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 SaleOPEN HOUSE$399,000

1105 Leger Way Unit# 304

Milton, Ontario

1 Bedrooms1 Bathrooms545 sqft

Welcome to 1105 Leger Way, Unit #304, where modern elegance meets everyday convenience in the heart of Hawthorne South Village Condos, Milton! This chic 1-bedroom, 1-bathroom condo boasts a seamless open-concept design that blends style with practicality. The kitchen, featuring stainless steel appliances and sleek quartz countertops, effortlessly transitions into the living area, a perfect space for unwinding in comfort. Step onto your private balcony and soak in the southern exposure, bathing your living space in natural light all day long. With its efficient layout and in-suite laundry, every corner of this home is optimized for both relaxation and functionality. Enjoy exclusive access to top-notch amenities including a vibrant party room and on-site security, ensuring peace of mind. Located just moments from shops, dining, parks, and the Milton Tennis Club, and with Glen Eden's outdoor activities nearby, this condo promises a dynamic lifestyle in one of Milton's most coveted neighborhoods. Embrace the opportunity to call this stunning unit your new home! (id:51158)

For Sale$479,999

25 Britten Close Unit# B59

Hamilton, Ontario

4 Bedrooms2 Bathrooms1599 sqft

Great West Mountain Location. Close to LINC, schools, rec centre and all amenities. This 4 bedroom townhouse is ready to move in. don't miss out! Book your showing today! Bring offers anytime. (id:51158)

For SaleOPEN HOUSE$399,900

215 Strathearne Avenue

Hamilton, Ontario

2 Bedrooms2 Bathrooms1094 sqft

This is the perfect starter home for you and your family. Located in East Hamilton in the quiet safe neighbourhood of Homeside. This super clean 2 storey well maintained home is 95% carpet free! Open concept living on the main level with a seamless layout that has ton of natural light coming in from the gorgeous front bay window. Brand new vinyl plank flooring with a living and dining room large enough for the whole family to enjoy. Updated Kitchen with fresh grey tiling and a good amount of storage. Laundry room is right off the kitchen for your convenience. A beautiful 3-piece bathroom which was recently redone and patio doors leading to the back yard. The second level comes equipped with brand new carpet on the stairs and landing, two good size bedrooms. One of the bedrooms has a den that could double as another bedroom and an ensuite with a large soaker tub for you to unwind and relax after a long day at work. Furnace and water tank located in the partial basement were replaced in 2020. The backyard is great, lots of room to enjoy yourself and two parking spots accessible through the rear alleyway. Surrounded by parks and plenty of schools this area is spectacular for family living with a livability score of 86. Close to all amenities in Hamilton. 5 minutes to the hwy, 15 minutes to the mountain, 15 mins to downtown, a commuter’s paradise. Book a showing today you will not be disappointed. (id:51158)

For Sale$489,900

77 Leland Street Unit# 421

Hamilton, Ontario

1 Bedrooms1 Bathrooms388 sqft

Welcome to 77 Leland Street in the popular, well established Ainslie Wood neighbourhood. This newer modern condominium is steps from McMaster University, McMaster Hospital, and all the amenities one could desire. Built with functionality and lifestyle in mind, it is perfect for investors, students, and or commuting professionals. Tasteful interior with neutral design and colours, granite counter top in white kitchen, laminate flooring throughout, high ceilings, and plenty of windows. West facing unit filled with natural sunlight. Deck grade composite tiling with drainage on balcony. Unit 421 also features the best parking spot available. Safe and secure condo with common laundry room, 4th floor in door bicycle storage, security cameras, and 24/7 emergency maintenance. Surrounded by ample green space, close proximity to public transit, trendy restaurants, and major commuter routes, it is the perfect location for all. Building was built in 2020, not subject to rent control. (id:51158)

For SaleOPEN HOUSE$449,900

2010 Cleaver Avenue Unit# 204

Burlington, Ontario

1 Bedrooms1 Bathrooms639 sqft

Stylish 1 bedroom/1 bath apartment in Burlington's wonderful Headon Forest community, perfect for first-time home buyers or retirees! Close to major highways, FreshCo shopping plaza, scenic trails, restaurants and plenty of great amenities. Updates include interior doors (2022), laminate flooring (2021) and reno'd bathroom (2021). Open concept dining & living room with walk out to private covered balcony. Kitchen with stainless steel appliances and breakfast bar. Spacious bedroom with large closet. Convenient in-suite laundry and plenty of storage. Unit includes one locker and one underground/covered parking space. Access unit via elevator or outdoor stairs. Move-in ready and priced to sell! (id:51158)

For Sale$500,000

3200 William Coltson Avenue Unit# 906

Oakville, Ontario

1 Bedrooms1 Bathrooms542 sqft

Discover modern living in this exquisite 1-bedroom condo, just 1 year old, located in the highly sought-after Oakville community. This unit boasts a spacious, open-concept living area that seamlessly flows to a private balcony, offering breathtaking south views. The contemporary kitchen features stainless steel appliances, a stylish subway tile backsplash, and wide plank laminate flooring throughout. Enjoy the convenience of an ensuite laundry, a digital lock, and secure access with a fob system. The elegant 4-piece bathroom adds a touch of luxury to your daily routine. Upper West Side provides an impressive array of amenities, including a concierge, entertainment kitchen, deluxe party room, elevated rooftop terrace, fitness and yoga studio, and a spacious work-from-home area—perfect for today's lifestyle. Located near a vibrant selection of shops and restaurants, with easy access to HWY 403 for effortless commuting, this condo presents a remarkable opportunity. One underground parking space and a locker unit are included. Don't miss your chance to call this exceptional property home! (id:51158)

For Sale$475,000

56 Aikman Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms1494 sqft

Attention investors, first time buyers and renovators! Three bedroom 1494 sq ft home with tons of old world charm. Featuring spacious foyer with separate living room with gas fireplace, large generous dining room, eat in kitchen and family room off the back of the home overlooking the large fully fenced backyard. Hardwood stairs lead to second floor, with 3 large bedrooms, large bathroom. Unfinished basement with walk up. Needs tlc and some repairs. Long rear yard, with Parking off a well lit spacious alley. (id:51158)

For Sale$429,900

453 Paling Avenue

Hamilton, Ontario

3 Bedrooms1 Bathrooms865 sqft

This 3-bedroom home sits on a spacious 50x95 ft lot! Updates include new flooring and a refreshed kitchen. With a convenient side entrance, the basement offers great potential for a future in-law suite or income property. Perfect for first-time buyers or an investor looking to add to their portfolio. (id:51158)

For Sale$499,000

21 East Avenue S Unit# 604

Hamilton, Ontario

3 Bedrooms2 Bathrooms1335 sqft

Wow! here is your chance to purchase a very rare large 1335 sq/ft Condominium with 3 bedrooms , 2 bathrooms and 2 underground parking spots. Situated right across the Street from St. Patrick Catholic Elementary School. Best priced Condo in the building on a per sq/ ft basis. This property boosts a very large family room, Kitchen and dining room area. Lage Primary Bedroom with en-suite bathroom and a Large Patio. Separate Laundry Room with two full size machines. Large Hot water Tank. All the space you would expect to find in a full size home at a fraction of the cost of a detached house. Call today to check out this amazing opportunity. (id:51158)

For Sale$399,900

40 Aikman Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms960 sqft

Welcome to this charming fixer-upper with incredible potential, perfect for both investors and first-time homebuyers! This property offers a unique opportunity to create your dream home in a desirable location. Featuring a spacious shed, you'll have ample storage or workshop space to unleash your creativity. The garage boasts a newly redone roof (2024), ensuring durability and peace of mind for your vehicles or projects. Enjoy the convenience of private parking in the back, providing easy access and added privacy. The roof and furnace are both 12 years old, giving you a solid foundation to build upon. With a little vision and effort, this home can truly shine. Don't miss out on this fantastic opportunity to invest in a property with so much potential! Schedule a viewing today! (id:51158)

For Sale$489,900

185 Simcoe Street E

Hamilton, Ontario

3 Bedrooms1 Bathrooms719 sqft

CALLING ALL FIRST TIME BUYERS. THIS SEMI-DETACHED BUNGALOW HAS 3 BEDROOMS, UPDATED KITCHEN & BATHROOM, A VERY PRIVATE PATIO / YARD, AND IS LOADED WITH CHARM. LOCATED IN THE HEART OF THE NORTH END, THIS AREA IS KNOWN FOR IT’S FAMILY-FRIENDLY NEIGHBOURHOODS, COMMUNITY SPIRIT, CULTURAL VIBRANCY. CONVENIENT ACCESS TO SCHOOLS, SHOPS, RESTAURANTS, CAFES, AND FAMILY ENTERTAINMENT OPTIONS ALONG THE WATERFRONT. IT IS AN EASY WALK TO THE PIER 4 PARK & BAYFRONT PARK WHICH ARE IDEAL FOR FAMILY PICNICS, LEISURE ACTIVITIES AND ENJOYING LAKE VIEWS. FOR THE COMMUTER, THE WEST HARBOUR GO STATION IS CLOSE BY AND THE HOSPITAL IS JUST AROUND THE CORNER. ALL OF THIS MAKING 185 SIMCOE ST E AN ATTRACTIVE OPTION FOR YOUNG FAMILIES TO PUT DOWN ROOTS AND MAKE MEMORIES. PLEASE NOTE THAT STREET PARKING IS AVAILABLE BY PERMIT ATCOST OF APPROX. 100/YR (2023). (id:51158)

For Sale$424,900

100 Burloak Drive Unit# 2115

Burlington, Ontario

2 Bedrooms1 Bathrooms795 sqft

Stylish ground floor 1 BR + den unit featuring 9' ceilings and a stunning courtyard view with its own private patio accessed from the spacious living/dining room walkout. The kitchen offers loads of storage and is designed with a convenient pass through to the dining room. The cupboards were recently refaced with modern shaker style doors. There's an ample primary bedroom that can easily accommodate a queen bed & night stands or 2 twins and features a well designed walk-in closet. The 3-Piece bathroom has also been updated & offers accessibility features such as grab bars. The living/dining, hallway and bedroom boast luxury vinyl plank flooring. The insuite laundry closet is conveniently located between the bathroom and bedroom. (Exclusive use locker #167 and underground parking spot #167.) Newer vertical blinds on windows. Mandatory Basic Service Package at $1672.45 monthly includes $250.34 value towards use of dining room food and beverage services, 1-hr monthly cleaning services, transportation for group excursions, health and wellness centre services and more. Building amenities include an indoor pool, billiards/lounge, library, TV/games room, and well-equipped gym. Hearthstone is located on the Oakville/Burlington border and is close to shopping, lake, parks & transit. This is the essence of independent living in a truly resort style condo community - the perfect solution for those wishing to 'age in place'. (id:51158)