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$349,800

15 Albright Road Unit# 1002

Hamilton, Ontario

3 Bedrooms1 Bathrooms750 sqft

Enjoy panoramic Million dollar vie with this 10th floor large 3 bedrooms end unit open concept with wheelchair compatible bathroom 36'' Doorways, updated kitchen with granite counters and movable island. Stainless steel appliances, salt inground pool, sauna, exercise room, party room. LOCATION,LOCATION Nestled below the Escarpment. Steps to shopping ,recreation center, bus trans, schools, etc. Ideal for the commuter, Just one minute to Redhill Expressway for either. Toronto and Niagara bound destination. Heat included in condo fees. Large balcony enjoy your views of lake Ontario, Toronto skyline safe building with over 100 security cameras. (id:51158)

For Sale$394,900

1119 Cooke Boulevard Unit# B629

Burlington, Ontario

1 Bedrooms1 Bathrooms524 sqft

Location, Location, Location. Perfect for first time home Buyer or investor. The West Condos conveniently located in the Desirable Area of Aldershot . Steps to Aldershot GO Train station making it perfect for commuters with frequent trains to union station in Toronto . The Wynn model features a 1 Bedroom and balcony. Less than a minute away from 403, 10 mins drive to McMaster University. The carpet free condo with Granite Countertops, SS appliances, upgraded cabinets with backsplash. Off the family room you step onto a large balcony perfect for enjoying your morning coffee with great and clear view of the escarpments. Underground parking included. Building amenities include rooftop terrace, party room and Gym. (id:51158)

For Sale$495,000

109 Beach Road

Hamilton, Ontario

3 Bedrooms2 Bathrooms1165 sqft

Welcome to 109 Beach Road, where charm meets modern convenience in this delightful 3 bedroom home. Step inside to discover a host of updates, including a sleek newer kitchen boasting quartz countertops, a fresh vanity in the powder room and a stylish 3-piece bathroom featuring a walk-in shower. Parking is a breeze with the rare luxury of ample space, including a convenient double car garage. Inside, natural light floods the space, enhancing the bright and airy ambiance. You'll appreciate the thoughtful layout, with hidden main floor laundry adding to the practicality of daily living. Situated in a prime location with easy highway access. This home is in close proximity to a wealth of amenities, from restaurants and bars to schools and shopping destinations. Explore the vibrant Ottawa Street scene or catch a game at nearby Tim Horton’s Field – all just moments away. (id:51158)

For Sale$474,900

1117 Cooke Boulevard Unit# A301

Burlington, Ontario

1 Bedrooms1 Bathrooms515 sqft

Welcome to A301 at 1117 Cooke Boulevard in the conveniently located region of Central Aldershot. This third floor south facing unit provides a beautiful view from the oversized patio and is just minutes from the lake. The main living space flows from the kitchen through to the living room with beautiful floor to ceiling windows. Off the living room is the bright and spacious bedroom and next door is the 4-piece bathroom with in-suite laundry around the corner. The perfect space for a professional or couple looking to have quick and convenient highway and GO Train access for work or a night out. Enjoy in-suite laundry, a sizeable locker and 1 designated underground parking space. Book your showing today and Let's Get Moving! (id:51158)

For Sale$449,000

90 Charlton Avenue W Unit# 404

Hamilton, Ontario

1 Bedrooms1 Bathrooms668.36 sqft

Welcome to this sought-after 673-square-foot condo, in the prestigious Durand neighbourhood. This bright and spacious 1 bedroom, 1 bathroom unit also features a versatile den, perfect for a home office, dining or guest space. Enjoy stunning Escarpment views from your large balcony, ideal for relaxing or entertaining. the unit boasts hardwood flooring, stainless steel appliances and a newly updated bathroom. Convenience is the key with in-suite laundry (new washer and dryer). Close to all amenities; GO Station, hospital, steps to the trendy Hess Village, Locke St, downtown shopping, restaurants and entertainment. Don't miss the opportunity to make this stylish and well-appointment condo your new home! (id:51158)

For Sale$499,999

2263 Marine Drive Unit# 1006

Oakville, Ontario

1 Bedrooms1 Bathrooms712 sqft

Welcome to The Lighthouse, an established and well maintained building with outdoor pool in the heart of Bronte's Waterfront Community. Charming and quaint, south-facing One Bedroom Unit in the heart of sought-after Bronte Village. Fabulous unobstructed, panoramic Lake views. Features parquet flooring in the Bedroom, Living and Dining Rooms. Large windows allow for natural light to fill the unit. The bedroom is a serene retreat with ample space and views of the lake. Beautifully updated and upgraded bathroom with luxurious floor to ceiling tiles giving spa-like vibes. Large storage closet in hallway behind mirror. Within walking distance of a variety of local shops, restaurants, and cafes, Farm Boy Grocery Store, health facilities, Bronte Marina, Bronte Beach, and more!. This quiet, well-maintained building also features an exercise room, library, billiards room, sauna, workshop, heated, outdoor pool, and laundry room. WiFi also included in the maintenance fees. The community hosts various events and festivals throughout the year, contributing to its lively and welcoming ambiance. Located in the perfect location with easy access to public transit, Bronte GO, QEW and 407. (id:51158)

For Sale$465,000

36 James Street S Unit# 702

Hamilton, Ontario

2 Bedrooms1 Bathrooms1026 sqft

Elevate your lifestyle in the iconic Pigott Building located in downtown Hamilton’s vibrant core where you will find the Art Gallery of Hamilton, the lively Farmers' Market, and a mix of trendy restaurants, cafes, and boutiques along James St N & King William. Plus this is all within a quick stroll to the GO station - your friends can take the train or bus into the city and walk over for their weekend hangout. This chic, fully renovated end unit is bathed in natural light from its expansive windows. You will find two bedrooms. Open the double doors into the primary bedroom that boasts a custom walk-in closet, while the second bedroom makes a stylish office or guest space, for those weekend guests. If you are staying in, the sleek, modern kitchen with ample cabinet space is ideal for gatherings thanks to the airy open-concept layout and downtown views. With a 4-piece bath, in-suite laundry, and 1 underground parking spot, convenience is at your fingertips. This historic building seamlessly blends its original charm with contemporary updates while the condo offers timeless architecture that meets modern flair. You will love it! RSA (id:51158)

For Sale$469,000

111 Bristol Road E Unit# 110

Mississauga, Ontario

1 Bedrooms1 Bathrooms480 sqft

This beautifully updated 1-bedroom condo offers 480 sq. ft. of modern living space in a prime Mississauga location. Renovated in 2022, the kitchen features black stainless steel appliances, white quartz countertops, a matching backsplash, an extended breakfast counter, a double undermount sink, soft-close cupboard doors, and brushed brass hardware. Enjoy luxury heated bathroom floors and the convenience of a full-size washer and dryer. The unit comes with one of the most desirable parking spots in the complex, right by the stairwell, and is close to shopping, parks, transit, and major highways 401, 403, and the upcoming LRT Bristol-Hurontario stop. With low maintenance fees covering building insurance, water, outdoor pool access, a children's playground, and visitor parking, this condo is perfect for first-time buyers, downsizers, or those seeking an affordable, convenient home. Don't miss this fantastic opportunity! (id:51158)

For Sale$499,997

98 East 18th Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1030 sqft

RSA & Irreg sizes. Detached Mountain property with lots of possibilities. Great for rental investment or for your personal home use. Needs TLC. 2 car detached metal garage with long side drive. Offers 3+1 bedrms, 1.5 baths. Open concept, ’05 gas furnace and central air. ’17 new roof, ’17 new exterior siding. Updated electrical and 100 amp breaker panel service. Rear separate entrance to basement possible rental/in-law suite. Great location within walking distance to the famous Concession shopping/dining district, hospitals and cancer centre Jurvanski minutes away. Near the Mountain brow park city view from the Escarpment. Easy downtown access from the Sherman cut by car or walking the stairs. (id:51158)

For Sale$379,900

10 S Woodman Drive S Unit# 408

Hamilton, Ontario

1 Bedrooms1 Bathrooms670 sqft

Fantastic opportunity to own this lovely 1 bedroom condo in great location close to all amenities, highway access and Red Hill Exp. The modern eat-in kitchen offers lots of cabinetry with pull out doors and Lazy Susan. Patio doors off the cozy living room allows you to relax from your own private open balcony taking in the views. A perfect spot for morning coffee and entertaining. Double closets in the spacious bedroom and hallway. Each floor offers laundry (coin operated). This condo offers a lifestyle of comfort and convenience and is ready to move in. Parking spot #54, storage locker Rm 2 #408. Condo fees includes exterior maintenance, building insurance, heat, hydro and water. RSA Attach Schedule B and Form 801 to offer. (id:51158)

For Sale$475,000

121 Highway 8 N Unit# 308

Hamilton, Ontario

1 Bedrooms1 Bathrooms620 sqft

LIVE WITH STYLE!! AT CASA DI TORRE EUROPEAN LUXURY CONDO IN THE HEART OF STONEY CREEK. THIS CAPRI IV MODEL IS STEPS AWAY FROM EVERYTHING!, SOARING 10 FT CEILINGS WITH SOUTHERN EXPOSURE, KITCHEN WITH STAINLESS FRIDGE,STOVE,DISHWASHER,IDEAL OPTIONAL CENTER ISLAND, UPGRADED QUARTS COUNTERS .LIVING ROOM/DINING ROOM COMBINATION WITH WALK OUT TO BALCONY. PRIMARY BEDROOM WITH WALKIN CLOSET. IN-SUITE STACKED LANDRY ROOM .SMOKE FREE BUIIDING. AMENITIES INCLUDE ROOFTOP TERRACE WITH PANORAMIC VIEWS OF LAKE AND TORONTO SKYLINE, FIRE PITS AND CABANA STYLE SEATING,PERSONALIZED INDIVIDUAL GARDEN PLOTS, SOCIAL LOUNGE,YOGA STUDIO, FITNESS FACILITIES, MEDIA ROOM AND MUCH, MUCH MORE. EASY ACCESS TO QEW FOR EITHER TORONTO BOUND OR NIAGARA WINERIES AND DINING. GREAT LOCATION!!!! (id:51158)

For Sale$360,000

15 Queen Street S Unit# 1503

Hamilton, Ontario

1 Bedrooms1 Bathrooms401 sqft

Welcome to modern downtown living at 15 Queen St! This stylish bachelor condo in the heart of Hamilton boasts a sleek open-concept design, flooded with natural light and featuring soaring 9-foot ceilings. The unit offers unobstructed views, perfect for watching stunning sunsets from your private balcony. Located in a prime spot, you’re steps away from bus routes, the GO station, parks, and walking trails. Enjoy the convenience of nearby shopping, restaurants, and grocery stores, with McMaster University and Mohawk College just a short drive away. Amenities include in-suite laundry, a communal rooftop patio with BBQ, a gym, and 24-hour security. With easy access to Highway 403 and a quick commute to Toronto, this condo offers the ultimate in urban convenience. Don’t miss out on this chic, contemporary retreat in the heart of Hamilton! (id:51158)