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$499,900

27 Harvey Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1350 sqft

Welcome to this beautifully updated 3-bedroom, 2-bathroom home, where classic charm meets modern convenience! Nestled in the heart of Hamilton, this home is a perfect blend of style and function, ideal for anyone looking for comfort, convenience, and a touch of elegance. Property Highlights: Modern Updates Throughout: Recently renovated with new flooring and elegant trim, this home is move-in ready and boasts a fresh, contemporary feel. Gourmet Kitchen: The updated kitchen is a chef’s dream with ample cupboard space, quartz countertops, stainless steel appliances, and tasteful finishes. Bright Living Spaces: Pot lights and smoothed ceilings create a welcoming ambiance, perfect for relaxation and entertaining. Convenience and Comfort: Just steps from Tim Hortons Field, schools, parks, Bernie Morelli Rec Centre, grocery stores, and other amenities, everything you need is at your fingertips. Thoughtful Extras: Recent upgrades include a front deck, updated bathroom fixtures for the shower and basin, enhanced door trims, and a fresh exterior power wash. This home offers both modern comforts and classic appeal, making it ideal for those looking to settle into a vibrant neighborhood with everything close by. Don’t miss out! (id:51158)

For Sale$300,000

5 East 36th Street Unit# 407c

Hamilton, Ontario

2 Bedrooms1 Bathrooms730 sqft

Rare Opportunity! Sunlit Penthouse Level Spacious Corner Unit in a Highly Sought-After Complex. Step into this charming, well-loved home, cherished by the same owner for over 20 years! Nestled in a meticulously maintained complex, this unit offers comfort, convenience, and a welcoming community feel. You'll enjoy scenic walks overlooking the water, all while benefiting from low monthly fees. Enjoy being on the penthouse level with no neighbours above. Perfectly situated just 2 minutes from Juravinski Hospital, with quick access to highways, parks ,and everyday amenities, this location truly has it all. Inside, you'll find abundant natural sunlight flooding spacious, well-appointed bedrooms and inviting living spaces. This is more than a lifestyle choice—it's a community to call home. Don’t miss out! (id:51158)

For Sale$499,900

1800 Walkers Line Unit# 310

Burlington, Ontario

1 Bedrooms1 Bathrooms643 sqft

Welcome home to the Woodbridge Condos! This delightful, open concept, 1 bedroom, 1 bathroom condo is situated in a well established, beautifully maintained building, offering both comfort and convenience. This bright and spacious unit is well appointed with an airy bedroom complete with loads of natural light and ample closet space, a bright open kitchen with plenty of cupboard space, breakfast bar, dining area, in-suite laundry, a modern 4pc bathroom, and a spacious living room with walk-out to your balcony, perfect for enjoying your morning coffee! LOW condo fees ! Amenities include: Exercise room, party room, sauna, car wash, and visitor parking. Unit includes your private parking space and enclosed locker. Located in the vibrant Palmer area of Burlington, you will find everything you need just steps away from shopping and dining to entertainment. For commuters, you have quick access to highways and public transit is readily available. This is the perfect blend of urban living and accessibility - ideal for anyone seeking a dynamic yet comfortable lifestyle. Don't miss the chance to make this condo your own. (id:51158)

For Sale$499,999

150 Albany Avenue

Hamilton, Ontario

3 Bedrooms1 Bathrooms1312 sqft

This charming 3- bed, 1-bath bungalow in the desirable east end of Hamilton is the perfect starter home or ideal for those looking to downsize. With its cozy layout and great location, it offers a fantastic opportunity to enter the housing market or enjoy a more manageable living space in a vibrant community. Don't miss out on this gem! (id:51158)

For Sale$449,990

15 Queen Street S Unit# 2112

Hamilton, Ontario

2 Bedrooms1 Bathrooms659 sqft

Welcome to Platinum Condominium, one of Hamilton's new luxury living with an exceptional 95 walking score and low condo fees. This 1-bedroom plus den, 1-bathroom condo with underground parking and locker. This unit has a modern open concept floor plan welcoming into the open kitchen with quartz countertops, freshly painted, upgraded stainless steel appliances and a large island overlooking the living room. The unit has 9' ceilings and plenty of windows and an oversized balcony from where you can enjoy great views of lake ontario and historical buildings. With a premium location in west side of downtown, you have easy highway access, public transit to McMaster University and Mohawk College and a variety of shops and restaurants. Enjoy well-equipped gym, a party room and a large rooftop patio to relax or entertain on. Included is one parking spot and one storage unit. (id:51158)

For Sale$449,900

112 King Street East Street E Unit# 410

Hamilton, Ontario

1 Bedrooms1 Bathrooms629 sqft

Rarely available Terrace Level Unit in Hamilton's historic, 'Residences of Royal Connaught'. Located in the Heart of Hamilton, next to Gore Park, steps to James St. N., a bike or bus ride to Hamilton's Bay Front Park, an elevator ride down to Starbucks, & a short walk to escarpment stairs and hiking trails. Step out onto your own Personal Patio that's connected to the beautiful Rooftop Terrace, complete with extra Seating Areas, a Gas Fireplace, BBQ's and Bistro Tables. This Unit was originally 1 bedroom that was built without the dividing wall, making it a studio apartment with a murphy bed. Fold the murphy bed up and out of the way when not in use, and you've got yourself a large and open living space, great for entertaining. (id:51158)

For Sale$399,900

1966 Main Street E Unit# 507

Hamilton, Ontario

3 Bedrooms2 Bathrooms1024 sqft

This spacious 3-bedroom, 2-bathroom condo offers 1,109 sq. ft. of comfortable living. The corner unit features large windows with western views and is located on a bus route to McMaster University (10 min), close to hiking/biking trails, ammenities, local craft breweries, and more. The kitchen includes white cabinets, stainless steel appliances, a breakfast bar, and laminate flooring. Bedrooms have refinished parquet floors, and the primary bedroom features a walk-in closet and 2-piece ensuite. The unit includes an in-suite utility room for extra storage as well as wired internet access in each room. The condo fee covers water, heat, one parking space, and one locker, This well-maintained complex offers an indoor pool, sauna, and party rooms. SPECIAL ASSESSMENT PAID IN FULL!! (id:51158)

For Sale$389,900

212 King William Street Unit# 1111

Hamilton, Ontario

2 Bedrooms1 Bathrooms609 sqft

Say goodbye to lawn care and snow shovels—welcome to the best in condo living! This stunning Kiwi Condo is perfectly situated in the heart of downtown Hamilton, offering convenience, style, and an array of amenities. The building features a fully equipped gym, yoga room, concierge, rooftop patio with BBQs, a spacious party room with a fireplace and full kitchen, a dog wash station, a mail room, and controlled entry for added security. The unit itself boasts 1 bedroom, 1 bathroom, in-suite laundry with a stacking washer/dryer, and an open-concept kitchen and living room. The modern kitchen includes stainless steel appliances, while the living room opens to a private balcony through sliding glass doors. Enjoy easy access to public transit and a host of amenities nearby. Parking is available at municipal car parks just a short walk away. Whether you're a first-time buyer or looking to downsize, this is your chance to own a slice of vibrant downtown living! (id:51158)

For Sale$499,800

479 Charlton Avenue E Unit# 308

Hamilton, Ontario

2 Bedrooms2 Bathrooms811 sqft

Discover the perfect harmony of modern luxury and natural serenity with this stunning condo at 479 Charlton Ave E. Nestled on the breathtaking Niagara Escarpment, this 2-bedroom, 2-bathroom home offers a contemporary living experience infused with the beauty of nature. Oversized windows throughout the unit flood every corner with natural light while framing picturesque views of the Niagara Escarpment and the City of Hamilton. Step out onto your private, covered balcony to enjoy the city skyline in a tranquil setting. Inside, the condo boasts sleek built-in appliances and elegant quartz countertops that extend seamlessly from the kitchen into both bathrooms. Thoughtful design elements like in-suite laundry, an owned parking space, and a dedicated storage locker add to the convenience of this exceptional home. Located just steps from the renowned Bruce Trail, this property provides unparalleled access to hiking and outdoor adventures. Downtown Hamilton and the GO Station are just minutes away, ensuring effortless commuting. Healthcare professionals will appreciate the close proximity to Juravinski, St. Joseph’s, and Hamilton General Hospitals. The building enhances your lifestyle with fantastic amenities, including a spacious communal terrace, a fully equipped fitness studio, and a stylish party room—perfect for socializing and unwinding. Don’t miss your chance to embrace urban sophistication surrounded by the natural wonder of the Niagara Escarpment. Schedule your viewing today! (id:51158)

For Sale$499,500

5220 Dundas Street Unit# 312

Burlington, Ontario

2 Bedrooms1 Bathrooms584 sqft

Welcome to 5220 Dundas Street, Burlington – Luxury Living in a Prime Location! Step into this stunning condo at Link 1 by Adi Developments, where modern elegance meets contemporary convenience. Boasting an open-concept design, this 1-bedroom + den suite features soaring 9-foot ceilings and floor-to-ceiling windows that flood the space with natural light, showcasing sunset views of the Escarpment and beyond. The sleek kitchen is equipped with built-in stainless steel appliances, quartz countertops, and custom cabinetry, creating the perfect space for culinary adventures. The thoughtfully designed den offers versatile functionality – ideal as a home office, nursery, or even a dining room. The master bedroom features a custom closet and direct access to the shared ensuite bathroom, while the entire home is outfitted with stylish plank laminate flooring. Enjoy a wealth of amenities including a state-of-the-art fitness center, party room, outdoor terrace with BBQ facilities (id:51158)

For Sale$499,900

11 Harrisford Street Unit# 52

Hamilton, Ontario

3 Bedrooms2 Bathrooms1158 sqft

Discover your perfect home in this charming 3-bedroom townhouse! Featuring a newer furnace and AC, along with essential appliances including a fridge, stove, dishwasher, washer, and dryer, this residence combines comfort and convenience. Enjoy quick access to the Red Hill Highway, a single-car garage, and an additional parking space, all with low condo fees. Located just steps away from public parks, major amenities, and both elementary and high schools, this home is perfectly situated for families. The inviting split-level layout boasts new flooring in the spacious living and dining rooms, impressive 11-foot ceilings, and sliding patio doors leading to a fenced yard—perfect for entertaining. Additionally, the finished basement includes a cozy family room, providing extra space for relaxation or gatherings. Recent upgrades include a new toilet, vanity, and flooring in the main bathroom, with scheduled replacements for the patio doors. With endless potential to make this space your own, don’t miss your chance to view this lovely townhouse in a welcoming community! (id:51158)

For Sale$360,000

350 Quigley Road Unit# 827

Hamilton, Ontario

3 Bedrooms1 Bathrooms1088 sqft

Penthouse 3 bedroom, 2 story unit in Parkview Terrace includes a large Master bedroom with a generous closet. Bedrooms located on the 2nd floor. The building has unique outdoor skystreets making the building quiet and pet friendly. Spectacular location for commuters, being close to the Redhill Valley Parkway and mins from the QEW. Windows & patio door have recently been replaced. A community garden, greenspace, Huge party room for entertaining, bike storage room, outdoor and covered basketball nets are some of the amenities to enjoy. 1 underground parking. 1 basement storage locker and a pantry in unit for storage. Hook-ups in the unit for stacking Laundry and dishwasher. No pictures of the unit as tenants are living in. pictures or a similar vacant unit can be provided upon request. Floor plan included in pictures for layout of unit. (id:51158)