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

118 results | Page 5 of 10

12 24 48

Search/Filter Properties

All Property TypesAgricultureBusinessHospitalityIndustrialInstitutional - Special PurposeMulti-familyOfficeOtherParkingRetailSingle FamilyVacant Land

All Transaction TypesFor LeaseFor RentFor SaleFor Sale Or Rent

All Building TypesApartmentCommercial ApartmentDuplexFourplexHouseMobile HomeModularMulti-FamilyMulti-Tenant IndustrialNo BuildingOfficesOtherParkingResidential 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$384,900

350 Quigley Road Unit# 625

Hamilton, Ontario

3 Bedrooms1 Bathrooms1088 sqft

Do you love Condo living, yet you’ve been dreaming of having your own 2-Storey home?! Well, We've managed to combine your WANTS together with your NEEDS in ONE PLACE!! Unit 625 at 350 Quigley Road; One of a kind living experience where you can enjoy your Beautiful 3-Bedroom Townhome inside a Uniquely Designed High-Rise Building in an Amazing East Hamilton Location for a Very Affordable Price!! Start every morning with the Breathtaking Views of the Escarpment and Lake Ontario right from your Private Large Balcony and the Oversized Windows of Your Spacious Master Bedroom! Open Concept Living/Dining Layout and a Decent Size Kitchen with Like-New Stainless Steel Fridge, Stove, and Dishwasher.. A Spacious Walk-in Pantry for all your storage needs! Lots of Upgrades; New Appliances, New Windows, New Patio Door, and New Bathroom Fixtures.. Each Unit has One Designated Underground Parking Spot and One Large Storage Locker.. In-suite Stacked Stainless Steel Washer & Dryer for your Convenience..! Lots of Amenities included; Party Room, Community Garden, Basketball Court, and Kids Playground. A Pet Friendly Building conveniently located close to schools, parks, shopping, and minutes to RedHill Valley Parkway and QEW. Book your Private Showing today to explore an Amazing Living Experience waiting for you and your Family! (id:51158)

For Sale$264,900

5 East 36th Street Unit# 410b

Hamilton, Ontario

1 Bedrooms1 Bathrooms618 sqft

This bright 1 bedroom unit is nicely updated. Great kitchen with updated cabinets, backsplash and open shelves. The low monthly fees include Building Insurance, Common Elements, Taxes, Heat and Water! The co-op offers convenient amenities such as on-site laundry facilities, secure entry, and dedicated parking (surface parking avail for $40/month). This co-op provides both comfort and peace of mind for residents. Situated on the Mountain Brow with great views and provides easy access to parks, walking and biking trails, and steps to Juravinski Hospital. Easy access to public transit, Concession St. amenities, downtown Hamilton via Sherman Cut or Jolley Cut. This is a cooperative apartment and is subject to different financing and application protocols. Must be owner occupied. (id:51158)

For Sale$489,900

120 Duke Street Unit# 1602

Hamilton, Ontario

2 Bedrooms2 Bathrooms1273 sqft

Welcome to The Durand Condominium located at 120 Duke Street in the heart of Hamilton. Harvey Sobel Custom built 1 + 1 apt. North east corner unit. Spacious primary bedrm, two bathroom unit offers parkay flooring throughout the living areas, crown moldings in living rm and dining rm.,design features include mirrored closet doors, decorative marble surround fireplace, elevated dining rm and rotunda. Lots of natural light, in-suite laundry. Desired downtown location, walking distance to neighbourhood shopping, restaurants and cafes, religious institutions and schools, St. Joes Hospital, GO transit and a short distance to highway access. The building is well-maintained with updated common areas and has great amenities including indoor pool(salt water), sauna, hot tub, fitness room, party room, outdoor patios with BBQs and tables and ample underground visitor parking spots. Condo fee includes all utilities other than cable tv and internet, common element, additional storage in shared locker, and one exclusive use underground parking space. A pleasure to view. (id:51158)

For Sale$299,900

281 Wentworth Street N

Hamilton, Ontario

3 Bedrooms1 Bathrooms1409 sqft

Welcome to this charming two-storey brick detached home, meticulously maintained as a thriving rental property. Featuring 3 spacious bedrooms and a full four-piece bathroom, this residence also includes an unfinished basement with laundry and ample storage space.Step inside to discover a generous entryway that flows into an inviting open-concept living and dining area, filled with natural light from large windows. A delightful bonus sunroom at the front offers the perfect workspace or serene spot to enjoy your morning coffee, complete with views of Woodland Park and its scenic trails.The expansive eat-in kitchen boasts a convenient walk-out through the mudroom, leading to a private, newly landscaped backyard adorned with mature trees. Upstairs, you'll find three well-sized bedrooms, each with large windows and closets, plus the bathroom. This is a perfect home for first time home buyers, or investors alike. Don't miss this incredible opportunity! (id:51158)

For Sale$499,900

47 Barnesdale Avenue N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1135 sqft

Welcome to 47 Barnesdale North! Situated in the up and coming Stipley neighborhood, this family friendly home has a ton of potential and is waiting for your personal touches. Major systems like a full metal roof and completely rebuilt furnace plus newer central air mean less to worry about. The main floor has a living room, separate dining room, eat in kitchen plus an enclosed sun room out back. Upstairs are 3 spacious bedrooms plus a 4 piece bath. Bonus value add in the basement with a separate entrance, kitchen, second 3 piece bath plus a full walk out to the backyard. Ample parking in the detached 2 car garage out back. Perfect for the first time buyer or a handyperson looking to put their own stamp on this property! (id:51158)

For Sale$329,000

97 Evans Street

Hamilton, Ontario

2 Bedrooms1 Bathrooms517 sqft

This 2 bedroom home with carport is perfect for investor or first time buyer.  Open concept kitchen with breakfast bar and modern flooring, ensuite laundry off kitchen. Close to all amenities. 24 hours required for all showings. Seller will not respond to offers before Nov 19/24. Allow 72 hrs irrevocable. Seller standard Schedules to accompany all offers. No Representation or Warranties are made of any kind by the Seller. Rental Equipment is unknown. RSA. (id:51158)

For Sale$499,999

52 Mayflower Avenue

Hamilton, Ontario

3 Bedrooms1 Bathrooms985 sqft

Welcome to 52 Mayflower Avenue in Hamilton's family friendly Crown Point area! This beautifully maintained home offers a spacious front porch for afternoon relaxing. You enter into the large living/dining room with the eat-in kitchen off the back of the home. The kitchen leads to a deck with low maintenance backyard that includes 2 parking spaces plus. The second floor has 3 bedrooms with a full, 4 piece bathroom. The basement houses the laundry and a ton of room for storage. Close to schools, transit and a rec center around the corner. (id:51158)

For Sale$385,000

64 Main St N Street Unit# 8

Hamilton, Ontario

1 Bedrooms1 Bathrooms713 sqft

Welcome to The Jackson, a beautiful never condo building located in Hagersville! This 1 bedroom, 1 bathroom condo unit is conveniently located close to Hagersville's finest amenities. Spacious living room walks out to private balcony. The utlility cloest with a stacked washer & dryer making life easy. Additionally, this unit comes with 1 parking space and a storage locker. Great condo fees and amenities!! (id:51158)

For Sale$309,000

81 Charlton Avenue E Unit# 1004

Hamilton, Ontario

1 Bedrooms1 Bathrooms562 sqft

Welcome to this top floor, 1 bedroom, 1 bath condo in the heart of the Corktown neighbourhood of Hamilton, offering beautiful south facing views of the escarpment. This space has a large bedroom with a good size window to bring in natural light and offers plenty of room for a queen size bed, dresser and side tables. The galley kitchen opens to the dining area that flows into the spacious living room with sliding glass doors out to a private balcony, bringing plenty of light and beautiful views to the space. The condo not only has 1 privately owned, underground parking spot, but also offers plenty of visitor parking. Conveniently located close to hospitals, schools, parks, restaurants, shopping and public transit making this condo the perfect place to call home. (id:51158)

For Sale$439,000

10 Oak - 4449 Milburough Line

Burlington, Ontario

2 Bedrooms1 Bathrooms

This beautifully appointed home has everything you need to enjoy year around living. There is a full length deck for enjoying your morning coffee or cozy fireplace on cooler evenings. The view is spacious with long views of the lawn and forest. This home offers tons of natural light from the thermal transom windows and 2 sets of patio doors leading to your deck and yard. The primary bedroom and office along with a larger eat in kitchen and living room make this house country living at its best! Are you ready to smartsize and not give up your outdoor space and gardens? If so, this is your chance. **** EXTRAS **** Situated on a spacious corner lot including side by side parking and full sized garden to admire. Your exterior is maintenance free with siding and a fabulous metal roof. (id:51158)

For Sale$289,800

135 James Street South Street Unit# 803

Hamilton, Ontario

1 Bedrooms1 Bathrooms765 sqft

Fabulous Chateau Royale One bedroom, 765sf Condo on the 8th floor! Enjoy upscale living in the heart of Hamilton! Perfectly located directly beside the GO station! Walking distance to restaurants, pubs, boutiques, St. Joseph’s Hospital & more! This move-in-ready bright and airy unit features tall ceilings, spacious living/dining and kitchen area, huge bedroom with walk in closet, in-suite laundry, granite counters, 5 appliances. Juliette balcony with gorgeous sunset views! Amenities include 24 Hr concierge, gym, sauna, party room with pool table, rooftop terrace, BBQ area and outdoor patio. Condo fee includes heat and water. Pets permitted! Ideal for a first time buyer, commuter or investor! Don't miss out! (id:51158)

For Sale$424,900

21 Minto Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms968 sqft

Welcome to this centrally located starter home in Hamilton, perfect for first-time homebuyers or savvy investors! This charming property features three cozy bedrooms, including two versatile bedrooms with a small den, ideal for a home office or play area. With one full 4-piece bath and an additional 1-piece bath, this home offers convenience and comfort. Enjoy easy access to local amenities, schools, and parks. Don’t miss out on this fantastic opportunity to own! Extra Notes: Heating & Cooling is a Lennox system (2015) where the A/C and air handler is electric, but the furnace is gas. Shingles are 5 years old. Some recent updates include: engineered hardwood on second floor (2020), new toilet (2024), new sump pump (2024) (id:51158)