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!

Date (Newest to Oldest) Date (Oldest to Newest) Price (Highest to Lowest) Price (Lowest to Highest) Beds (Highest to Lowest) Beds (Lowest to Highest) Baths (Highest to Lowest) Baths (Lowest to Highest)

Search / Filter Results

237 results | Page 2 of 20

12 24 48

Search/Filter Properties

All Property TypesAgricultureBusinessHospitalityIndustrialInstitutional - Special PurposeMulti-familyOfficeOtherParkingRecreationalRetailSingle FamilyVacant Land

All Transaction TypesFor LeaseFor RentFor SaleFor Sale Or Rent

All Building TypesApartmentCommercial ApartmentDuplexFourplexHouseMobile HomeModularMulti-FamilyMulti-Tenant IndustrialNo BuildingOfficesOtherParkingRecreationalResidential Commercial MixRetailRow / TownhouseTriplexUnknownWarehouse

All Construction StylesAttachedDetachedLinkSemi-detached

Bedrooms

Min. 0 1 2 3 4 5 6 7 8 9 10 +

Max. 0 1 2 3 4 5 6 7 8 9 10 +

Bathrooms

Min. 0 1 2 3 4 5 6 7 8 9 10 +

Max. 0 1 2 3 4 5 6 7 8 9 10 +

Price

Min. $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,000 $2,400,000 $2,500,000 $2,600,000 $2,700,000 $2,800,000 $2,900,000 $3,000,000 $3,100,000 $3,200,000 $3,300,000 $3,400,000 $3,500,000 $3,600,000 $3,700,000 $3,800,000 $3,900,000 $4,000,000 $4,100,000 $4,200,000 $4,300,000 $4,400,000 $4,500,000 $4,600,000 $4,700,000 $4,800,000 $4,900,000 $5,000,000 $5,100,000 $5,200,000 $5,300,000 $5,400,000 $5,500,000 $5,600,000 $5,700,000 $5,800,000 $5,900,000 $6,000,000 $6,100,000 $6,200,000 $6,300,000 $6,400,000 $6,500,000 $6,600,000 $6,700,000 $6,800,000 $6,900,000 $7,000,000 $7,100,000 $7,200,000 $7,300,000 $7,400,000 $7,500,000 $7,600,000 $7,700,000 $7,800,000 $7,900,000 $8,000,000 $8,100,000 $8,200,000 $8,300,000 $8,400,000 $8,500,000 $8,600,000 $8,700,000 $8,800,000 $8,900,000 $9,000,000 $9,100,000 $9,200,000 $9,300,000 $9,400,000 $9,500,000 $9,600,000 $9,700,000 $9,800,000 $9,900,000 $10,000,000 +

Max. $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,000 $2,400,000 $2,500,000 $2,600,000 $2,700,000 $2,800,000 $2,900,000 $3,000,000 $3,100,000 $3,200,000 $3,300,000 $3,400,000 $3,500,000 $3,600,000 $3,700,000 $3,800,000 $3,900,000 $4,000,000 $4,100,000 $4,200,000 $4,300,000 $4,400,000 $4,500,000 $4,600,000 $4,700,000 $4,800,000 $4,900,000 $5,000,000 $5,100,000 $5,200,000 $5,300,000 $5,400,000 $5,500,000 $5,600,000 $5,700,000 $5,800,000 $5,900,000 $6,000,000 $6,100,000 $6,200,000 $6,300,000 $6,400,000 $6,500,000 $6,600,000 $6,700,000 $6,800,000 $6,900,000 $7,000,000 $7,100,000 $7,200,000 $7,300,000 $7,400,000 $7,500,000 $7,600,000 $7,700,000 $7,800,000 $7,900,000 $8,000,000 $8,100,000 $8,200,000 $8,300,000 $8,400,000 $8,500,000 $8,600,000 $8,700,000 $8,800,000 $8,900,000 $9,000,000 $9,100,000 $9,200,000 $9,300,000 $9,400,000 $9,500,000 $9,600,000 $9,700,000 $9,800,000 $9,900,000 $10,000,000 +

Open House

Search

LOADING

For Sale$429,900

55 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1080 sqft

$60,000 in SAVINGS!!!!!!! Welcome to this beautifully renovated townhome, offering you the unique opportunity to customize your living space - you can select your own finishes from four stunning colour palettes. The main floor boasts a brand-new kitchen with quartz countertops, stainless steel appliances, and luxury plank vinyl flooring. The separate living and dining areas are ideal for hosting, and a convenient powder room adds to the main floor’s functionality. Upstairs, enjoy three spacious bedrooms, including a primary bedroom with a full wall-to-wall closet. A large 4-piece bathroom completes the upper level, providing both comfort and style for your family. The unfinished basement offers endless potential—use it for extra storage or transform it into a personalized space. Inside access from the garage makes coming and going easy. With one garage space and an additional driveway parking spot, there’s room for all your vehicles. Located just minutes from the Red Hill Valley Parkway, this home is close to shopping, schools, and bus routes. Don't miss this incredible opportunity! (id:51158)

For Sale$449,900

37 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1080 sqft

$40,000 IN SAVINGS! Welcome to 37 Woodman Drive North, where modern living meets customization! You can personalize this newly renovated townhome by selecting your finishes from four professionally designed colour palettes. The main floor features a contemporary kitchen with quartz countertops, stainless steel appliances, and luxury plank vinyl flooring. The spacious living room, complete with stylish pot lights, and the separate dining room are perfect for entertaining. A convenient powder room adds functionality to the main level. Upstairs, you’ll find three generously sized bedrooms, including a primary bedroom with a full wall-to-wall closet. The 4-piece bathroom is both spacious and beautifully updated. The unfinished basement offers excellent potential for storage or for transforming it into your own customized space. With inside access from the garage, along with one garage space and an additional driveway parking spot, this home is designed for convenience. Located just minutes from the Red Hill Valley Parkway, shopping centers, schools, and public transit, this townhome offers modern upgrades in an ideal location. (id:51158)

For Sale$499,000

1264 King Street E

Hamilton, Ontario

4 Bedrooms1 Bathrooms1273 sqft

Welcome to 1264 King Street East. This all Brick two story home is located near public transit, Tim Hortons field, Gage park, and grocery stores. This home is perfect for the first time home buyer, or a savvy investor. This home is in need of TLC and is being sold as is where is. (id:51158)

For Sale$499,000

47 Caroline Street N Unit# 403

Hamilton, Ontario

2 Bedrooms1 Bathrooms813 sqft

Welcome to Cityview Terrace Condos, where breathtaking views and modern comfort meet! This stunning condo features a spacious private terrace patio over 400 sq. ft.,the perfect spot to catch both gorgeous sunrises and stunning summer sunsets. Ideal for relaxation and entertainment, this condo comes with all the amenities you could need.Located in the highly sought-after downtown Hamilton, this unit sits on a quiet street with easy access to highways, a variety of restaurants, and entertainment options. For outdoor lovers, five picturesque parks are just a short walk away. Inside, you’ll find soaring 9-ft ceilings, sleek pot lights, and stainless steel appliances. The kitchen is equipped with granite countertops and a stylish island bar with a double sink. Enjoy the convenience of updated motion sensor lighting, in-suite laundry, and ownership of both a parking space and a locker. This rare find offers 1 four-piece bathroom and 2 generously sized bedrooms, including a walk-in closet in the primary bedroom. Cityview Terrace Condos is a well-maintained building with only 60 units, over 60% owner-occupied. The long-term, on-site superintendent, who has been an owner for over 10 years, adds a personal touch of care. The building features two elevators serving just six floors, providing convenience without overcrowding. Don’t miss out on the chance to call this place home! Schedule a viewing today and experience urban living at its finest. (id:51158)

For Sale$499,000

90 Charlton Avenue W Unit# 502

Hamilton, Ontario

2 Bedrooms1 Bathrooms777 sqft

Welcome to City Square at 90 Charlton Ave W. Perfectly located in The Heart of The Upscale Durand North with Only Seconds To The Front Door Of St Joseph's Hospital, Trendy James St, Lots of Cafe's and Shopping On Locke Street, And Minutes To GO transit. Enjoy the Old Architecture Of The Buildings That Surround Charlton Ave As You Stroll Or Bike Through The Neighbourhood. Perfect For GO Commuters In and Out Of Town. 9ft Ceilings And Open Concept Living Room With A Walk-Out To Large Balcony With Beautiful Views of The Escarpment On One Side. This Unit Features Modern Finishes, Floor to Ceiling Glass Walls in Bedroom. In-Suite Laundry, Bright Large Kitchen With Centre Island, Stainless Steel Appliances. Tons Of Natural Lighting, Great For Relaxing And Entertaining! This Condo Has A Gym, Massive Party , And Meeting Room, Owned Locker And Underground Parking Spot, Plus A Bicycle Storage Room. Heating, Cooling, Water Included In Condo Fees. THIS SPACIOUS MODERN 777 SQFT ONE BEDROOM + DEN, CORNER SUITE OPEN CONCEPT IS A MUST SEE FOR ANY MEDICAL PROFESSIONAL, BUSINESS PROFESSIONAL, OR FIRST TIME HOME BUYER... (id:51158)

For Sale$299,423

41 Munroe Street

Hamilton, Ontario

5 Bedrooms2 Bathrooms1680 sqft

Investor's Dream with Massive Potential! This spacious 5-bedroom property offers a prime opportunity for investors, first-time home buyers, and renovators alike. With a little TLC, this home can be transformed into a high-return investment or the perfect family residence. The expansive layout is ideal for rental potential or multi-generational living, providing ample space for tenants or a growing family. Located in a thriving neighborhood, this property is perfectly positioned for long-term growth and increased rental income once updated. Whether you're looking to flip, rent out, or settle in with some personal touches, this home is ready to reward you with big returns. Don't miss out on this gem—opportunities like this don’t last long! (id:51158)

For Sale$379,900

100 Burloak Drive Unit# 1208

Burlington, Ontario

2 Bedrooms1 Bathrooms795 sqft

Retire in style at Hearthstone by the Lake. This complex offers a multitude of amenities designed to enrich your retirement at a reasonable price. One bedroom and den, one bathroom. Enjoy the dining room, library, lounge (with happy hour!), card room, wellness centre, the list goes on. Stroll the manicured gardens, swim in the pool or curl up in front of the fireplace in the library with a good book. This facility offers emergency nursing, handyman services, a concierge, etc. Each unit has a full kitchen, laundry, one underground parking spot and a locker. Residents pay condo fees plus club fees. (id:51158)

For Sale$499,989

1358 Upper Gage Avenue Unit# 3

Hamilton, Ontario

3 Bedrooms2 Bathrooms1434 sqft

Discover your dream home in this beautifully renovated townhome, boasting three spacious bedrooms and two modern bathrooms. Meticulously updated from top to bottom in 2024, this property features a brand new eat-in kitchen equipped with all new, stainless steel appliances, perfect for preparing family meals. The fully finished basement offers additional living space, ideal for a recreation room, home office, or games room. Enjoy the convenience of inside garage entry, ensuring easy access to your vehicle and extra storage. Location is key, and this home delivers with quick access to Lincoln Alexander Highway, making commuting a breeze. Public transit options are just steps away, along with a variety of shopping centers nearby, catering to all your needs. Don’t miss the opportunity to call this stunning townhome yours – it’s the perfect blend of style, comfort, and convenience! (id:51158)

For Sale$499,000

174 Grace Avenue

Hamilton, Ontario

2 Bedrooms1 Bathrooms748 sqft

Attention First time Home buyers, Investors and Downsizers Welcome to 174 Grace Avenue. This cute 2 storey home in the parkview west neighborhood is sure to impress. It features 2 bedrooms, 1 full bathroom, a great open concept main level floor plan, front drive parking and a fully fenced yard. Located in a safe family friendly neighborhood just minutes to the highway, shopping, transit and the lake. Come see for yourself, this turnkey home will not disappoint. (id:51158)

For Sale$499,000

540 Upper Wentworth Street

Hamilton, Ontario

2 Bedrooms1 Bathrooms848 sqft

Welcome to this 2 bedroom bungalow at 540 Upper Wentworth Street on Hamilton Mountain. This home is in a great central location close to shopping, hospitals, schools etc. This gem of a house has brand new carpeting and vinyl flooring and a brand new Electric Panel Box all done in 2024. The roof, siding, front porch and windows were capped in 2017. The lot is huge and has great potential for a pool. The home is ideal for many due to it's great location and one floor design. There is a great double garage with a recently replaced garage door and an automatic garage door opener. The workshop offers another opportunity of use. This home also features a gas stove and all of the appliances are included. This home is priced to sell and will not last! (id:51158)

For Sale$499,900

72 Edgemont Street N

Hamilton, Ontario

2 Bedrooms1 Bathrooms910 sqft

Discover the charm of this inviting brick bungalow, designed with first-time home buyers, downsizers, and savvy investors in mind, all nestled in the friendly neighborhood of Hamilton's Crown Point East. This lovely home features two comfortable bedrooms and a conveniently located bathroom, along with a cozy sunroom that enhances the main floor. Enjoy the serenity of a peaceful area that offers both privacy and comfort. The spacious, unfinished lower level presents a fantastic opportunity for you to personalize and create a space that showcases your unique style. The generous 100' lot includes a fully fenced backyard with a patio, perfect for summer gatherings or quiet moments outdoors. Located just a short distance from the lively Centre on Barton, you'll have access to a range of amenities, trendy shops, and delightful dining options on Ottawa Street. With the possibility of adding a side or front drive (pending buyer's due diligence), this property is more than just a house; it's a place to truly call home. Recent updates include new stainless steel appliances (fridge, stove, dishwasher, exhaust), fresh laminate flooring, updated interior trim and doors, a modern kitchen with a double sink and quartz countertops, custom cabinetry, and a newly installed bathroom. The front room features a new window, and the entrance is enhanced by new concrete steps. In 2021, a new HVAC unit and HEPA systems were installed (rental), and in 2023, two new bedroom windows and one bathroom window were added, along with a reverse osmosis system in the kitchen (rental). Additionally, a backwater valve was installed in the basement in 2024. The backyard boasts an interlocking brick patio, an awning, and a spacious yard for your enjoyment. (id:51158)

For Sale$499,000

93 East 23rd Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms900 sqft

Charming 3 bedroom home in desirable mountain neighbourhood. This house has been well loved, and makes cozy living easy! Featuring: New upstairs flooring, California shutters, upgraded windows, highly efficient radiant heating, renovated porch with upgraded beam and pillars, extra parking in alley behind, and a splendidly deep lot ready to realize your backyard dreams! Right close to the unique dining and shopping comforts of Concession street, amenities and the Highway, this is a great opportunity for first time buyers and investors alike! Call now to book your private showing! (id:51158)