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$459,900

58 Britannia Avenue

Hamilton, Ontario

4 Bedrooms1 Bathrooms1385 sqft

Fabulous family friendly home in great neighbourhood just a block down from popular Ottawa Street with its foodie scene and shopping. Spacious 4 bedroom 2.5 storey home with large, private yard to enjoy movie nights, bbq's or lazy afternoon's in the sun or in the shade of the covered deck. A little polish and imagination can take this home to the next level...Parks, transit and schools all close by. (id:51158)

For Sale$399,900

57 Mericourt Road Unit# 302

Hamilton, Ontario

2 Bedrooms1 Bathrooms650 sqft

The perfect home awaits you! This lovely and well maintained 2 bed 1 bath home may be exactly what you are looking for. The home is desirable to any buyer, whether you're a first time home buyer, downsizing, a Student, or a young professional, this is totally it! As you walk into the cozy home, you will notice how meticulously maintained it is. The well laid out and spacious living room offers an abundance of space and natural light which flows so freely into the wonderful kitchen and large bedrooms. You can enjoy the view of the escarpment from both bedrooms too! The home offers high ceilings and newer updates which include the flooring throughout the home, nice paint job which relaxes you after a long day, and a newer and updated bathroom. LITERALLY located near the Bus Transit, McMaster University, Dundas, Ancaster, Unique and popular Restaurants, Retail Plaza's (Fortinos, Food Basics, Dollarama, Canadian Tire, Shoppers Drug Mart, Banks & MUCH more), and the Major highways. ALSO located near Conservation & Waterfall areas for our nature lovers: Bruce Trail, Tiffany Falls, Dundas Peak, Sherman Falls, and much more!! You have to see this to believe it! (id:51158)

For Sale$499,919

161 Berkindale Drive Unit# 5

Hamilton, Ontario

3 Bedrooms2 Bathrooms1206 sqft

Welcome Home! This charming 3-bedroom, 1.5-bath townhouse, nestled in a vibrant, family-friendly neighborhood, offers the perfect balance of comfort and convenience. This home is designed with families and professionals in mind. With easy access to major highways, schools, shopping centers, and recreational facilities, everyday life is a breeze. Step inside to discover a bright and inviting living room, ideal for both relaxation and entertaining. Large windows, adorned with elegant California shutters, allow natural light to flood the space, creating a warm and welcoming ambiance. The functional kitchen features a stylish backsplash and plenty of cabinet space, perfect for all your culinary needs. Upstairs, you'll find three spacious bedrooms, each offering privacy and comfort. The partially finished basement adds versatility to the home, offering a perfect space for a recreation room, home gym, playroom, or even a cozy family movie night area. Outside, enjoy a private, fenced backyard—perfect for outdoor gatherings, gardening, or simply unwinding after a long day. This townhouse is situated in an unbeatable location with easy access to all the amenities you need. Don't miss out on this fantastic opportunity—schedule your showing today! (id:51158)

For Sale$449,000

112 E King Street East Street E Unit# 1110

Hamilton, Ontario

1 Bedrooms1 Bathrooms629 sqft

Experience unmatched luxury at the Royal Connaught nestled in the heart of Hamilton. This iconic residence offers an unparalleled blend of sophistication and convenience, just steps from many dining, entertainment, and shopping destinations. Located on the 11th floor, just one level below the penthouse, this upgraded 1-bedroom, 1-bathroom executive suite redefines modern elegance with 9-foot ceilings that enhance the sense of space and airiness. The unit boasts a spacious primary bedroom, a sleek kitchen adorned with stainless steel appliances and granite countertops, in-suite laundry for added convenience and a private balcony overlooking a tranquil inner courtyard and BBQ terrace Shared facilities include an exclusive gym, theatre room, media room, and party room, ensuring every amenity you need is at your fingertips. Enjoy the convenience of a Starbucks right below the building and the vibrancy of Hamilton's most central downtown location. Plus, enjoy the security and convenience of your own underground parking spot (id:51158)

For Sale$465,000

200 Limeridge Road Unit# 306

Hamilton, Ontario

2 Bedrooms1 Bathrooms1053 sqft

Premium Apartment, 1053 sq/ft , 2 Bedrooms, 1 Full Baths, Insuite Laundry, Premium Front of the Building. Easy highway access/ to LINC, 403. Enjoy bright, spacious, carpet-free, one floor living on Hamilton's West Mountain! Beauty view, your wall of windows overlooking the Escarpment and green space. Hardwood flooring, Galley Style Kitchen, in-suite Laundry, Central A/C, DISH WASHER ,Plenty of Storage. Lobby security cameras, comfortable sitting area for guests, ample visitor parking. 1 underground parking space included. (id:51158)

For Sale$499,900

2010 Cleaver Avenue Unit# 103

Burlington, Ontario

2 Bedrooms1 Bathrooms639 sqft

Welcome home to this beautiful ground floor 1-bedroom plus den, 1-bathroom condo in the heart of Headon Forest! Offering 639 sq. feet of thoughtfully designed living space, this unit features an open-concept layout, living room with walk out to private balcony, perfect for unwinding. Stylish kitchen renovated in 2021 with quartz countertops and stainless steel appliances, and convenient in-suite laundry. The bright bedroom and updated bathroom add comfort and luxury to this space. Den has been converted into a dressing room, can be an office or bedroom. Unit comes with one underground parking spot and a locker, plus easy access to top rated schools, parks, and amenities, this condo blends modern living with a peaceful neighborhood atmosphere! Don't miss your chance to call this home! (id:51158)

For Sale$369,999

10 Woodman Drive S Unit# 304

Hamilton, Ontario

1 Bedrooms1 Bathrooms622 sqft

Welcome to unit 304 in a meticulously maintained condominium at 10 Woodman Drive South, located in the heart of Hamilton's desirable Greenford neighborhood. This charming 622 square foot, one-bedroom, one-bathroom, carpet-free unit offers a perfect blend of comfort, style, and convenience. Step into a bright and inviting living space featuring an eat-in kitchen adorned with timeless maple cabinets, stainless steel appliances, and ample counter space for meal preparation or entertaining. The updated, accessible bathroom boasts a walk-in shower for added convenience, while the spacious bedroom provides generous storage solutions to keep your living area clutter-free. The sunlit living room is the ideal spot to unwind, with a walkout to an oversized balcony, perfect for enjoying morning coffee or relaxing evenings. This unit also includes one owned parking spot and a dedicated locker, ideal for storing off-season tires, decorations, or other essentials. Surrounded by lush parks and green spaces, this location is a haven for outdoor enthusiasts. Additionally, with easy access to major highways and the soon-to-be-completed Centennial GO Station, commuting has never been more effortless. Whether you're a first-time buyer, downsizing, or seeking an investment property, Unit 304 combines modern amenities with an unbeatable location. Don’t be TOO LATE*! *REG TM. RSA. (id:51158)

For Sale$469,900

1460 Bishops Gate Unit# 109

Oakville, Ontario

1 Bedrooms1 Bathrooms613 sqft

Amazing opportunity with this stunning one bedroom ground floor condo located in the highly sought after Glen Abbey neighbourhood. Perfect for empty-nesters, investors or first-time home buyers. Beautifully appointed and light-filled with laminate flooring and freshly painted throughout. Pet friendly with a sun-filled walk out terrace. In-suite laundry, underground parking spot and storage locker. Clubhouse with gym/sauna, large room and kitchen area for entertaining steps away from this unit! Conveniently located close to shopping, rec.centre, library & good schools * Easy access to local transit, main highways & to Bronte or Oakville GO stations. Don't miss out on this condo, it's move-in ready! (id:51158)

For Sale$449,900

217 Gibson Avenue

Hamilton, Ontario

2 Bedrooms2 Bathrooms1138 sqft

Glorious Gibson is ready and waiting for you! This cute 2 bedroom, 1.5 bath with parking and plenty of outdoor space is the starter home you have been looking for. The high ceilings and hardwood floors on the main level provide an inviting space, leading into a unique cedar kitchen with everything you could need. Upstairs the large primary bedroom with an oversized closet could be kept as one space or easily split back into two rooms, to create a 3rd bedroom. The backyard with deck and shed provide plenty of outdoor living and entertaining space. There are many upgrades here including a newer electrical panel, replacement of clay pipes, main water line, fresh paint and an unfinished basement with walkout, that has so much potential. Only a short walk from fantastic eateries such as Mai Pai Pizza, Hotties Smashburgers and Pinch Bakery, The house is also a quick drive to both Hamilton GO stations. You will want to take a peek at everything this home has to offer as there is plenty of opportunity here for those getting into the market. (id:51158)

For Sale$389,900

1256 Cannon Street E

Hamilton, Ontario

3 Bedrooms1 Bathrooms808 sqft

FULL OF POTENTIAL … Welcome to this cozy 2+1 bedroom, 1 bathroom bungalow located at 1256 Cannon St East in the heart of the Crown Point neighborhood in Hamilton. This property offers an excellent opportunity for first-time homebuyers, investors, or renovators looking to put their personal touch on a home with great potential. The main level features an open-concept layout that connects the living room and eat-in kitchen areas with a walk-out to the deck, yard, and shared driveway, creating an inviting space for everyday living. The partially finished basement includes an additional bedroom, providing extra space for guests, a home office, or a hobby room, plus laundry and plenty of storage. Nestled in a vibrant and family-friendly community, this home is close to public transit, parks, schools, the trendy Ottawa Street shopping district offering great dining, shopping, and amenities - making it an ideal location for a variety of lifestyles. Offered as is, where is, this property presents a fantastic opportunity to customize a home to suit your needs and preferences. Don't miss your chance to own in one of Hamilton's most sought-after neighborhoods. (id:51158)

For Sale$448,000

17 Zorra Street Unit# 701

Toronto, Ontario

1 Bedrooms1 Bathrooms511 sqft

Welcome to Park Towers Stylish Living In a Prime Etobicoke Location. This bright and spacious north-facing 1-bedroom, 1-bathroom unit offers a modern lifestyle in a sought-after location. Featuring a thoughtfully designed open-concept layout with 9-ft ceilings, foor-to-ceiling windows, and a full-length balcony, this unit is perfect for relaxing and entertaining. The interior is thoughtfully fnished with engineered foors throughout, while the kitchen stands out with stainless steel appliances and Quartz countertops, seamlessly combining functionality and style. The building offers an array of exceptional amenities to enhance your lifestyle, including a 24-hour concierge, indoor pool, exercise room, sauna, BBQ areas, party room, rooftop terrace, theatre, and guest suites. Conveniently located with easy access to the Gardiner Expressway, Highway 427, TTC, Sherway Gardens, restaurants, and shops, this unit offers unparalleled convenience making it ideal for modern urban living. Perfect for frst-time buyers or savvy investors, this property combines style, comfort, and location. Don't miss the opportunity to make this stunning unit your new home (id:51158)

For Sale$364,900

150 Charlton Avenue E Unit# 504

Hamilton, Ontario

2 Bedrooms2 Bathrooms996 sqft

Welcome to #504-150 Charlton Avenue East., known as “The Olympia”, offering you urban convenience at its best. Located in the heart of the Corktown neighborhood and only minutes to the Augusta and James St., local business area and most other amenities, local parks, St. Joseph's hospital, transit, schools, walking trails, the Go station. The property offers 2 good sized bedrooms, spacious living room and separate dining area, 1.5 baths and lots of storage, the overall comfort and function is enhanced by a floor plan that magnifies the overall square footage and facing north there is no lack of natural light from the floor to ceiling windows and the private balcony. The building itself has been extensively updated and offers a premium suite of amenities, for example, an indoor pool, sauna, billiards, gym, squash court, party/meeting room, media room, sun deck. The bonus is the affordable condo fee that includes the heat, hydro & water expense making this an opportunity to enjoy very affordable living. (id:51158)