Street Unit# 31

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

$40,000 IN SAVINGS WITH AN EXTENDED CLOSING!!! Backing onto OPEN SPACE this NEWLY RENOVATED TOWNHOME on HAMILTON’s EAST MOUNTAIN. VINYL PLANK FLOORING invites you to a “bright & spacious” open concept LIVING & DINING AREA. Perfect for ENTERTAINING or just cozying up on the sofa. There is even enough room for a reading area or HOME OFFICE. The NEW KITCHEN boasts STAINLESS STEEL APPLIANCES, PANTRY & gorgeous QUARTZ COUNTERTOPS. When it’s time to head upstairs there are 3 SPACIOUS bedrooms. PRIMARY BEDROOM & one SECONDARY BEDROOM are large enough for a KING or 2 BEDS. Laundry downstairs. Close to all AMENITIES, LINC & REDHILL. Call, text or email for your appointment! (id:51158)

For Sale$499,900

180 Limeridge Road W Unit# 602

Hamilton, Ontario

2 Bedrooms1 Bathrooms980 sqft

Robinson Built Condo popular West Mt. Location set on park like setting, This 2 Bedroom and 1 Bath unit is located On 6th Floor with North East Exposure over looking Captain Cornelius Park; Open Concept L/R and D/R with expansive windows providing ample natural light and panoramic views; Extra large Primary bedroom with double closets; 2nd Bedroom presently used as large walk in closet/office area; (easily converted back to 2nd pgrom) In-suite Laundry; Furnace & A/C unit replaced June 2024; Exclusive PKG, Space No. 44, Locker Space 602. Ideal location with easy access to Linc & 403; close to Mohawk College and Hillfield Strathallan; Public Transit and More (id:51158)

For Sale$469,900

88 Tunbridge Crescent Unit# 50

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

$40,000 IN SAVINGS WITH AN EXTENDED CLOSING ON THIS END UNIT!!! NEWLY RENOVATED TOWNHOME on HAMILTON’s EAST MOUNTAIN. VINYL PLANK FLOORING invites you to a “bright & spacious” open concept LIVING & DINING AREA. Perfect for ENTERTAINING or just cozying up on the sofa. There is even enough room for a reading area or HOME OFFICE. The NEW KITCHEN boasts STAINLESS STEEL APPLIANCES, PANTRY & gorgeous QUARTZ COUNTERTOPS. When it’s time to head upstairs there are 3 SPACIOUS bedrooms. PRIMARY BEDROOM & one SECONDARY BEDROOM are large enough for a KING or 2 BEDS. Laundry downstairs. Close to all AMENITIES, LINC & REDHILL. Call, text or email for your appointment! (id:51158)

For Sale$464,900

4003 Kilmer Drive Unit# 309

Burlington, Ontario

1 Bedrooms1 Bathrooms703 sqft

Very spacious open concept living in this 2 bed converted to 1 bed (easily converted back) + 1 bath located in much sought after Tansley Woods neighbourhood. Dining area with large bay window could be used as home office, gym area or 2nd bedroom. White kitchen with new backsplash, breakfast bar, freshly painted neutral décor, in-suite laundry, garden doors to large and bright covered balcony with western exposure, 1 heated underground parking A27, locker #41, located close to transit, shopping, restaurants and highway access. (id:51158)

For Sale$394,995

222 Jackson Street W Unit# 206

Hamilton, Ontario

2 Bedrooms2 Bathrooms1369 sqft

1350 sqft 2 bedroom spacious unit located at The Village Hill. Updates include some kitchen cabinets and 3 pc bath. Great location located in the downtown core at Queen and Hess. Easy access to restaurants, theatre, farmers market and GO station at Hunter Street. This building includes fantastic amenities-party room on the Penthouse floor with an amazing view. Underground parking, guest parking, gated and private yard which includes your own private dog park and separate BBQ area with picnic table. Also included are the gym/exercise room, sauna, exclusive locker and 1 parking space. (id:51158)

For Sale$459,900

88 Tunbridge Crescent Unit# 38

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

$40,000 IN SAVINGS WITH AN EXTENDED CLOSING!!! Backing onto OPEN SPACE this NEWLY RENOVATED TOWNHOME on HAMILTON’s EAST MOUNTAIN. VINYL PLANK FLOORING invites you to a “bright & spacious” open concept LIVING & DINING AREA. Perfect for ENTERTAINING or just cozying up on the sofa. There is even enough room for a reading area or HOME OFFICE. The NEW KITCHEN boasts STAINLESS STEEL APPLIANCES, PANTRY & gorgeous QUARTZ COUNTERTOPS. When it’s time to head upstairs there are 3 SPACIOUS bedrooms. PRIMARY BEDROOM & one SECONDARY BEDROOM are large enough for a KING or 2 BEDS. Laundry downstairs. Close to all AMENITIES, LINC & REDHILL. Call, text or email for your appointment! (id:51158)

For Sale$369,900

1964 Main Street W Unit# 401

Hamilton, Ontario

2 Bedrooms1 Bathrooms760 sqft

Discover modern living in this fully renovated 2-bedroom, 1-bathroom condo at 1964 Main St W, Unit #401, Hamilton. The updated kitchen boasts sleek white cabinetry and stainless steel appliances, leading to a separate dining room and a spacious family room with stylish laminate flooring throughout. The bathroom features beautiful tile work and a contemporary vanity. Enjoy a large private balcony, perfect for relaxing outdoors. Loaded with amenities this unit had an indoor pool, media room and party room. Located close to McMaster University, shopping, parks, and with easy access to highways, Ancaster, and Dundas, this condo offers an excellent opportunity for first-time buyers or those looking to downsize. With exceptional value and move-in-ready appeal, this home is a must-see in a prime location. (id:51158)

For SaleOPEN HOUSE$399,000

11 Rebecca Street Unit# 403

Hamilton, Ontario

1 Bedrooms1 Bathrooms637 sqft

One-bedroom industrial penthouse loft in the heart of Hamilton's historical downtown area. This unique open concept freshly renovated unit has 16ft7inchs ceilings, 10ft7inch windows and exposed ducts! Kitchen (2024), bathroom (2024), AC and air handler (2021), fridge (2024), stove (2024) and stacked washer and dryer (2024). (All appliances come with a transferable protection plan). This loft is steps away from the trendy King William St. and James St. N. restaurants, the Hamilton Farmer's Market, GO Transit (West Harbour and Hunter Stations), parks, grocery stores, the royal botanical gardens, access to the bruce trail, the bay front, central public library and St. Joseph's and The General Hospital. With a walk score of 100, clearly, you're in the heart of it all! Parking is available on the street or in the neighbouring public lots. Monthly and yearly passes available. (id:51158)

For Sale$324,000

1950 Main Street W Unit# 204

Hamilton, Ontario

1 Bedrooms1 Bathrooms600 sqft

Welcome to this beautifully updated condo, perfectly situated in one of Hamilton's most desirable neighbourhoods. Just steps away from lush parks, scenic trails, and expansive green spaces, this condo offers a serene retreat in the heart of the city with escarpment views from your balcony. The location is unbeatable—minutes from McMaster Hospital and McMaster University, making it an ideal choice for healthcare professionals or students. The condo has been recently refreshed, featuring new flooring and updated kitchen. The bright and open living space is perfect for relaxing or entertaining, with large windows that let in plenty of natural light. unit includes the exclusive use of one parking spot and owned locker. Public transit at door step. Condo fees include all utilities, cable, parking, building insurance, and exterior maintenance Don’t miss the opportunity to own this move-in-ready gem in Hamilton! (id:51158)