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

455 Charlton Avenue E Unit# 208

Hamilton, Ontario

2 Bedrooms2 Bathrooms811 sqft

Stylish and Modern Vista Condos Built 2020. Live right next to nature while nearby city conveniences! Excellent Central Location - Perfect for Business Professionals working Downtown & Healthcare Workers as its steps to St. Joes Hospital and minutes to many area Hospitals. Open concept Elm layout boasts 811 square feet - 2 Beds, 2 Baths. Corner unit with Escarpment & City Views - Oversized Windows and Sliding Doors provide plenty of Natural Light. Large Quartz Counter in sizeable U-shaped Kitchen with Breakfast Bar & Glass Backsplash. Ample Cupboard space. Stainless appliances include Fridge, Stove, Microwave/Range Hood & Dishwasher. Many Upgrades: Floors, Cabinets, Backsplash, Countertop, Bathroom Tiles & Lighting. Both Bedrooms with Large Closets - Primary features gleaming all white 4pc Ensuite. Second Bed could be a Home Office. Main 3pc Bath with Glass Shower - so each Bedroom has their own Bath. Convenient In-Suite Laundry includes Stacking Washer/Dryer. Spacious Balcony with Northeast Exposure offers room for Outdoor Dining & Relaxation. Includes Storage Locker and Underground Parking Space. Nearby trendy Corktown & Augusta, green space, trails, bike share, transit, shopping, restaurants, coffee shops, schools & parks! Fees include Heat, AC & Water plus Exterior Maintenance & Building Amenities featuring: Motion activated LED Lighting, Acoustic Underlay for Sound Insulation. Beautiful Lobby with Water Feature. Common Outdoor Terraces with BBQs. Well equipped Gym. Party Room with Kitchen & Fireplace. Bike Storage. Security. Visitor Parking. Dog friendly - one dog, one cat, a cat and a dog, or two cats per unit. *Quick closing available* Do not miss this opportunity - call today for your private viewing! RSA (id:51158)

For Sale$429,900

1966 Main Street W Unit# 402

Hamilton, Ontario

3 Bedrooms2 Bathrooms1092 sqft

Immediate possession available! This condo is a spacious 3 bedroom Condo(1,092sq.ft.) in the Forest Glen Complex. Minutes to McMaster University and ideal for students. Masterbedroom w/2pc. ensuite and walk in closet. Enjoy the balcony w/forest views.Located steps from transportation,McMaster University,conservation trails,shopping, and amenities. Parking spot 11P2. Locker #52, pool, sauna, party room. S/S fridge, stove, dishwasher(new), freshly painted ('22) (id:51158)

For Sale$399,777

175 Hunter Street E Unit# 504

Hamilton, Ontario

2 Bedrooms1 Bathrooms960 sqft

Welcome to 175 Hunter Street East, a lovely condominium in the heart of Hamilton. Amazing location, close to transit, hospital, shopping, bars and all that this great city has to offer. Spacious 2-bedroom unit located conveniently on the 5th floor with amazing views of the escarpment! Great quiet neighbours and a family friendly area. Many upgrades done recently such as new LED lights, new AC, and new high efficiency baseboard heaters. This unit comes with 1 parking spot and 1 storage for you to use. Condo fees include all external maintenance, water, high-speed internet and cable TV, so you safe over $200/month by not needing to pay for those things separately! Enjoy this large condo, with maintenance free living on a quiet street and everything you need is walking distance! (id:51158)

For SaleOPEN HOUSE$375,000

175 Hunter Street E Unit# 505

Hamilton, Ontario

2 Bedrooms1 Bathrooms906 sqft

Welcome to this bright and spacious 2-bedroom condo apartment offering 906 square feet of comfortable living space. Bathed in natural light, this unit features large windows, generous room sizes, and the convenience of in-suite laundry. Enjoy the added benefits of 1 underground parking spot and a locker for extra storage. Located in a secure and meticulously maintained building, you'll have access to fantastic amenities including a rooftop terrace with stunning views, and elevators for easy access. Just a short walk to the GO station, making it perfect for commuters. Superintendent on site. Included in the condo fee is unlimited gigabit internet, Bell's Better TV package, plus Crave HBO. Within the last ten years the building has undergone many renovations including exterior, new roof, cladding, partial new garage roof deck, and new elevators were just recently installed. Next project will be the lobby and hallways and the party room likely in 2026. Don't miss out on this exceptional opportunity! (id:51158)

For Sale$499,900

10 Gibbs Road Unit# 501

Toronto, Ontario

1 Bedrooms1 Bathrooms491 sqft

Welcome To 'Park Terrace A Master Planned Community At Valhalla Town Square. Popular Mid-Rise Building. Spacious 1 Bedroom With Parking (#313, P2) And Balcony (491 Sf, Balcony 56 Sf). Open Concept Living/Dining, floor to ceiling windows,9' ceiling. Modern Kitchen With Stainless Steel Appliances & Modern Cabinetry. 24/7 Concierge, Outdoor Pool, Rooftop Patio. Bbq. Gym& Cardio. Theatre & Party Room, Library & Kids Zone. Shuttle To Kipling Subway. Walking Distance To Cloverdale Mall, Grocery Stores. Direct Access To Hgw 427.Status Certificate will be Ordered.RSA (id:51158)

For Sale$499,900

354 Cumberland Avenue

Hamilton, Ontario

5 Bedrooms2 Bathrooms1876 sqft

Discover the charming 2.5 storey home brimming with character and history, located just steps from the iconic Gage Park. The first floor boasts high ceilings, an oversized family room, a separate dining room, and a quaint kitchen with a walkout to the mudroom and backyard. The second floor offers three generously-sized bedrooms and a four-piece bathroom. The third floor features an additional two bedrooms, ideal for guests, a playroom, or an office. The basement, with a separate entrance, includes laundry facilities, a four-piece bathroom, and awaits your finishing touches. The spacious backyard is perfect for entertaining and includes a detached garage. Roof updated in 2019. Conveniently close to all amenities, schools, and highways. Don’t be TOO LATE*! *REG TM. RSA. (id:51158)

For Sale$429,900

66 Bay Street S Unit# 613

Hamilton, Ontario

2 Bedrooms1 Bathrooms836 sqft

Experience urban living at its finest at the Core Lofts! Right in the heart of downtown Hamilton this prime location offers unparalleled convenience and access to the city's best attractions. Large open concept one bedroom plus Den unit. 10+ft ceilings, over 800 sq ft living. Floor to ceiling windows with Juliette balcony. Large eat-in kitchen with granite counters, stainless steel appliances. Den could be used as office or potential second bedroom. In suite laundry, Locker Included. (id:51158)

For Sale$458,000

118 King Street E Unit# 418

Hamilton, Ontario

1 Bedrooms1 Bathrooms674 sqft

Step inside The incredible Residences of the Royal Connaught! Spacious and bright corner unit with 674 sq feet, 1 bedroom, 1 Bath with gorgeous escarpment views. Open concept kitchen with granite counters, stainless steel appliances and large breakfast bar. Entire unit upgraded with laminate floors, pot lights, living room with 9 foot ceilings and a primary bed with over- sized walk in closet. 4 pc main bath room with quartz counters, 18 inch ceramic floors and showers surround. In-suite laundry. Amazing amenities, 24 hour concierge, gym, party/media room and incredible rooftop patio with cabanas, couches, fireplace and BBQ all steps away from the unit on 4th floor. Close to transit, GO station, awesome restaurants, shops, all downtown Hamilton has to offer. Great location for McMaster University or Columbia College students. Don’t miss out, come see what all the hype is about in Downtown Hamilton! (id:51158)

For Sale$499,900

5 Hanna Avenue Unit# 212

Toronto, Ontario

1 Bathrooms450 sqft

Gorgeous Studio In Liberty Market Lofts w Parking Included! This Stylish & Spacious 450sqft Studio, w Large 80sqft W/O Balcony Located in the heart of Trendy LV! Open Concept Kitchen Features S/S Built-In Appliances, Gleaming Quartz Counter, And Backsplash. Steps Away From 24Hours Metro, Goodlife, The Art, Bars, Restaurants, Fashion & Entertainment District. Short Walk To King St Streetcar. This condo has been Freshly Painted, professionally cleaned, & can be sold w all the furniture included! (id:51158)

For Sale$439,900

200 Limeridge Road W Unit# 103

Hamilton, Ontario

1 Bedrooms1 Bathrooms754 sqft

This spacious main-floor 1-bedroom condo on Hamilton's sought-after West Mountain offers convenient living with a blend of comfort and accessibility. Featuring an exclusive underground parking spot and your own private locker, this unit ensures plenty of storage and ease. With ample visitor parking, it's perfect for hosting guests. Located on a major bus route, close to schools, and with quick access to the Lincoln M. Alexander Parkway (the Linc), commuting and daily errands are a breeze. This is a fantastic opportunity for first-time buyers, downsizers, or investors in a desirable, well-connected community. (id:51158)

For Sale$499,000

47 Caroline Street N Unit# 403

Hamilton, Ontario

2 Bedrooms1 Bathrooms813 sqft

Welcome to Cityview Terrace Condos, where breathtaking views and modern comfort meet! This stunning condo features a spacious private terrace patio over 400 sq. ft.,the perfect spot to catch both gorgeous sunrises and stunning summer sunsets. Ideal for relaxation and entertainment, this condo comes with all the amenities you could need.Located in the highly sought-after downtown Hamilton, this unit sits on a quiet street with easy access to highways, a variety of restaurants, and entertainment options. For outdoor lovers, five picturesque parks are just a short walk away. Inside, you’ll find soaring 9-ft ceilings, sleek pot lights, and stainless steel appliances. The kitchen is equipped with granite countertops and a stylish island bar with a double sink. Enjoy the convenience of updated motion sensor lighting, in-suite laundry, and ownership of both a parking space and a locker. This rare find offers 1 four-piece bathroom and 2 generously sized bedrooms, including a walk-in closet in the primary bedroom. Cityview Terrace Condos is a well-maintained building with only 60 units, over 60% owner-occupied. The long-term, on-site superintendent, who has been an owner for over 10 years, adds a personal touch of care. The building features two elevators serving just six floors, providing convenience without overcrowding. Don’t miss out on the chance to call this place home! Schedule a viewing today and experience urban living at its finest. (id:51158)

For Sale$499,000

90 Charlton Avenue W Unit# 502

Hamilton, Ontario

2 Bedrooms1 Bathrooms777 sqft

Welcome to City Square at 90 Charlton Ave W. Perfectly located in The Heart of The Upscale Durand North with Only Seconds To The Front Door Of St Joseph's Hospital, Trendy James St, Lots of Cafe's and Shopping On Locke Street, And Minutes To GO transit. Enjoy the Old Architecture Of The Buildings That Surround Charlton Ave As You Stroll Or Bike Through The Neighbourhood. Perfect For GO Commuters In and Out Of Town. 9ft Ceilings And Open Concept Living Room With A Walk-Out To Large Balcony With Beautiful Views of The Escarpment On One Side. This Unit Features Modern Finishes, Floor to Ceiling Glass Walls in Bedroom. In-Suite Laundry, Bright Large Kitchen With Centre Island, Stainless Steel Appliances. Tons Of Natural Lighting, Great For Relaxing And Entertaining! This Condo Has A Gym, Massive Party , And Meeting Room, Owned Locker And Underground Parking Spot, Plus A Bicycle Storage Room. Heating, Cooling, Water Included In Condo Fees. THIS SPACIOUS MODERN 777 SQFT ONE BEDROOM + DEN, CORNER SUITE OPEN CONCEPT IS A MUST SEE FOR ANY MEDICAL PROFESSIONAL, BUSINESS PROFESSIONAL, OR FIRST TIME HOME BUYER... (id:51158)