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$399,700

175 Hunter Street E Unit# 301

Hamilton, Ontario

2 Bedrooms1 Bathrooms960 sqft

Large bright two-bedroom condo (975 sq.ft.). Many upgrades including flooring. Five appliances included. In-suit laundry, large master bedroom with walk-in closet, one underground parking space (spot 17), locker (no.23), rooftop patio with views of the escarpment and party room. Five minute walk to bus/train GO-station. Condo fees include water, parking, storage unit, Bell Fibe high-speed internet and cable, HBO/Crave/Starz streaming pkg. One of the largest units in the building. (id:51158)

For Sale$474,900

467 Charlton Avenue E Unit# 101

Hamilton, Ontario

1 Bedrooms1 Bathrooms672 sqft

Discover your dream condo at Vista Condos on Charlton! This stunning one bedroom + one den unit offers nature-inspired city living halfway up the scenic Niagara Escarpment. Enjoy the best of both worlds with local shopping, dining, and outdoor adventures right at your doorstep. Located across from the Rail Trail and Wentworth Mountain Stairs, this prime location has it all. The condo is wheelchair accessible and features stylish vinyl flooring, beautiful quartz countertops in the kitchen and bathroom, stainless steel appliances, an elegant glass backsplash, upgraded light fixtures, and room for a dining table. The building's amenities include an exercise room, party room, and bike storage. Convenience is just around the corner with restaurants, shopping, and hospitals nearby. This unit includes one surface parking spot and one owned locker. Don't miss out on this exceptional condo living experience! Don’t be TOO LATE*! *REG TM. RSA. (id:51158)

For Sale$399,900

432 Main Street E Unit# 401

Hamilton, Ontario

2 Bedrooms2 Bathrooms1104 sqft

Welcome to Hunter Green’s Condominium, an exceptional residence located in the vibrant Stinson neighbourhood in Central Hamilton. This spacious and beautifully renovated two bedroom, two bath unit offers the perfect blend of modern convenience and comfortable living. Newly renovated open concept kitchen that’s great for the culinary enthusiast. Large windows throughout fill the space with an abundant of natural light. Enjoy the oversized patio with southwest exposure and stunning views of the Escarpment. Great location steps to transit, grocery stores and shopping. Ensuite laundry, updated appliances, HVAC and water heater all owned. Exclusive underground parking. Enjoy the luxury of living in a well-maintained condo with all the amenities you need at your doorstep. (id:51158)

For SaleOPEN HOUSE$484,900

40 Harrisford Street Unit# 706

Hamilton, Ontario

2 Bedrooms2 Bathrooms1093 sqft

Welcome to this immaculate condo unit located in the sought-after RedHill neighborhood of Hamilton. Boasting beautiful views of the escarpment and situated just minutes from the Red Hill Valley Parkway, public transport, Rail Trail, and shopping, this condo offers both convenience and tranquility. As you enter, you'll be greeted by a welcoming foyer complete with a storage closet and a coat closet. The renovated open-concept kitchen is a chef's dream, offering ample storage and counter space for all your culinary needs. The updated flooring flows throughout the space, leading you into the spacious open living and dining area, highlighted by floor-to-ceiling windows that flood the space with natural light. This condo features two generously sized bedrooms. The primary bedroom includes an updated 3-piece ensuite bath, providing a private retreat. The main 4-piece bathroom has also been tastefully updated, ensuring comfort and modern style. Residents of this building enjoy a variety of amenities, including a heated indoor pool, gym with sauna, workshop, party room, and tennis court. Additionally, the unit comes with one secure underground parking space and one locker for extra storage. Wall A/C June 2020. Don't miss the opportunity to make this beautiful condo your new home. (id:51158)

For Sale$369,905

2373 King Street E Unit# 25

Hamilton, Ontario

1 Bedrooms1 Bathrooms531 sqft

Wonderful unit with long, private balcony facing treed Red Hill Bowl Park and 1 minute to the RHV offramp. One parking spot. Lovely modern kitchen. Plenty of light. The building is in a very good financial position, with major capital improvements complete. Stable condo fee. Wonderful lifestyle. (id:51158)

For Sale$464,750

1377 Lakeshore Road Unit# 108

Burlington, Ontario

1 Bedrooms1 Bathrooms780 sqft

An unbeatable location for this updated, bright & spacious, 1 bedrm corner unit at Lakeside Heights in downtown Burlington, directly across from Spencer Smith Park, literally steps to lake, trails, & hospital, a minute to QEW/403/407, & surrounded by just about every other amenity. Lakeside Heights is the premier co-op building in Burlington. This unit features 780sqft, an updated kitchen w/quartz CTs, brand-new SS fridge, stove, & range hood, backsplash, new sink & faucet, quality cabinetry w/soft-close drawers, & a pantry, a dining area off kitchen, a large living rm w/lots of windows, a spacious primary bedrm w/mirrored closet, an updated 4pce bath w/new vanity, porcelain CT, faucet, showerhead, toilet, vinyl floors, & reglazed tub & wall tile, quality hardwood floors T/O, updated light fixtures, lots of closet/storage space, & fresh paint T/O. This unit is in a great location in the building, just a few steps to laundry, storage locker, & parking. 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 pride of ownership, has many very recent updates, & is move-in ready! Don’t wait & miss this one! Welcome Home! (id:51158)

For Sale$489,900

107 Wellington Street S

Hamilton, Ontario

5 Bedrooms3 Bathrooms1510 sqft

Possibility abounds in this LEGAL TRIPLEX nestled into the heart of Hamiltons Corktown Neighbourhood. Weather your an investor, renovator or just wanting to and your own style to a blank palette, this is the perfect property for you. With over 2300 sqft of living space spread amongst the 3 units, a large double car garage and 3 additional parking spaces all this needs is some TLC to make it the income property of your dreams. (id:51158)

For Sale$499,000

67 Caroline Street S Unit# 501

Hamilton, Ontario

2 Bedrooms2 Bathrooms1225 sqft

The Bentley, conveniently located in downtown Hamilton, is within walking distance to the downtown core and the vibrant shops and dining on Locke St. This spacious, bright unit features a large living room overlooking downtown, perfect for entertaining. The primary bedroom includes a large walk-in closet and a full ensuite bath with a jetted tub. The second bedroom also has a large walk-in closet, providing ample storage. The balcony off the living room (approximately 12' x 6') is ideal for enjoying warm summer evenings or morning coffee. The unit includes one underground parking space. The gym has been recently renovated, and the party room features a full kitchen with ample seating for large family gatherings. You owe it to yourself to check this one out! (id:51158)

For Sale$499,900

5090 Pinedale Avenue Unit# 203

Burlington, Ontario

1 Bedrooms2 Bathrooms830 sqft

Welcome to this large 1 bedroom & 2 bathroom unit in the relaxing and mature Pinedale Estates community. With 830 square feet this is one of the most spacious affordably priced 1 bedroom condos in Burlington! Mature individuals will enjoy the quiet peacefulness of the area, which is very relaxing, accompanied by the balcony view overlooking greenery, Frontenac Park and a quaint creek. Working individuals and couples will also find this building ideal as it is only a stone’s throw from Appleby Line and getting onto the QEW for commuting. You can also use the complex’s several benches, picnic table and gazebo areas in the rear as well as the many other building features such as pool, hot tub, sauna, driving range, party room, billiard room & library – this place has it all! Also being just off of Appleby Line, you are surrounded by all necessary amenities to suit any lifestyle. Whether you are an ambitious working individual, couple, or looking to slow down, this condo and its location might be the perfect fit for you! (id:51158)

For Sale$489,000

121 #8 Highway Unit# 102

Hamilton, Ontario

1 Bedrooms1 Bathrooms625 sqft

Experience luxurious living in the heart of Stoney Creek a the Casa Di Torre condo building, boasting trendiness, style and elegance. This attractive 625 sq.ft. 1-bedroom, 1-bathroom unit features an open concept design. Enjoy a range of amenities including a fitness and yoga studio, party room, media room, and a stunning rooftop terrace. This unit comes with a parking space #14 and owned locker. Don't miss your chance to live in this upscale community- schedule your viewing today. RSA. (id:51158)

For Sale$424,990

85 Robinson Street Unit# 908

Hamilton, Ontario

1 Bedrooms1 Bathrooms457 sqft

Welcome to 908-85 Robinson Street. Offering 1 bedroom, 1 bath, a bright open-concept layout, modern finishes, in-suite laundry, south-facing balcony, underground parking, and locker - this City Square condo is the perfect way to start your real estate journey. 85 Robinson features geothermal heating and cooling, party room, exercise room, rooftop garden and visitor parking. Located in the lovely Durand area you’ll find unmatched walkability with access to parks, shopping & dining (James St, Locke St) and St. Joseph’s Hospital. Offers anytime. Don’t miss the chance to call this lovely condo home. (id:51158)

For Sale$499,900

19 Emerald Street N

Hamilton, Ontario

3 Bedrooms1 Bathrooms1052 sqft

Completed renovated 2 story, 3 bedroom freehold brick town house. Open & high ceiling main floor layout. New eat-in kitchen. New washroom, New pot lights, New laminate flooring, New light fixtures. New front door. Updated electrical panel & wiring. Roof single, -2019, Private fenced backyard. Close to all amenities. Walker's paradise with walking score 96 out of 100. RSA. Just move in and enjoy! Attach SCH b & FORM 801 to offer. (id:51158)