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$479,999

654 West 5th Street

Hamilton, Ontario

2 Bedrooms1 Bathrooms675 sqft

Attention Investors and first time home buyers. don't miss this excellent opportunity on the west mountain. This bungalow is minutes away from Mohawk College and has easy access to the LINC/QEW for commuters. Ideal location for student rental. Renovate this existing home or build new. Buyer to do own due diligence regarding re-development possibilities. (id:51158)

For Sale$479,000

11 Rebecca Street Unit# 308

Hamilton, Ontario

2 Bedrooms1 Bathrooms863 sqft

Experience the vibrant lifestyle of downtown Hamilton, in this exceptional condo unit located in the Annex building, a rare find on the market. This industrial-style open concept loft features soaring ceilings and floor to ceiling windows that flood the space with natural light. Enjoy the convenience of a private parking spot right outside your front door. This location allows you to step out and explore the trendy shops, restaurants, and entertainment options on bustling James St N and the popular King St. restaurants. Plus, you’ll be just moments away from the waterfront, two GO stations, public transit, hospital, cafes, boutique shops and more! (id:51158)

For Sale$379,900

150 Charlton Avenue E Unit# 2206

Hamilton, Ontario

2 Bedrooms2 Bathrooms996 sqft

This 2-bedroom, 2-bathroom suite in south-central Corktown is truly a gem! It boasts stunning views of the city and escarpment from the 22nd floor, with its large windows and spacious balcony, allowing for ample natural light. Situated in a prime location near St. Joseph's hospital, shopping, and the GO station, making commuting a breeze with a 95 walking score. The unit offers an open-concept kitchen with stainless steel appliances, including a built-in dishwasher. Recent upgrades include a kitchen renovation in 2019, a new garage door and terrace renovation in 2023, and updates to the A/C and electrical panel in 2022. Additional perks include access to a variety of building amenities such as an indoor pool, party room, sauna, squash court, billiard room, and gym. Parking is rented separately, and storage options are available through the condo management company. (id:51158)

For Sale$497,000

13 Clinton Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1142 sqft

Turnkey home perfect for first-time buyers or a growing family. This charming property is located within walking distance to parks, public transit, library, rec centers, shopping, and other essential amenities, making it an ideal location for a convenient and vibrant lifestyle. The home features a refreshed kitchen and bath, offering modern updates while maintaining its classic charm. The living/dining rooms and office space, showcase hardwood floors, adding warmth and character to the home. This classic Hamilton brick home boasts 1.5 baths and 3 spacious bedrooms, providing ample space for a growing family. The open concept main floor creates a welcoming and connected living space, perfect for family gatherings and entertaining guests. The large, bright eat-in kitchen is a standout feature, providing plenty of space for meal preparation and dining. It offers direct access to the fenced rear yard, ideal for outdoor activities, gardening, or simply enjoying a peaceful retreat. Situated in vibrant Barton Village, this home allows you to explore and enjoy a thriving community with a rich array of local attractions. From unique shops and cafes to community events and cultural spots, there is always something to discover in this bustling neighborhood. Don’t miss the opportunity to make this home your own and experience the best of Hamilton living. (id:51158)

For Sale$459,900

311 East Avenue N

Hamilton, Ontario

3 Bedrooms3 Bathrooms1416 sqft

SCHEDULE B+C MUST ACCOMPANY ALL OFFERS. SOLD 'AS IS, WHERE IS' BASIS. SELLER HAS NO KNOWLEDGE OF UFFI. BUYER IS TO VERIFY TAXES AND ANY RENTAL EQUIPMENT. SELLER MAKES NO REPRESENTATIONS AND/OR WARRANTIES. (id:51158)

For Sale$359,000

100 Burloak Drive Unit# 2403

Burlington, Ontario

1 Bedrooms1 Bathrooms692 sqft

Hearthstone by the Lake is a private seniors community that stands out from the rest and is just steps from the lake, located at the border of Burlington and Oakville. The moment you walk in the front doors and are greeted by the concierge, you know you've entered somewhere special. There is a monthly membership fee in addition to your standard condo fees, but it covers many of the community specific offerings such as onsite health and wellness care, access to lunch and dinner through the Hearthstone Club, 24/7 emergency personnel, in suite emergency call system, monthly basic cleaning services. This 1 bedroom, 1 bath unit is just the right size with space for a separate dining area off the functional kitchen with tons of storage and an open pass through. In suite laundry, a spacious 4pce bath and a perfectly sized east facing balcony, to give you private outdoor space if you don't feel up to socializing on the grounds. Being top floor means you have the luxury of no upstairs neighbours, and don't forget you'll have one underground parking spot as well as a locker included. Truly needs to be seen to be appreciated! (id:51158)

For Sale$414,900

17 Albemarle Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms1037 sqft

Spacious 3 bedroom home close to all amenities in Crown Point North and steps to Centre Mall. Modern bathroom, flooring, large fenced backyard with deck and patio. This home features main floor laundry, separate dining room and lots of storage in the basement. Perfect for first time buyer or investor. 24 hours required for all showings. Showings after 4:00 pm Monday – Friday, anytime on weekends. No Representations or Warranties are made of any kind by the Seller. Rental Equipment is unknown. RSA (id:51158)

For Sale$499,900

479 Charlton Avenue E Unit# 308

Hamilton, Ontario

2 Bedrooms2 Bathrooms811 sqft

Discover the perfect blend of modern elegance and natural beauty with this exceptional condo located at 479 Charlton Ave E. Nestled on the scenic Niagara Escarpment, this spacious 2-bedroom, 2-bathroom unit offers a contemporary living experience amidst the tranquility of nature. Step into a world of sophistication with expansive, oversized windows throughout that flood the space with natural light and frame beautiful views of the Niagara Escarpment and the City of Hamilton. The unit features a spacious private, covered balcony overlooking the city. Inside, you’ll find a modern haven equipped with built-in appliances, striking quartz countertops throughout the kitchen and extending into both bathrooms. The thoughtfully designed space also includes in-suite laundry, an owned parking spot, and a convenient storage locker. Situated just steps from the renowned Bruce Trail, this condo offers unparalleled access to hiking and outdoor activities. Downtown Hamilton is within close reach, with the GO Station less than 2 kilometers away, making commuting a breeze. For healthcare professionals, Juravinski, St. Joseph, and Hamilton General Hospitals are just minutes away. The building itself enhances your lifestyle with a large communal terrace, an indoor fitness studio, and a party room—perfect for relaxation and social gatherings. Don’t miss this rare opportunity to experience urban luxury surrounded by the natural splendor of the Niagara Escarpment. (id:51158)

For Sale$399,900

220 Belmont Avenue

Hamilton, Ontario

2 Bedrooms1 Bathrooms858 sqft

SCHEDULE B+C+U MUST ACCOMPANY ALL OFFERS. SOLD 'AS IS' BASIS. SELLER HAS NO KNOWLEDGE OF UFFI. BUYER IS TO VERIFY TAXES AND ANY RENTAL EQUIPMENT. SELLER MAKES NO REPRESENTATION AND/OR WARRANTIES. ALL ROOM SIZES APPROX. (id:51158)

For Sale$489,988

83 Sherman Avenue N

Hamilton, Ontario

3 Bedrooms1 Bathrooms1178 sqft

Affordable. Low property city taxes. Available to move in. Perfect starter or rental investment. Lots of updates. Must to see! Newer Modern kitchen and bathroom. Newer electrical wiring and plumbing throughout. Maintenance free back yard with oversized block (workshop) garage with hydro off a rear concrete alleyway. Garage roof approx 2 yrs old. 2019 New gas furnace and Central Air. Excellent neighborhood and near all amenities like shopping, schools, bus transit etc. (id:51158)

For Sale$479,000

11 Rebecca Street Unit# 401

Hamilton, Ontario

2 Bedrooms1 Bathrooms788 sqft

Located in the heart of downtown Hamilton's vibrant art district - steps from trendy shops, cafes and restaurants. This stunning, spacious industrial loft has been recently updated to give it a bright, modern flair. The appealing open concept layout gives versatility for live/work space. The flexible design allows for either an office or bedroom on the main floor and is enhanced with a mezzanine bedroom that provides for a private cozy, private space overlooking the main living area. Soaring ceilings and tall expansive windows allow natural light to pour in. Quartz countertops with seating for four at the island, extra-deep 30 inch sink, and Talavera style ceramic tiles make the kitchen a welcoming place to cook and entertain. (id:51158)

For Sale$295,000

150 Charlton Avenue E Unit# 2303

Hamilton, Ontario

1 Bedrooms1 Bathrooms496 sqft

Location Location Location! Beautiful one-bedroom condo for First-Time Home Buyers & Investors. Carpet Free Unit. Brand New Vinyl Flooring and freshly painted. Tons of Natural Light. spacious Balcony, perfect for Relaxing or Entertaining. Enjoy the luxurious experience of high-rise living on the 23rd floor with an unobstructed beautiful view of the city and a lot of amenities such as a Gym, Sauna, Indoor Pool, Party Room, and Squash Court, billiards room. The condo fee includes Heat, Hydro & Water. Close to Schools, St. Joe's Hospital, Transportation, Major Highways, Go Station, Restaurants, Parks, Less than 20 minutes from McMaster University. Parking is available on availability for $100 month. Locker available on availability. The condo fee also includes heat, hydro and water and many premium amenities. (id:51158)