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$499,999

350 Princess Royal Drive Unit# 906

Mississauga, Ontario

2 Bedrooms1 Bathrooms820 sqft

Boasting over 800 square feet of elegantly designed space, this suite at City Centre offers a luxurious and versatile living experience. The generous primary bedroom and adaptable den, which can be easily converted into a second bedroom, exemplify refned comfort and independence. Located in the vibrant heart of Mississauga, the open-concept layout is complemented by a spacious balcony with serene parkette views. Step outside your door to a wealth of services, amenities, and social opportunities crafted to elevate your well-being and enjoyment. This residence boasts exceptional accommodations that encourage an active, fulflling lifestyle. Ideally situated near Square One and surrounded by a variety of restaurants, shops, parks, and recreational options, this remarkable building features an array of top-tier amenities, including 24-hour security, indoor swimming pool,state-of-the-art ftness room, hair salon, wellness spa, hobby/craft room, dining room, cafe, library, and a games room (id:51158)

For SaleOPEN HOUSE$389,000

104 Mulberry Street

Hamilton, Ontario

2 Bedrooms1 Bathrooms686 sqft

Location location. Charming row house 2 bedroom bungalow in west end of Hamilton! This adorable bungalow, is charming and conveniently located in the vibrant community of Hamilton, just moments away from the picturesque Bayfront park, farmers market, James Street a bustling Downtown Hamilton, this home offers the perfect blend of urban convenience and tranquility. The basement is unfinished perfect for extra storage, and a fenced backyard is awaiting your final touch to create an outdoor oasis. (id:51158)

For Sale$489,800

5001 Corporate Drive Drive Unit# 406

Burlington, Ontario

2 Bedrooms2 Bathrooms671 sqft

Welcome to Appleby Gardens! Step into a world of spacious elegance, where high ceilings and abundant natural light create an inviting atmosphere. The open-concept kitchen, featuring stainless steel appliances, sleek granite countertops, and a charming breakfast bar, is perfect for both culinary adventures and lively gatherings. Versatility is key with the den, which can easily transform into a home office, guest room, or cozy additional living space. The convenience of a 2-piece bathroom adds to the overall functionality. Retreat to the primary suite, a serene escape boasting a generous layout, a luxurious 4-piece ensuite, and a walk-in closet that caters to your storage needs. Nestled in a vibrant neighborhood, you'll find an array of dining, shopping, and entertainment options just a short stroll away. Commuters will appreciate the seamless access to the 403/407 highways and the Appleby GO station, making travel effortless. This is a must-see home that beautifully blends style and convenience! (id:51158)

For SaleOPEN HOUSE$489,900

10 Roxborough Avenue

Hamilton, Ontario

2 Bedrooms1 Bathrooms984 sqft

Welcome to this charming home, nestled on a dead-end court. The inviting covered porch is a perfect spot to unwind and enjoy your surroundings. Step inside to a traditional floor plan that combines classic elegance with modern updates. The open-concept living and dining areas feature recently refinished original hardwood floors, creating a warm and welcoming ambiance. The living room showcases a vintage fireplace, adding a touch of timeless character. The bright and airy kitchen, bathed in natural light from numerous windows, is both spacious and functional. It comes equipped with a new stove, as well as a dishwasher, and fridge, and provides convenient access to the rear yard for easy outdoor entertaining. Upstairs, you'll find two generously sized bedrooms with trendy laminate floors. The master bedroom and the second bedroom are complemented by a 4-piece bath, offering comfort and convenience. The finished basement offers practical space for storage and laundry, and with a brand-new furnace installed in 2024, you'll enjoy reliable warmth throughout the year. The backyard is a true retreat, featuring a deck perfect for relaxing or hosting gatherings. The space is fully fenced and beautifully landscaped. This home offers a blend of classic charm and modern convenience in a tranquil setting. Schedule your visit today and see how this delightful property could be the perfect place for you to call home. (id:51158)

For Sale$499,900

3504 Hurontario Street Unit# 205

Mississauga, Ontario

1 Bedrooms1 Bathrooms605 sqft

WELCOME TO EDEN PARK TOWER! Situated in the vibrant heart of Mississauga, this spacious unit offers over 600 sq ft of modern living. Featuring 1 bedroom with a large walk-in closet, and 1 full bathroom, both the bedroom and living room provide direct access to a private balcony. The unit is drenched in natural light, thanks to floor-to-ceiling windows and soaring 9-ft ceilings. In-suite laundry adds to the convenience. The kitchen boasts granite countertops, a stylish tiled backsplash, and a breakfast bar perfect for casual dining. Included with the unit is one parking spot and a locker for extra storage. Maintenance fees cover heat, hydro, water, parking, common elements, and more. The prime location offers walking distance to daycare, schools, Square One Mall, Go Train, and bus stops right in front of the building. The upcoming LRT, City Hall, parks, hospitals, and major highways are easily accessible. Enjoy a host of amenities, including a 24-hour concierge, children’s playground, indoor pool, games and media rooms, a party room, rejuvenating sauna, and a state-of-the-art fitness center. Where convenience, comfort, and community come together to offer the perfect place to call home. (id:51158)

For Sale$499,900

1444 Upper Ottawa Street Unit# 28

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

SAVINGS WITH AN EXTENDED CLOSING!!! Backing onto OPEN SPACE this NEWLY RENOVATED TOWNHOME on HAMILTON’s EAST MOUNTAIN. VINYL PLANK FLOORING invites you to a “bright & spacious” open concept LIVING & DINING AREA. Perfect for ENTERTAINING or just cozying up on the sofa. There is even enough room for a reading area or HOME OFFICE. The NEW KITCHEN boasts STAINLESS STEEL APPLIANCES, PANTRY & gorgeous QUARTZ COUNTERTOPS. When it’s time to head upstairs there are 3 SPACIOUS bedrooms. PRIMARY BEDROOM & one SECONDARY BEDROOM are large enough for a KING or 2 BEDS. Laundry downstairs. Close to all AMENITIES, LINC & REDHILL. Call, text or email for your appointment! (id:51158)

For Sale$499,900

1444 Upper Ottawa Street Unit# 30

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

SAVINGS WITH AN EXTENDED CLOSING!!! Backing onto OPEN SPACE this NEWLY RENOVATED TOWNHOME on HAMILTON’s EAST MOUNTAIN. VINYL PLANK FLOORING invites you to a “bright & spacious” open concept LIVING & DINING AREA. Perfect for ENTERTAINING or just cozying up on the sofa. There is even enough room for a reading area or HOME OFFICE. The NEW KITCHEN boasts STAINLESS STEEL APPLIANCES, PANTRY & gorgeous QUARTZ COUNTERTOPS. When it’s time to head upstairs there are 3 SPACIOUS bedrooms. PRIMARY BEDROOM & one SECONDARY BEDROOM are large enough for a KING or 2 BEDS. Laundry downstairs. Close to all AMENITIES, LINC & REDHILL. Call, text or email for your appointment! (id:51158)

For Sale$489,450

1940 Ironstone Drive Unit# 1709

Burlington, Ontario

2 Bedrooms2 Bathrooms645 sqft

This breathtaking 1-bedroom, 1-bathroom penthouse suite truly stands out! Featuring an open-concept layout and soaring 9-foot ceilings, it exudes a spacious and airy ambiance. The modern kitchen, complete with sleek stainless steel appliances and elegant stone countertops, seamlessly combines style and functionality. Enjoy the added convenience of two bathrooms, ensuring privacy for you and your guests. Step out onto the expansive balcony to soak in the stunning views. Residents will relish in luxurious 5-star amenities, including a dedicated concierge, secure entry, a rooftop patio with BBQ facilities, a games/media room, and a fully equipped fitness and yoga studio. Situated in an unbeatable location, this suite offers easy access to grocery stores, shopping, dining, transit options, and major highways 403 and 407. Experience the perfect blend of convenience, luxury, and comfort! (id:51158)

For Sale$419,900

467 Charlton Avenue E Unit# 202

Hamilton, Ontario

1 Bedrooms1 Bathrooms547 sqft

This 547 SQFT boutique style open concept condo unit is an absolute must see! This unit boasts a breathtaking view of the escarpment. The unit includes FULL UPGRADES including stone counter tops, upgraded cabinetry, stainless steel appliances, BRAND NEW MODERN VINYL FLOORING / PAINT & TRIM, ensuite laundry with washer/dryer. Private covered balcony, and full size locker & parking. Perfectly situated minutes away from three of the city's major hospitals. Shopping and incredible dining options just minutes away. Outdoor adventures await as the unit is only steps away from the Hamilton Rail Trail. The amenities complete this property with a full gym, party room and brilliant outdoor terrace that overlooks the city. Vacant - quick closing available! Call to view today!! (id:51158)

For Sale$449,900

130 Market Street

Hamilton, Ontario

2 Bedrooms2 Bathrooms962 sqft

Step Back in Time with Modern Comforts! This beautifully preserved historic home offers timeless elegance combined with modern upgrades. Nestled in a charming neighbourhood, this one-of-a-kind property boasts original architectural details, including an exposed brick wall in the Primary Bedroom, an exquisite bathroom exposing the beautiful beams and lovely light fixtures, 10 and 12 foot high ceilings, and original baseboards. Each room tells a story perfect for today's living. The updated kitchen and 2 full bathrooms offer the best of both worlds—classic style with modern amenities. The large windows offer tons of natural light. Don't let the basement fool you, the joists are 6 feet high! Bonus area and endless possibilities in the large, dry, clean attic. Enjoy sipping your coffee on the porch in the fully fenced backyard, ideal for kids and pets, this home invites you to live in a piece of history. Perfect for those who appreciate craftsmanship, charm, and a connection to the past! Market Street in the 1960's would be a short walk to the market, theatre and downtown attractions. Today is no different! Steps away from Nations Fresh Foods, shopping and restaurants on James North and King William, plenty of amenities and convenient transit. Don't wait to enjoy this enamoring neighbourhood. (id:51158)

For Sale$499,900

54 Douglas Avenue

Hamilton, Ontario

3 Bedrooms1 Bathrooms1400 sqft

Located in a desired area, close to many amenities. Needs some TLC. Ideal for handyman, or homebuyers looking to add some sweat equity. (id:51158)

For Sale$399,900

85 Robinson Street Unit# 407

Hamilton, Ontario

1 Bedrooms1 Bathrooms555 sqft

This stylish condo at City Square, located in the heart of the historic Durand neighbourhood, offers 555 sq ft of modern open-concept living. The 4th-floor unit features floor-to-ceiling windows with stunning east views of the Hamilton city. The bright, all-white corner, newly installed vinyl flooring unit includes a sleek kitchen with a cozy bedroom, a 4-piece bathroom, and in-suite laundry. Sliding patio doors lead to a spacious corner balcony, where you can enjoy the breathtaking views. Residents can access top-notch amenities such as a fitness room, media room, party room, bike storage, lockers, and a rooftop terrace with a BBQ area. There's also plenty of visitor parking. The condo is conveniently located within walking distance to St. Joseph’s Hospital, McMaster University, parks, trails, Locke Street South, Corktown, and downtown Hamilton. It also offers easy access to public transit, the GO Train, coffee shops, shopping, and major highways. This condo has underground parking (#58) and a locker, perfect for singles, couples, students, and professionals. (id:51158)