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$449,900

416 Limeridge Road E Unit# 109

Hamilton, Ontario

2 Bedrooms2 Bathrooms1173 sqft

Enjoy fabulous views from this spacious 2bd/2ba corner unit located in the beautiful Hamilton Mountain. This main-floor gem offers a beautiful kitchen along with a dining area complete with large windows for ample natural light, a spacious living room that opens onto a large balcony, perfect for peaceful outdoor relaxation. Both generous-sized bedrooms come with their own respective bathrooms and walk-in closets. Additional features include in-suite laundry, a storage locker, an exclusive parking spot, plenty of visitor parking & a long list of amenities including Party Room, Sauna, Exercise Room, etc. Just steps from Limeridge Mall, public transit, major amenities, and with easy access to The Linc, this turn-key property is one you don’t want to miss! This is a well-maintained building where owners take pride in keeping it pristine. Plan a visit, you will not be disappointed! (id:51158)

For SaleOPEN HOUSE$449,900

85 Robinson Street Street Unit# 206

Hamilton, Ontario

2 Bedrooms1 Bathrooms714 sqft

This 1+den condo at City Square is a Durand treasure. Whether you’re looking for a great priced starter home in the heart of Hamilton, or a downsizer with heaps of amenities, where you can lock-up and go, this one's for you. The open concept condo, which is less than 10 years old, has a large kitchen with quartz counters & breakfast bar seating for 4. The kitchen flows into the large living room and the balcony is perfect for enjoying your morning coffee. A large walk-in closet and oversized windows are great additions to the large primary bedroom. The condo is finished off with a large den with sliding door perfect as an office, work out room or extra room for guests along with a modern 4-piece bathroom. This property comes with an owned underground parking space and a private locker for added convenience. Additionally, the geothermal heat pump covers water, heating, and hot water as part of your maintenance fees. Amenities include: 2 gyms, media room, bike storage and a rooftop terrace. (id:51158)

For Sale$349,900

350 Quigley Road Unit# 346

Hamilton, Ontario

2 Bedrooms1 Bathrooms945 sqft

Welcome to condo living at its finest! This stunning 2-storey, 2-bedroom condo is nestled in a meticulously maintained building, offering breathtaking views of the adjacent ravine. Perfectly situated within walking distance to a variety of shops and restaurants, this property is an ideal choice for first-time home buyers and commuters alike. Enjoy easy access to the Redhill for a seamless commute to the QEW, while nearby walking trails invite you to explore the great outdoors. The building’s amenities are plentiful, featuring basketball nets, a community garden, bike storage, a party room, and a children’s playground—making it a perfect environment for families and active lifestyles. With its distinctive exterior walkways and two-level layout, the condo radiates a charming townhome atmosphere that is both inviting and functional. Additional features include one dedicated parking spot & a spacious storage locker. Pet lovers will appreciate the pet-friendly policy, while the beautifully maintained grounds enhance the overall appeal of this community. (id:51158)

For Sale$384,900

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$449,900

346 Emerald Street N

Hamilton, Ontario

2 Bedrooms1 Bathrooms801 sqft

Enjoy easy, condo fee free year-round living in Barton Village! Absolutely nothing left to do but move in and enjoy! This all brick semi-detached home was just completely updated and features luxury vinyl flooring throughout. Potlighting throughout the main level. Stunning new kitchen with stainless steel appliances, quartz countertops, and ceramic tile backsplash. Garden door off of the dining area to the private outdoor space. The second level features a huge primary bedroom with a walk-in closet, a second bedroom with closet, and a beautiful 3-piece bathroom boasting vanity with quartz countertop and tiled shower with glass enclosure and glass sliding door. Permit-free street parking right outside your front door. The location offers walking distance to cafes, restaurants, bars, the GO Station, city transit, the future LRT line, Hamilton General Hospital, parks, dog parks, and schools. (id:51158)

For Sale$449,900

25 Britten Close Unit# A11

Hamilton, Ontario

4 Bedrooms2 Bathrooms1259 sqft

Quiet W. Mtn location. Close to schools & buses as well as highways and amenities. END UNIT Affordable 1260 sf townhome. 4 bedrooms, 1.5baths (powder rm & 4 pc), single driveway + no rear neighbours. Spacious living/dining room combo with GAS FIREPLACE THAT PROVIDESENOUGH HEAT FOR THE WHOLE HOUSE. Eat-in kitchen. Shed with electricity in good sized backyard. The new fence at the side of the house will be completed by building management along with renovations done. Some cosmetic work needed. Reflected in the price. Great value. Owner has not lived in the property so all appliances to be sold in as is Condition. 48 hours irr. RSA. Attach sched B Deposit must be certified. (id:51158)

For Sale$498,900

1125 Cannon Street E

Hamilton, Ontario

3 Bedrooms2 Bathrooms1700 sqft

Fantastic Crown Point investment opportunity. Updated legal duplex walking distance to vibrant Ottawa St N. 2 bed main floor unit (unit 2) and 1 bed upper unit (unit 1). Each unit enjoys their own in suite laundry, dishwasher and dedicated outdoor space. Property also includes a large 20 x 20 double car garage accessible by both a side lane and a back lane. There are two additional parking spaces behind the garage. Cap rate of 6%. (id:51158)

For Sale$399,900

548 Mary Street

Hamilton, Ontario

2 Bedrooms2 Bathrooms630 sqft

ATTENTION INVESTORS & HANDYMEN!!! Looking for a great investment opportunity or a great value for a home you could call your own. This is the PERFECT opportunity, great location close to Bayfront Park, downtown and HWY access. The project is already started - the home is down to the studs and awaits your vision. Want BIGGER and BETTER, ask about a potential immediate construction opportunity. DO NOT MISS your INVESTMENT opportunity at a great price and in a great location, this does not come along every day! (id:51158)

For Sale$334,000

81 Charlton Street E Unit# 101

Hamilton, Ontario

2 Bedrooms1 Bathrooms760 sqft

#101- 81 Charlton Avenue, East, Hamilton, ON Introducing this charming 2-bed, 1-bath unit nestled in the heart of downtown Hamilton, strategically located close to many amenities and GoTransit. With St. Joes' Hospital and vibrant shops, restaurants, and cultural attractions just steps away. One of the standout features of this apartment is undoubtedly the huge balcony that is perfect for sipping your morning coffee. Enjoy the convenience of a dedicated underground parking spot. You will have everything at your fingertips don't miss the opportunity to make this your new home. (id:51158)

For Sale$284,900

150 Charlton Avenue E Unit# 303

Hamilton, Ontario

1 Bedrooms1 Bathrooms4891 sqft

Welcome to Unit 303 at the Olympia Building, located in the heart of Hamilton’s vibrant Corktown neighborhood. This charming FULLY FURNISHED 1-bedroom, 1-bathroom condo, just under 500 sq. ft. of well-designed living space, make it the perfect choice for first-time homebuyers or investors. The unit features a spacious balcony, ideal for sipping your morning coffee, growing potted plants, or simply relaxing outdoors. Building amenities include a swimming pool, sauna, squash courts, party room, exercise room, sun deck, and a coin-operated laundry room for added convenience. With a location that’s just steps from the Hamilton GO Station, public transit, and easy access to HWY 403, making an ideal commuting location. Walking distance to downtown, offering a variety of restaurants, shops, and the popular monthly Art Crawl. For nature lovers, Wentworth Stairs and nearby trails provide the perfect opportunity for outdoor recreation and exercise. This turn-key, fully furnished condo offers a fantastic opportunity in a central and sought-after location. Don’t miss out—schedule your showing today! (id:51158)

For Sale$319,900

1950 Main Street W Unit# 204

Hamilton, Ontario

1 Bedrooms1 Bathrooms600 sqft

Welcome to this beautifully updated condo, perfectly situated in one of Hamilton's most desirable neighbourhoods. Just steps away from lush parks, scenic trails, and expansive greens paces, this condo offers a serene retreat in the heart of the city with escarpment views from your balcony. The location is unbeatable, minutes from McMaster Hospital and McMaster University, making it an ideal choice for healthcare professionals or students.The condo has been recently refreshed, featuring new flooring and updated kitchen. The bright and open living space is perfect for relaxing or entertaining, with large windows that let in plenty of natural light.Condo fees include all utilities, cable, parking, building insurance, and exterior maintenance. Don't miss the opportunity to own this move-in-ready gem in Hamilton! (id:51158)

For Sale$379,900

36 James Street S Unit# 1105

Hamilton, Ontario

1 Bedrooms1 Bathrooms565 sqft

Located in the heart of the city in Hamilton's first sky scraper, the Pigott building is a piece of Hamilton history. Gothic style and Art Deco features in the foyer are sure to impress! This one bedroom corner unit located on the 11th floor offers unobstructed views of the South and West of the city. Recent kitchen renovation (approx. 5 years) include Ikea cabinetry with ambient remote control back lighting, stone counters, stainless fridge, stove, dishwasher, and range hood. The wall was half removed to open the kitchen sight lines to the living room and dining room. Hardwood floor throughout. Pot lights and surround sound in the main living area have been added all with wireless controls. Great entertainment set up with flat screen TV and stereo system. Ample closet space, in-suite laundry and owned hot water heater for added convenience. Art Gallery, First Ontario Concert Hall, First Ontario Centre, Farmer's Market, Library, Hamilton GO, James North restaurants and so much more all a short walk. (id:51158)