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$469,900

479 Charlton Avenue E Unit# 509

Hamilton, Ontario

1 Bedrooms1 Bathrooms547 sqft

Welcome to urban living at its finest in the heart of Hamilton Centre! This sleek 1-bedroom, 1-bathroom condo at 509-479 Charlton offers a coveted lifestyle with panoramic views of the escarpment, perfect for the discerning buyer seeking both luxury & convenience. Step into a bright open-concept layout boasting floor-to-ceiling windows featuring custom blinds, pot lights, under-cabinet lighting, & upgraded flooring. The upgraded kitchen, features quartz countertops, a peninsula for seating, & top-of-the-line appliances, ideal for culinary enthusiasts. Retreat to the spacious bedroom with a walk-out to the balcony, offering a serene escape with stunning vistas as well as the convenience of in-suite laundry. Indulge in the building amenities including a gym, party/meeting room, bike storage, & large outdoor terrace. With an UNDERGROUND parking spot & storage locker, every need is met. Located steps from the Hamilton Rail Trail, 3 hospitals, GO train, & easy access to nearby dining, shopping, & entertainment options. Don't miss this opportunity to elevate your urban living experience! Just move in. Furniture included! (id:51158)

For Sale$499,000

2900 Battleford Road Unit# 504

Mississauga, Ontario

2 Bedrooms1 Bathrooms842 sqft

Welcome to this charming and affordable Mississauga condo with loads of amenities. This two-bedroom condo has a bright and spacious kitchen with newer stainless-steel appliances, an outdoor balcony to relax and watch the world go by, a four-piece family bathroom, separate dining area, two large bedrooms and an in-suite washing machine. You will also find an independent and superior ductless heating and air conditioning system with individual heating and cooling in both bedrooms, as well as the main living area. In addition to the generous living space, this condo has one underground parking spot and lots of visitor parking. The building amenities include a library, workout room, sauna, coin laundry, party room, children’s play area, tennis court complete with basketball nets, and an inviting outdoor swimming pool. With reasonable condo fees, this apartment style condo has so much to offer. Come have a look before its gone. Don’t be TOO LATE*! *REG TM. RSA (id:51158)

For Sale$469,900

1444 Upper Ottawa Street Unit# 34

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

MASSIVE SAVINGS ON THIS END UNIT 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$449,900

88 Tunbridge Crescent Unit# 45

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

MASSIVE SAVINGS WITH AN EXTENDED CLOSING!!! 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$469,900

1444 Upper Ottawa Street Unit# 27

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

MASSIVE SAVINGS ON THIS END UNIT 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

1444 Upper Ottawa Street Unit# 20

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

Move in sooner than you think! 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$449,900

1444 Upper Ottawa Street Unit# 19

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

MASSIVE SAVINGS WITH AN EXTENDED CLOSING!!! 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$489,900

88 Tunbridge Crescent Unit# 48

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

Move in sooner than you think! 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$469,900

40 Greig Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms1068 sqft

Introducing this promising property nestled on a serene street in Hamilton close to downtown and waterfront. This 1 1/2 storey detached home offers abundant potential with 3 bedrooms and 1 bathroom. Ideal for families or investors seeking opportunity. Located conveniently close to downtown, this home promises convenience. While in need of some renovation, this home has been freshly painted in a neutral colour and shows quite well. The property is a canvas waiting for your personal touch. Don't miss out on this chance to create your dream home or investment. All Photos, Virtual Tours, measurements, sq. ft. and Floor plans are from interactive I-Guide attached hereto listing. (id:51158)

For Sale$500,000

31 Kinrade Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms1239 sqft

Charming 3-bedroom home with outdoor entertaining space. Discover your perfect home, ideally situated close to the Tim Hortons Field, which offers spacious living areas and large, bright windows that let in plenty of natural light. The main floor features a generous living room, large kitchen and a family room that is currently set up as a dining area, perfect for family gatherings or entertaining guests. Step outside to enjoy outdoor cooking with the brick stove/fireplace and cozy evenings. The property includes two 4-piece bathrooms, a walkout basement accessible from two entrances and a fully fenced yard. The detached garage with hydro offers space for additional storage or workshop. (id:51158)

For Sale$485,000

119 Emerald Street N

Hamilton, Ontario

2 Bedrooms1 Bathrooms747 sqft

Discover the potential of 119 Emerald St N, a 2-bedroom, 1-bathroom bungalow in the heart of Hamilton. As you enter, you'll find a spacious living area filled with natural light. Both bedrooms are well-proportioned, providing ample space for comfortable living. The property boasts a private backyard, perfect for those with a green thumb or anyone who enjoys outdoor activities. With some landscaping and a little TLC, this space could become your personal oasis. The large deck is perfect for outdoor dining or lounge. The parking for two cars is off the back laneway, with plenty of street parking. This home is located in a vibrant Hamilton neighborhood, close to schools, parks, shopping, dining, and public transportation. With easy access to major highways, you'll enjoy the convenience of city living while having the opportunity to make this house your own. (id:51158)

For Sale$429,000

1966 Main Street W Unit# 1507

Hamilton, Ontario

3 Bedrooms2 Bathrooms1050 sqft

THREE BEDROOM TOP LEVEL CORNER UNIT, LAMINATE FLOORING, WALK OUT TO A BALCONY WITH OPEN PICTURESQUE VIEW. CLOSE TO MCMASTER UNIVERSITY AND HOSPITAL,. CONDO AMENITIES INCLUDE POOL IN THIS BUILDING, TENNIS COURT, SAUNA. PRIMARY BEDROOM WITH A 2 PC BATHROOM. UPDATED KITCHEN WITH NEW COUNTERTOP, NEW STOVE, NEW DISHWASHER AND NEW MICROWAVE. MAIN BATHROOM IS ALSO UPDATED WITH A NEW BATHTUB. (id:51158)