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$499,000

3210 Dakota Common Unit# A108

Burlington, Ontario

2 Bedrooms1 Bathrooms631 sqft

IMPRESSIVE 631 SQFT CONDO WITH 9' CEILINGS, SLEEK LAMINATE FLOORS, QUARTZ COUNTERTOPS, AND STAINLESS STEEL APPLIANCES. FEATURES AN OPEN CONCEPT LAYOUT, IMPRESSIVE NATURAL LIGHTING THROUGHOUT THE UNIT AND A STUNNING ON-GROUND BALCONY. SLEEK STAINLESS STEEL APPLIANCES. COMES WITH 1 PARKING SPOT AND 1 LOCKER. SMART SETUP-KEYLESS ENTRY WITH SECURITY AND MOBILE APP. AMENITIES INCLUDE A 24-HOUR CONCIERGE, PARTY ROOM, PET SPA, FITNESS CENTER WITH YOGA SPACE, SAUNA, STEAM ROOMS, AND AN OUTDOOR ROOFTOP POOL WITH LOUNGE AND BBQ AREA. CONVENIENTLY LOCATED NEAR SHOPPING, RESTAURANTS, GYMS, GOOD SCHOOLS, BURLINGTON GO AND HWY 407. RSA. (id:51158)

For Sale$490,000

33 Clyde Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms1039 sqft

Beautifully maintained home in Hamilton's Landsdale neighborhood! This three bedroom house provides a turn-key opportunity for a young family to lay down their roots. The current owner has thoughtfully cared for the property for decades. You are immediately greeted by a charming living and dining area upon entry. Two bedrooms are on the main floor with the third located on the second level. The home can easily be modernized while maintaining its historic charm. A separate side entrance leads to the basement, which is equipped with a kitchen and a rec room. This sizable lot features a large backyard with limitless potential. The convenient location offers quick and easy access to major highways, numerous grocery and shopping options, and Hamilton's downtown core. Home is being sold as is where is. (id:51158)

For Sale$399,900

180 Limeridge Road W Unit# 301

Hamilton, Ontario

1 Bedrooms1 Bathrooms747 sqft

This gorgeous condo unit is on the north side of the building with tranquil panoramic views of park and forest. Large living/dining room. Spacious primary bedroom. Custom built-in cabinetry throughout. In suite laundry. Underground parking and locker. Property tax estimated from monthly payments due to municipal technical issues. (id:51158)

For Sale$499,900

19 Huntsville Street Unit# St

Hamilton, Ontario

3 Bedrooms2 Bathrooms1638 sqft

Great Neighbourhood. Enjoy this 3 bedroom Street townhome located in the Heart of the Hamilton Mountain. Walk to school, Bryna Park, Dave Andreychuk Mountain Arena, shopping. Close to Link, 403, Limeridge Mall etc. Enjoy the Fully fenced back yard and garden. Finished top to bottom. Good sized living room open to the Dining Room. Lots of Kitchen cabinets. Main floor Powder room. 3 good sized bedrooms. Finished Lower Level with lots of pot lights. Spacious family room and area for office etc. Single Garage and driveway. This bright enjoyable townhome is located across from Detached homes on a city street and ready for someone to add their special touch to make this their perfect home. Flat roof replaced in 2023 by condo corp. Furnace and Air Conditioner were recently serviced through Reliance home comfort plan. (id:51158)

For Sale$479,900

212 King William Street Unit# 612

Hamilton, Ontario

2 Bedrooms1 Bathrooms609 sqft

Priced to sell! Opportunity awaits for your chance to invest & live in the 2023 luxurious Kiwi Condos by award-winning Rosehaven! Located in Hamilton’s rapidly growing & re-developing Beasley community - with an abundance of new, high-end developments to come in the near future, which are already breaking ground & will increase the market value at KiWi. This 1+1 bedroom 1 bath unit boasts an open concept layout w/ stainless steel appliances, stone counters, backsplash, luxury laminate flooring, in-suite laundry, oversized 4-pc bath, ample storage space & more! Unit includes a locker and 1 underground parking space, which is extremely rare at KiWi! Additional parking options available at Municipal Car Park 5, 8, & 81 - each a short 2-3 min walk away, at the rate of about $95 per month (seller to verify availability and pricing). Don’t need the parking space? Perfect opportunity to rent out your space for additional income/mo. The building boasts high-end finishes throughout & is located in the heart of the city. Building amenities include 24 hrs concierge in lobby, Fitness Centre w/ cardio & weight equipment, Rooftop Lounge, Indoor Social Room, Catering Kitchen, Bar, Designer decorated Party Room & more! Building offers easy access to public transit, making it a convenient option for commuting. Minutes to major highways, such as the QEW & 403. Steps from St. Joseph's Healthcare, Hamilton General Hospital, Jackson Square & more! (id:51158)

For Sale$289,900

227 Wellington Street N

Hamilton, Ontario

2 Bedrooms1 Bathrooms2723 sqft

Welcome to 227 Wellington Street North, a semi-detached bungalow brimming with potential. This 2-bedroom home is a blank canvas, Ideal for investors or DIY enthusiasts, this property is being sold AS IS, offering a unique opportunity to renovate or invest. Situated in a convenient location, you'll enjoy easy access to local amenities, schools, parks, and public transportation. Don’t miss out on this opportunity to renovate and make this house a home. Room sizes Approximate (id:51158)

For Sale$474,900

25 Fairview Road W Unit# 508

Mississauga, Ontario

2 Bedrooms2 Bathrooms920 sqft

Welcome to your new home in the heart of Mississauga! This beautifully renovated 2-bedroom, 2-bathroom condo features a modern kitchen equipped with sleek quartz countertops and stylish under mount lighting, perfect for culinary enthusiasts. Enjoy spacious living areas that provide ample room for relaxation and entertainment. With a prime location just moments from Square One Mall, shopping, dining, and public transit are at your fingertips. Don’t miss your chance to own this stylish retreat—schedule a showing today! (id:51158)

For Sale$424,900

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 full bathroom. (id:51158)

For SaleOPEN HOUSE$499,000

46 Rosslyn Avenue N

Hamilton, Ontario

2 Bedrooms1 Bathrooms855 sqft

This solid bungalow in Hamilton’s Crown Point neighbourhood would make a great starter home for first-time buyers or investment property. Close to public school, transit, planned LRT route, and an easy walk to Gage Park. There’s still some room for personalization and updating, but the bathroom is new, electrical has been updated, the roof is newer (~5 years) and some windows have been replaced (~2 years). To make your move convenient, all appliances are included, including a newer fridge and stove. Natural gas bbq on back porch. (id:51158)

For Sale$494,900

455 Charlton Avenue E Unit# 308

Hamilton, Ontario

2 Bedrooms2 Bathrooms811 sqft

Standing High Off The Escarpment, Welcome To Vista Condos, Where Luxurious Living Meets Nature! This Modern Building Faces Scenic Trail & Wentworth Mountain Stairs. The Premium 2 Bedroom, 2 Bathroom Features State-Of-The-Art Kitchen W/ Island, Quartz Counter & Stainless Steele Appliances. Every Spacious Rooms Have Large Windows Thereby No Shortage Of Natural Light. Has En-suite Laundry, Pot Lights, No Carpet Throughout & Very Clean! This Gorgeous Unit Has Stunning Ravine View From The Private, Glass Panelled And Over-Sized Balcony, Overlooking The City, The Nature And Even Catch A Glimpse Of The Lake Ontario. Minutes To Downtown, McMaster University, Go Station, Shopping Areas, Restaurants, Hospitals & Public Transit. Indoor Parking & Locker Are Owned & Has Common BBQ Lane At Level A. Rooftop Terrace for Relaxation & Enjoyment, A Bike Room, A Gym, Party Room & Security Cameras. No Disappointment Whatsoever! Don’t Miss! (id:51158)

For Sale$469,900

1 Eastview Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms1614 sqft

Charming end unit townhome in prime Hamilton location! This spacious 3-bedroom end unit townhome offers the perfect blend of comfort and convenience. Inside, you'll find three generously sized bedrooms, a full bath, and a convenient half bath on the main floor. The bright kitchen features ample cupboard space, a dishwasher, and opens to a cozy deck—newly built -overlooking your private backyard. The finished basement rec room provides extra space for a family room or home office. Located just minutes from the GO station, transit routes, and highway access, commuting has never been easier. RSA. (id:51158)

For Sale$399,999

212 King William Street Unit# 807

Hamilton, Ontario

2 Bedrooms1 Bathrooms582 sqft

Wow remarkable condo in the heart of Downtown Hamilton Kiwi Condo built by Rosehaven Homes in 2023. Stunning East Village Model 582 sq ft South facing w/ balcony. 1 bedrm + den, 1 bathrm, in suite laundry, locker. Includes Stainless-steel fridge, stove & dishwasher, also white stackable washer & dryer. Upgraded white shaker cabinets, quartz counter, 9 ft ceilings, fantastic opportunity to live in downtown Hamilton. In the middle of it all: restaurant’s, shops, Go Station, LRT line, minutes to 403, close to hospitals. Bright Beautifully well-designed modern unit w/ the benefits of an elegant lobby, on-site security, party rm, rooftop patio with bbqs, lounge/sitting areas & spectacular views, yoga studio and pet spa. Heating and cooling Systems are rentals. Room sizes approx. Listing agent is Seller. Att Sch B & Registrants Disclosure. (id:51158)