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$469,000

101 Shoreview Lane Unit# 519

Hamilton, Ontario

1 Bedrooms1 Bathrooms564 sqft

Discover this beautiful 1-bedroom, 1-bathroom 564Sqft condo in the highly sought-after Sapphire Development by award-winning New Horizon. Enjoy breathtaking views of the Escarpment and Lake Ontario from your balcony, complemented by 9-foot ceilings and elegant plank flooring throughout. The kitchen boasts sleek pendant lighting, under-cabinet lighting, a stylish backsplash and California shutters through-out. The spacious bedroom features a walk-in closet. Equipped with efficient geothermal heating and cooling, in-suite laundry, and stainless steel appliances, including a fridge, stove, built-in dishwasher, microwave, and stackable washer and dryer. This unit also includes an underground parking space and a storage locker. Condo fees cover air conditioning, heating, building insurance, party room access, a gym, a rooftop terrace, common elements, exterior maintenance, and parking. Conveniently located minutes from the GO Station, QEW and Linc – making it ideal for commuters. (id:51158)

For Sale$499,888

443 Cannon Street E

Hamilton, Ontario

5 Bedrooms2 Bathrooms2017 sqft

Discover your newly renovated dream home in Hamilton's thriving Landsdale community. This beautifully maintained property radiates pride of ownership, with a thoughtfully designed main floor that boasts soaring 9-foot ceilings, an expansive open-concept living and dining area, and elegant laminate flooring throughout. Recent updates include new exterior siding, roof shingles, windows, and fully remodeled bathrooms, plus a waterproofed and fully insulated basement for peace of mind. The spacious, fenced backyard is perfect for entertaining, and there’s a convenient carport with parking for two vehicles. This move-in-ready home is a true gem. Contact the listing agent to schedule your viewing today! RSTA. (id:51158)

For Sale$449,900

120 Quigley Road Unit# 22

Hamilton, Ontario

3 Bedrooms2 Bathrooms1221 sqft

Welcome To 22-120 Quigley Road Located in the desirable family friendly neighborhood of Vincent. This 3 Bedroom 1.5 Bath 2 Story Townhome Offers An Open Concept Design With Ample Living Area And A Modern Kitchen With Stainless Steel Appliances. Three Good Sized Bedrooms Upstairs For Your Growing Family. Extra Space In The Basement For The Kids To Play And A Backyard For Summer Bbqs. The Basement Features Access To The Garage, Laundry, And A Open Space Ready For Your Imagination. You're Just 3 Minutes From The Red Hill, 5 Minutes From The Qew And 5 Minutes From Eastgage Mall. You're Also Close To Schools, Public Transit, And Major Amenities. Opportunities Like This One Don't Come Up Often! Move In Ready! (id:51158)

For Sale$499,900

5 Rosewood Road

Hamilton, Ontario

3 Bedrooms2 Bathrooms610 sqft

Charming & Conveniently Located Home with Ample Parking and Spacious Backyard. Situated just minutes from the highway, nearby parks, and shopping spots, this property offers ideal accessibility. This home features two main-floor bedrooms, and an additional bedroom in the finished basement, offering privacy and flexibility. The basement also includes a cozy recreation room—ideal for entertaining or relaxing—a 2-piece bath, laundry area, and ample storage space. Parking is a breeze, with room for four vehicles in the driveway and one in the attached garage, which measures 21 feet x 11 feet, perfect for both your vehicle and extra storage needs. Step outside to enjoy a generously sized backyard, offering ample space for outdoor gatherings, gardening, or simply unwinding after a long day. Don’t miss your chance to own this well-situated, versatile property! Schedule a viewing today. (id:51158)

For Sale$450,000

1377 Lakeshore Road Unit# 108

Burlington, Ontario

1 Bedrooms1 Bathrooms780 sqft

An unbeatable location for this updated, bright & spacious, 1 bedrm corner unit at Lakeside Heights in downtown Burlington, directly across from Spencer Smith Park, literally steps to lake, trails, & hospital, a minute to QEW/403/407, & surrounded by just about every other amenity. Lakeside Heights is the premier co-op building in Burlington. This unit features 780sqft, an updated kitchen w/quartz CTs, brand-new SS fridge, stove, & range hood, backsplash, new sink & faucet, quality cabinetry w/soft-close drawers, & a pantry, a dining area off kitchen, a large living rm w/lots of windows, a spacious primary bedrm w/mirrored closet, an updated 4pce bath w/new vanity, porcelain CT, faucet, showerhead, toilet, vinyl floors, & reglazed tub & wall tile, quality hardwood floors T/O, updated light fixtures, lots of closet/storage space, & fresh paint T/O. This unit is in a great location in the building, just a few steps to laundry, storage locker, & parking. The building has a great community feel, is very quiet, extremely well maintained, has a great condo committee, & a healthy reserve fund. The building also has an elevator, onsite laundry facility, & ample visitor parking. The monthly fee includes PROPERTY TAX, heat, water, cable, internet, storage locker, & exclusive parking space. Adults only. No rentals/leasing. No pets other than service animals. This unit shows pride of ownership, has many very recent updates, & is move-in ready! Don’t wait & miss this one! Welcome Home! (id:51158)

For Sale$499,999

42 Palmer Road

Hamilton, Ontario

3 Bedrooms2 Bathrooms1200 sqft

This lovely 3-bedroom + 1.5 Bath, 2 story townhouse fully finished basement including laundry room.At the rear of the property is the parking area with two parking spots(across from unit) which come with the unit. This small complex(only 9 units) is very quiet and offers 'on site' visitor parking is situated in the desirable quiet Mountain neighborhood, conveniently close to various amenities schools & buses and the highway. It offers an easy commute, low maintenance, and affordability, making it an attractive option for a first time home buyer to enter into the market or investor. Or suitable for anyone looking for a low maintenance lifestyle! (id:51158)

For Sale$359,900

1251 Cannon Street E

Hamilton, Ontario

2 Bedrooms1 Bathrooms690 sqft

Close to Ottawa st. shopping, transit, dining and more. Good for a first time buyer or for retirement. Property is vacant so fast closing is possible. Seller has never lived in the property. Property being sold “As Is”. Seller makes no representations or warranties. Furnace rental contract has a buyout option of 3560.00 plus taxes and seller willing to payout on closing depending on the offer.. Attach schedule B and deposit must be certified. (id:51158)

For Sale$449,900

25 Britten Close Unit# B52

Hamilton, Ontario

3 Bedrooms1 Bathrooms1180 sqft

Don't miss this fantastic opportunity to own a charming 3-bedroom, 1-bathroom townhome in the welcoming West Hamilton Mountain neighborhood! Conveniently located just minutes from the Lincoln Alexander Parkway and a short stroll from Newlands Park, this home is move-in ready. It has been freshly painted and features a brand new modern kitchen with stunning quartz countertops, along with an updated bathroom. Enjoy the cozy gas fireplace and the convenience of main floor laundry. The fully fenced backyard offers privacy and space for outdoor enjoyment. This delightful home is a must-see! Contact us today to schedule a viewing. (id:51158)

For Sale$349,997

356 Hunter Street E Unit# 10

Hamilton, Ontario

1 Bedrooms1 Bathrooms590 sqft

Welcome home to 356 Hunter St E., This bright and spacious 1 bedroom condo unit in the trendy Stinson neighbourhood is close to restaurants, shops, transit and all amenities. Located in a historic well maintained, 3 stry brick walk up. This unit offers two separate entrances including an outdoor space balcony. Nothing to do but move in and enjoy the sound of the birds and breeze through the screened door in the kitchen. Featuring: updated luxury vinyl flooring in kitchen and bath, newer laminate in living room and bedroom, bright neutral colour scheme, assigned storage locker, newer windows (2015) shared laundry in building. Low condo fee includes: exterior maintenance, heat, water and building insurance. Call the listing agent for details (id:51158)

For Sale$399,900

311 East Avenue N

Hamilton, Ontario

3 Bedrooms3 Bathrooms1416 sqft

SCHEDULE B+C MUST ACCOMPANY ALL OFFERS. SOLD 'AS IS, WHERE IS' BASIS. SELLER HAS NO KNOWLEDGE OF UFFI. SELLER MAKES NO REPRESENTATIONS AND/OR WARRANTIES. (id:51158)

For Sale$384,900

75 Glenburn Court Unit# 409

Hamilton, Ontario

1 Bedrooms1 Bathrooms721 sqft

Welcome home to this bright, spacious one-bedroom condo, all set for you to move in! The open-concept layout is thoughtfully renovated, featuring ceramic and high-quality laminate flooring for a modern feel. The kitchen boasts updated cabinetry, stainless steel appliances, granite countertops, and a stylish patterned tile backsplash, complete with a breakfast bar for easy dining. The dining area flows seamlessly to a sunny balcony overlooking a wooded trail and scenic escarpment views. The bathroom has been updated with a sleek vanity and fully tiled bath and shower. The bedroom offers plenty of natural light through a floor-to-ceiling window and includes a roomy closet. In-suite laundry hookups add extra convenience. Enjoy a pet-friendly building with low fees that include heat, water, and more, plus your own parking space and storage locker. With walking trails, parks, and unbeatable proximity to shopping, transit, and highway access, this is an ideal spot for first-time buyers or downsizers alike! (id:51158)

For Sale$399,900

187 Barton Street W

Hamilton, Ontario

1 Bedrooms1 Bathrooms772 sqft

Uncover the essence of downtown living in this exquisite 1-bedroom, 1-bathroom semi-detached home in the heart of Hamilton. Nestled near the picturesque Bay and Pier 4, this property boasts a prime location that promises great urban living. The bedroom offers a peaceful retreat, while the bathroom is both functional and convienant. Outside, a private fenced yard welcomes you, providing a sanctuary for outdoor activities and quiet moments. With the convenience of the new GO Station and public transit just moments away, you'll have easy access to the vibrant city life that Hamilton offers. Don't miss the opportunity to make this charming semi-detached home your own urban sanctuary. (id:51158)