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$439,000

41 Maclaren Avenue

Hamilton, Ontario

3 Bedrooms1 Bathrooms1053 sqft

Improvements include A/C and furnace 2018, back deck 2015, omni basement system 2013, upstairs bedroom windows 2014, shingles 2015, hot water tank rental 2023, shingle and roof repair, along with living room ceiling repair 2013, some hardwood under carpet. Large double driveway, parking for 4 cars. Lot is 135.67 at deepest point. (id:51158)

For Sale$499,700

17 Craigroyston Road

Hamilton, Ontario

1 Bedrooms1 Bathrooms752 sqft

High basement with separate entrance. Was 2 bedroom & could easily be converted back. Garage has hydro. Breaker panel in house. Roomy bungalow on quiet street near traffic circle. Relaxing front porch. Private rear yard. Groceries, shopping, park, schools & public transit all nearby. Quick access to QEW for Toronto or Niagara. Ideal home for 1st time buyers or investors. Easy to view! (id:51158)

For Sale$449,900

1377 Lakeshore Road Unit# 306

Burlington, Ontario

1 Bedrooms1 Bathrooms780 sqft

You can’t beat the location of this bright and spacious, large 3rd floor, 1 bedroom unit at Lakeside Heights in downtown Burlington, directly across from Spencer Smith Park, literally steps to the lake, trails, and hospital, only a minute to the QEW, 403 and 407, and surrounded by just about every other amenity. Lakeside Heights is the premier co-op building in Burlington. This unit features 780sqft + a private 65sqft balcony, a kitchen with a pantry and lots of cupboard and countertop space, a dining area off of the kitchen, a large living room with lots of windows and a door to the balcony, a spacious primary bedroom with large window and a ceiling fan, a 4-piece bathroom, lots of closet/storage space in the unit, and tile flooring in the foyer, kitchen, and bathroom. The building has a great community feel, is very quiet, extremely well maintained, has a great condo committee, and a healthy reserve fund. The building also has an elevator, onsite laundry facility, and ample visitor parking. The monthly fee includes PROPERTY TAX, heat, water, cable tv, internet, storage locker, and exclusive parking space. Adults only. No rentals/leasing. No pets other than service animals. Update this unit to your liking and make it your own. Don’t wait and miss your opportunity to buy in this premier building, and to live directly across from the lake and Spencer Smith Park, and surrounded by just about every amenity. Welcome Home! (id:51158)

For Sale$489,900

229 Tragina Avenue N

Hamilton, Ontario

3 Bedrooms1 Bathrooms1050 sqft

Welcome to 229 Tragina Ave N. This beautiful 2 storey, 3 bedroom home is located in a great neighbourhood on a quiet tree lined street just a few doors down from a fantastic park. The house has excellent curb appeal and is conveniently located near shopping, schools, parks, grocery and transit. The open concept main floor features an updated kitchen, stainless appliances, potlights, solid surface flooring and much more! Walk out from the kitchen to a deck overlooking the large lawn. Storage shed in rear and poured concrete walkways. Upstairs you will find 3 bedrooms with modern paint colours and a 4 piece bath all with solid surface flooring (no carpet!). Updated plumbing, electrical and insulation make for lower monthly costs and low maintenance. Book a showing today for this beautiful home before it's toooo late! (id:51158)

For Sale$324,900

15 Albright Road Unit# 1005

Hamilton, Ontario

2 Bedrooms1 Bathrooms800 sqft

Perfect for first time home buyers. Top floor location with large balcony and view of escarpment. Good location minutes to Red Hill Valley Parkway, the Linc., highways, schools, public transit, and parks. Inground pool tennis court, exercise room, party room, playground and visitor parking. (id:51158)

For Sale$499,900

207 Gibson Avenue Unit# 102

Hamilton, Ontario

1 Bedrooms1 Bathrooms770 sqft

Welcome to the Gibson lofts. This gorgeous 770sqft garden suite has 11ft ceilings, with floor to ceilings windows letting in tons of natural light. This is one of the few units with a walkout to its own private fully fenced garden and patio. Exposed original brick and mouldings from the early 1900’s gives this unit a character that cannot be duplicated. Please reach out for additional information as no two units are the same and there is an onsite sales office and model suite ready for your viewing. (id:51158)

For Sale$399,900

207 Gibson Avenue Unit# 402

Hamilton, Ontario

1 Bedrooms1 Bathrooms540 sqft

Welcome to the Gibson lofts, the Penthouse units are a site to be seen. Located on the roof of the original 1914 school. These units give you the best of both worlds, a modern build in a historic building. Each unit on Level 4 will have a walk out roof top terrace, and units on level 5 will have its own private balcony. These one bedroom one bathroom units are perfect for first time buyers, young executives and investors. (id:51158)

For Sale$469,888

118 King Street E Unit# 313

Hamilton, Ontario

1 Bedrooms1 Bathrooms664 sqft

Beautiful and spacious 1 bedroom in the heart of downtown. Welcome to the renowned Residence of Royal Connaught. Includes 6 appliances, upgraded tile floors, lots of granite counter space, walk-in closet, locker and breakfast area. Great loft feel with high ceilings and building that is immaculately kept. (id:51158)

For Sale$499,900

3200 Dakota Common Unit# B602

Burlington, Ontario

1 Bedrooms1 Bathrooms500 sqft

Stunning condo in Burlington's prestigious Valera Condos! This unit features a rare offering of 2 underground parking spots!! and 2 lockers! fabulous open concept upgraded kitchen to living space, floor-to-ceiling windows providing ample sunlight, smart home technology, modern wood flooring, with west-facing balcony. The building offers top-notch amenities: 24/7 concierge, outdoor pool, BBQ terrace, fitness studio, sauna, steam room, pet spa, and a party room. Located steps from shopping, dining, and leisure facilities, with easy access to the 407, Appleby GO and Bronte Creek Park! this property offers unparalleled convenience and lifestyle. Don't miss this exceptional living opportunity! (id:51158)

For Sale$499,000

33 Railway Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1125 sqft

Tucked away on a quiet court, this semi-detached house has a spacious main floor living room/dining room combination with kitchen and 2 piece bathroom. The 2nd level offers 3 bedrooms and a 3 piece bathroom with laundry. Enjoy entertaining on your large backyard deck overlooking Central Park. Walk to Bayfront Park, West Harbour GO, steps to James Street North Arts District, Farmer's Market, shops & theatre. Easy access in and out of the city. Perfect for 1st time buyers or investors looking for great rental area. RSA (id:51158)

For Sale$424,900

147 Maple Crescent

Hamilton, Ontario

2 Bedrooms2 Bathrooms

Nestled within the picturesque community of Beverly Hills, this cozy and well-appointed home spans approximately 1100 square feet, offering a tranquil suburban retreat with easy access to urban amenities. The thoughtful layout includes two bedrooms, an office and two bathrooms for comfort and versatility. With large windows for natural light, the living room features a fireplace, creating warmth and ambiance, while the spacious primary bedroom offers a walk-in closet, ensuite, and sliding doors leading to a deck for a private retreat-like feel. Crown molding adds elegance to the interior, complemented by a carpet-free design for easy maintenance. The white eat-in kitchen is bright and inviting, with a side entrance for convenient access. The main bath boasts a luxurious jetted bathtub for relaxation. Outside, the home boasts a generous lot size, perfect for outdoor activities and gardening, along with four-car paved parking and a private backyard for relaxation or entertaining. Essential amenities such as schools, shopping centers, restaurants, and major transportation routes are close by, ensuring convenience for daily errands and commuting. Additionally, Beverly Hills Estate offers residents access to various amenities and daily activities, fostering a vibrant community spirit. With its thoughtful features and convenient location, this mobile home provides a comfortable and well-equipped living space. (id:51158)

For Sale$429,000

482 James Street N Unit# 104

Hamilton, Ontario

2 Bedrooms1 Bathrooms795 sqft

Rarely Offered! Bright & Spacious Boutique Style Condo located on the very desirable James St N. Featuring open concept living, with updated kitchen & stainless steel appliances. Enjoy the separate dinning area, in-suite laundry, 2 large bedrooms, & hardwood floors. You will love the neutral tones, floods of sunlight and the almost 800 Sq. Ft. of living space! Don't miss this fantastic opportunity to get into the neighbourhood, ideally located within Walking distance to The West Harbour Go, Downtown core , Shops on James St, Waterfront development & More! (id:51158)