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

174 Herkimer Street Unit# 304

Hamilton, Ontario

2 Bedrooms1 Bathrooms948 sqft

Super chic and spacious condo in the desirable Durand neighbourhood. This stylish 2-bedroom unit feat approx 948 SqFt of tastefully updated living space, featuring light plank flooring throughout, tall ceilings with crown molding, and a bright, open-concept living area. The separate dining area flows into a galley kitchen with stainless steel appliances. Both bedrooms are generously sized with deep closets, and the unit includes a 4-piece bath, in-suite stackable laundry, and an east-facing balcony, perfect for enjoying your morning coffee. The building, features only four units per floor so super quiet and has both stair and elevator access. Situated at the corner of Herkimer and Queen, you’re just a short walk from the trendy shops, restaurants, and amenities of Locke Street South, St. Joseph’s Hospital, ideal for medical professionals, Hess Village, and the Downtown Core. Just minutes to McMaster University, Chedoke golf course and hiking trail, parks, public transit, GO transit, and 403 access making this location incredibly convenient. Plans are underway for a renovation, including updates to the building’s exterior, balconies, and parking lot. Contact the listing agent for more information. The Status Certificate has been ordered. Don’t miss this exceptional opportunity at such a great price! RSA (id:51158)

For Sale$399,900

200 Limeridge Road W Unit# 805

Hamilton, Ontario

2 Bedrooms1 Bathrooms800 sqft

Penthouse suite! Soaring 9 foot ceilings highlight this delightful apartment. With a sunny southern exposure, this apartment is bright and cheerful. Lovingly maintained and offering approximately 800 square feet of very well designed space. The large Living Room with its huge windows creates a sense of tranquility for you to relax after a busy day. The separate Dining Room, Kitchen, Den with a lovely southern view, and the huge Primary Bedroom, also with a southern exposure, in-suite Laundry and a large storage closet are other great features of this sought after unit. The parking space is near the entrance to the garage from the elevator, and the storage unit is quite large, as well. Great location on the Mountain, offering good access to major highways, schools, shopping and parks. (id:51158)

For Sale$459,900

51 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1080 sqft

$40,000 IN SAVINGS WITH AN EXTENDED CLOSING!!!! Welcome to 51 Woodman Drive North, a newly renovated END-UNIT townhome located in a family-friendly neighborhood. The spacious main floor features a brand-new kitchen equipped with elegant quartz countertops and new stainless steel appliances. The separate dining room and living room provide ample space for entertaining and everyday living, all enhanced by stylish vinyl plank flooring that extends throughout the main floor. Upstairs, you'll find three bedrooms, including a primary bedroom with a full wall closet. The four-piece bathroom is newly updated, combining functionality with modern design for a relaxing atmosphere. The unfinished basement offers laundry facilities and convenient access to the garage, providing potential for additional living space or storage. This home includes a one-car garage and a one-car driveway. Located close to highway access, shopping centers, bus routes, and schools, 50 Woodman Drive North offers the perfect blend of convenience and community. (id:51158)

For Sale$459,900

50 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1080 sqft

$40,000 IN SAVINGS ON THIS END UNIT WITH AN EXTENDED CLOSING!!!! Welcome to 50 Woodman Drive North, a newly renovated townhome located in a family-friendly neighborhood. This property is designed to offer both comfort and modern style. The spacious main floor features a brand-new kitchen equipped with elegant quartz countertops and new stainless steel appliances, making meal preparation a delight. The separate dining room and living room provide ample space for entertaining and everyday living, all enhanced by durable vinyl plank flooring that extends throughout the main floor. Upstairs, you'll find three well-sized bedrooms, including a primary bedroom with a large closet, providing plenty of storage space. The four- piece bathroom is newly updated, combining functionality with modern design for a relaxing atmosphere. The unfinished basement offers laundry facilities and convenient access to the garage, providing potential for additional living space or storage. This home includes a one-car garage and a one-car driveway. Located close to highway access, shopping centers, bus routes, and schools, 50 Woodman Drive North offers the perfect blend of convenience and community. (id:51158)

For Sale$499,900

5010 Corporate Drive Unit# 306

Burlington, Ontario

1 Bedrooms1 Bathrooms535 sqft

Welcome to the Trendy VIBE Building Located in a Great Neighbourhood in the Heart of Burlington just South of the Orchard. This Bright 1 Bedroom 1 Bathroom Unit Features High End Laminate Flooring, In-Suite Laundry, Breakfast Bar, High Ceilings and a Spacious Bedroom. This Geothermal Heating and Cooling Building Includes Heat and Water with Very Low Condo Fees! Incredible Amenities Including a Gym, Theatre Room, Party Room and a Large Rooftop Patio! The Unit Comes with 1 Underground Parking Space and a Good Sized Same Floor Locker. Wonderful Location! Close to GO Train and HWY Access. Restaurants, Starbucks, Grocery Shopping, Parks and Accessible Transit All within Walking Distance. Don't Miss Out on this Exceptional and Affordable Condo! This is a Must See! (id:51158)

For Sale$469,990

2620 Binbrook Road Unit# 207

Hamilton, Ontario

2 Bedrooms3 Bathrooms1285 sqft

Introducing Unit 207 at Heritage Place – your gateway to modern living! Immerse yourself in the luxury of this brand-new, move-in-ready condominium crafted by the esteemed team at Homes by John Bruce Robinson. FREE 6 MONTH'S CONDO FEES OR APPLIANCE PACKAGE! With 2 bedrooms and 2.5 baths sprawled across 1,285 square feet, this residence promises an unparalleled living experience. As you enter this corner unit, you’ll be wowed by the thoughtful design of this home. The expansive living room boasts soaring ceilings and large windows, bathing the space in natural light. Transition seamlessly into the kitchen, where the allure of quartz countertops, a subway tile backsplash, ample storage and an inviting eat-in dining area awaits. Head to the upper level to find a generously sized primary bedroom, complete with a private 4-piece ensuite bath and double closets. The secondary bedroom, spacious enough to accommodate a queen-sized bed, shares the upper level's comfort. A second 4-piece bath and bedroom-level laundry, ready to be customized, round out the upper floor. Seize the opportunity to own a unit in this exclusive boutique building, offering not just a home but complete peace of mind. With top-notch finishings, an unbeatable location, and the assurance of a Tarion warranty, this is an investment in your lifestyle. Plus, enjoy the added perk of an owned parking spot! Don't miss out on securing this gem – act now before it's TOO LATE*! *REG TM. RSA. (id:51158)

For Sale$499,000

34 Bow Valley Drive Unit# 5

Hamilton, Ontario

3 Bedrooms2 Bathrooms1561 sqft

Welcome Home 34 Bow Valley Drive unit #5. A comfortable family home with a walk out to a private ravine yard. Freshly painted, new trim and lighting. The main floor has a welcoming foyer, a den, a 2 piece bath, a laundry room and a single car garage. The main floor features an eat in kitchen, separate dining room and an over sized family room w/a bay window. The third floor has 3 good sized bedrooms and an updated 4 piece bath. Conveniently located to everyday amenities. Bus route, schools, parks and shopping. A quick drive to the QEW and Redhill Valley Parkway. Great Value!! (id:51158)

For Sale$394,000

66 Bay Street S Unit# 118

Hamilton, Ontario

1 Bedrooms1 Bathrooms856 sqft

What do you get when you mix an industrial-style condo loft with a private townhome? Unit 118 at the infamous Core Lofts! No need to fiddle with fobs or worry about dark parking garages, crowded elevators, or your neighbour's loud music or cooking smells coming in from the hallway: your private covered parking space is directly off Jackson St (with your own direct mailing address of 118 Jackson St W!) along with your private front door entrance. Ideal for folks who want the security of a well-managed condo, but the convenience and accessibility of street access: pet owners, work-from-homers, and those who appreciate that extra level of privacy. Sweeping views of the unit greet you once inside: it's HUGE, almost 900 square feet, it's the largest one-bedroom condo in Hamilton! Lots of storage, double-height ceilings, a very large one bedroom (could fit an office or den inside!), in-suite laundry, and a bathroom almost as big as your childhood bedroom. Industrial yet cozy design - open concept with separate spaces for living, dining, and eat-in kitchen. Updated luxury vinyl plank flooring throughout. Updated stainless steel appliances. Condo fees include almost everything (only AC is extra), and the building completely updated major components in the last few years so no increases in fees expected. Steps to the hustle and bustle of downtown like transit (HSR and GO), restaurants, and groceries; and just as close to the quiet parks and streets of the Durand Neighbourhood. (id:51158)

For Sale$499,900

33 Shaw Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1571 sqft

Updated all brick semi-detached 2.5 storey home situated in the Keith neighbourhood with plenty of amenities including schools, parks, shopping & local eat in shops, as well as the Hamilton General Hospital, all within a few minutes walk or drive. Luxury vinyl flooring throughout. Covered front porch with new railing leads to the spacious foyer. Formal living room and separate dining area. 2-piece bath on the main level. Stunning kitchen features quartz countertops, undermount sink, soft close doors and drawers, and stainless steel appliances. Garden door leads to the 8 foot x 12 foot covered rear deck and rear yard. Second floor boasts three roomy bedrooms, including a huge primary bedroom. Updated 3-piece bathroom with porcelain tile flooring and glass shower enclosure. Huge loft space on the 3rd level with exposed brick wall. 16 foot x 20 foot detached garage accessible from the alleyway. Check with the City of Hamilton re: potential laneway home for extra income. Great home for a family or hobbyist. Affordability in the heart of Hamilton! (id:51158)

For Sale$437,900

1966 Main Street W Unit# 406

Hamilton, Ontario

3 Bedrooms2 Bathrooms1100 sqft

Updated and spacious condo features 3 Bedrooms plus an Office. Approx 1,100 square feet with lots of natural light. Hardwood floors in living, dining, hallway and primary bedroom. Sizeable white kitchen thoughtfully designed with ample cupboard and counter space plus breakfast/coffee bar - includes Stainless Steel appliances. Modern interior doors. 1.5 Baths updated with beautiful vanities (4pc with glass doors & 2pc ensuite). Large primary bedroom boasts an ensuite bath and walk in closet. Upgraded lighting. All 3 bedrooms feature remote operated lights/ceiling fans. Tons of closet space! Tall windows allow the light to spill in. Large Balcony overlooking green space with west exposure. Underground Parking & Storage Locker. Forest Glen Complex in desirable neighbourhood of west Hamilton at the base of the escarpment on the border of Ancaster & Dundas. Just move in and enjoy a turn key lifestyle at a well-maintained community - fees include water and superb amenities: party room, hobby room, games room, picnic area, indoor pool, sauna & new exercise room opening soon! Ample visitor parking. Dog friendly & backing on to expansive Conservation area with access to many trails! Fabulous location - Minutes to 403, Meadowlands in Ancaster, downtown, McMaster, public transit, shopping & more. RSA (id:51158)

For Sale$479,900

2087 Fairview Street Unit# 504

Burlington, Ontario

1 Bedrooms1 Bathrooms555 sqft

One bedroom open concept luxury condominium in prime location in Burlington! Located right beside Go Train & Go Buses, Walmart, Public Transit, minutes from Downtown Burlington. Featuring terrace access from bedroom & living room, quartz countertops, vinyl flooring, 24 hours concierge, indoor pool, party room, gym, rooftop deck, visitor parking, guest suites, BBQ area & green space! (id:51158)

For Sale$399,000

1461 Lawrence Avenue Unit# 811

Toronto, Ontario

1 Bedrooms1 Bathrooms475 sqft

Exceptional Opportunity for First-Time Buyers or Investors! This beautiful and spacious 1 bed, 1 full bath unit at 7 On The Park is the perfect entry into the real estate market. Featuring a superb layout and an oversized balcony, this condo stands out with its unique architecture, stunning design, and luxurious, durable materials used throughout each unit. As a Prime Location it's Just minutes from major highways, Yorkdale, and accessible transit options including the UP Express, Eglinton Crosstown Metro linx, and TTC bus routes. You'll also enjoy quick access to downtown, shopping centers, Amesbury Park, and more. European-Inspired Kitchen Includes a kitchen table and island with stone counter top. The Modern Design Boasts floor-to-ceiling windows with window coverings. Ideal for Young Couples or Single Purchasers. The prime location and excellent amenities make it an ideal choice. Don't miss out on this fantastic opportunity to own a luxury condo in an unbeatable location! (id:51158)