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$459,900

25 Britten Close Unit# A11

Hamilton, Ontario

4 Bedrooms2 Bathrooms1259 sqft

Quiet W. Mtn location. Close to schools & buses as well as highways and amenities. END UNIT Affordable 1260 sf townhome. 4 bedrooms, 1.5 baths (powder rm & 4 pc), single driveway + no rear neighbours. Spacious living/dining room combo with GAS FIREPLACE THAT PROVIDES ENOUGH HEAT FOR THE WHOLE HOUSE. Eat-in kitchen. Shed with electricity in good sized backyard. The new fence at the side of the house will be completed by building management along with renovations done. Some cosmetic work needed. Reflected in the price. Great value. Owner has not lived in the property so all appliances to be sold in as is Condition. 48 hours irr. RSA. Attach sched B Deposit must be certified. (id:51158)

For Sale$349,777

9 Grant Boulevard Unit# 103

Hamilton, Ontario

1 Bedrooms1 Bathrooms708 sqft

Here’s your chance to own a beautifully updated 1-bedroom corner unit co-op in the charming, well-maintained, building located in the highly sought-after University Gardens neighborhood. This bright, spacious corner unit boasts an open-concept layout with bright white walls and stunning vinyl plank flooring throughout. The recently updated galley-style eat-in kitchen is perfect for the chef connoisseur, featuring stainless steel appliances with a stylish gray tile accent wall. The large primary bedroom is filled with natural light, plus large double door closet. Freshly updated 4-piece bathroom adds a touch of luxury. Step outside to the outdoor covered patio to sit and enjoy the beautiful summer days. Front foyer with double closet. Enjoy the convenience of living just steps away from University Plaza, McMaster, conservation areas, parks, schools, and downtown Dundas. This unit comes with one extra wide parking space, a storage locker, Building is wheelchair accessible with an elevator for your convenience. The co-op fees cover property taxes, exterior maintenance, cable, internet, heat, water, parking, and building insurance. Note: Buyer must be approved by the Co-op Board. This is a smoke free, pet free building. (id:51158)

For Sale$399,900

90 Charlton Avenue W Unit# 308

Hamilton, Ontario

1 Bedrooms1 Bathrooms563 sqft

Welcome to 90 Charlton! A beautiful 563 sq ft 1 Bedroom 1 Bathroom unit in vibrant Durand neighbourhood in downtown Hamilton. Condo amenities include, main floor bike storage, exercise room, party room, board office and locker. Located near St. Joes Hospital, GO station, Locke St, James ST North and much more. This unit offers laminate flooring, central air, and airy and bright floor to ceiling windows facing North and West. Spacious balcony adds a peaceful spot to hangout outside. Come check out with this building and neighbourhood has to offer. Locker 55 Level 1. (id:51158)

For Sale$319,997

8 Dalkeith Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms1507 sqft

All rooms sizes are approx. it's FIRE SALE sold as is and Buyer can do his own diligence before submitting an offer. Must be a Firm Offer (no conditions) Built in 1910 and was 2.5 Stry solid brick 3 Bdrms + loft and 2 Baths. No utilities due to fire and are available. For any information or details pls contact the Listing Agent direct 905-512-5993. (id:51158)

For Sale$499,900

4005 Kilmer Drive Unit# 305

Burlington, Ontario

2 Bedrooms1 Bathrooms859 sqft

Discover urban convenience and comfort in this charming 1-bedroom PLUS DEN condo nestled in the sought-after Tansley Gardens. Featuring an inviting open concept layout, the space is flooded with natural light and boasts a private balcony accessible from the kitchen. Enjoy modern amenities including a 4-piece bathroom, convenient in-suite laundry, and ample storage with a separate locker and underground parking. Perfectly situated for a dynamic lifestyle, you're steps away from restaurants, grocery stores, and recreation facilities, with easy access to transit and major highways. Embrace the ideal blend of convenience and style in this vibrant community. (id:51158)

For Sale$449,900

74 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1150 sqft

$40,000 IN SAVINGS WITH AN EXTENDED CLOSING!!! Welcome to 74 Woodman Drive North a newly renovated townhome! The main floor boasts a bright kitchen with brand-new cabinets, quartz countertops, and stainless steel appliances. Enjoy easy living with a separate living room and dining room, all featuring modern wide plank vinyl flooring. Upstairs, you'll find three spacious bedrooms, including a primary bedroom with a full wall closet, plus a refreshed 4-piece bathroom. The unfinished basement offers endless potential for storage or future customization. Outside, enjoy your own private backyard, perfect for relaxing. One exclusive parking spot is included. Located close to all amenities with easy access to highways, public transit, shopping, and schools. Don't miss your chance to own this fantastic property! (id:51158)

For Sale$489,900

78 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1150 sqft

Welcome to 78 Woodman Drive N, a freshly updated townhome! This inviting home features a bright kitchen with brand-new cabinets, quartz countertops, and stainless steel appliances. The main floor offers a separate living and dining room, both with stylish wide plank vinyl flooring for a modern touch. Upstairs, you'll find three comfortable bedrooms, including a spacious primary with a full wall closet, and a beautifully updated 4-piece bathroom. The unfinished basement provides ample storage or future potential. Outside, enjoy your very own private backyard perfect for unwinding after a long day. One exclusive parking spot is included. Conveniently located close to highways, public transit, shopping, and schools. Act quickly this home won't last long! (id:51158)

For Sale$449,900

76 Woodman Drive N

Hamilton, Ontario

3 Bedrooms2 Bathrooms1150 sqft

$40,000 IN SAVINGS WITH AN EXTENDED CLOSING!!! Discover 76 Woodman Drive North, a beautifully updated townhome offering modern finishes and an extended closing option. The main level features a bright kitchen with new cabinetry, stunning quartz countertops, and stainless steel appliances. Enjoy the comfort of a separate living room and dining room, both adorned with stylish wide plank vinyl flooring. Upstairs, you'll find three well-sized bedrooms, including a primary bedroom with a full wall closet, and a sleek 4-piece bathroom. The unfinished basement provides great storage or potential for further development. Outside, the private backyard offers the perfect spot to unwind. One exclusive parking spot is included. Ideally located with easy access to highways, public transit, shopping, and schools. Dont miss the opportunity to make this updated home yours! (id:51158)

For Sale$299,900

802 King Street W Unit# 5

Hamilton, Ontario

2 Bedrooms1 Bathrooms722 sqft

West end co-op apartment move in ready. Quiet and well maintained building. Unit is freshly painted and clean. Inexpensive living in a prime neighbourhood near parks and nature trails. On a public transit route, and just a short walk to many amenities including Westdale Village and McMaster University. A short drive to Highway 403 access. Offers to be conditional on Board approval. (id:51158)

For Sale$419,900

1966 Main Street W Unit# 1508

Hamilton, Ontario

3 Bedrooms2 Bathrooms1010 sqft

Welcome to 1508-1966 Main Street West in Hamilton. This top floor unit overlooking the rear park, escarpment and walking trails features 3 Bedrooms, 1.5 Baths and 1010 sq feet of living space. Kitchen has been updated and has a contemporary glass backsplash, all GE appliances and white cabinetry. Living/Dining room with hardwood flooring, wainscoting and crown Moulding leading to sliding door to outside balcony overlooking the park area as mentioned. The large Primary Bedroom also with Crown Molding and Wainscoting also overlooks the rear area and features a walk-in closet and en-suite 2 piece bathroom. The second bedroom also has crown Moulding and wainscoting and all bedrooms have new carpeting 2024. The 4 piece bathroom has an updated vanity with marble top and undermount sink and the tub surround with support rails. Small storage room and large front closet. 1 Underground spot and 1 Storage locker. Complex Amenities feature visitor parking, Pool and Sauna (finishing renovations Fall 2024), Party Room, Laundry Facilities, New Fitness Room to be completed, Two Large Games Rooms (building B), Large Double Craft Room (Building C), 2 Large Hobby Workshops (Building C) and Activity/Meeting Club Room building C). Heat and Water included in the Condo Fee. Very clean updated and appealing top floor unit ready for you today! (id:51158)

For Sale$424,500

1966 Main Street W 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, amenities, local craft breweries, and more. The kitchen includes white cabinets, stainless steel appliances, a breakfast bar, and laminate flooring. Bedrooms has 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. (id:51158)

For Sale$379,900

350 Quigley Road Unit# 631

Hamilton, Ontario

3 Bedrooms1 Bathrooms1088 sqft

This charming property is perfect for first-time buyers seeking a unique living experience. The building features distinctive sky exterior walkways and two-storey units that offer a townhome-like ambiance. This particular unit has been meticulously cared for and boasts an open-concept living and dining area. The kitchen comes fully equipped with all essential appliances, including a new dishwasher installed in 2024. There's ample storage space beneath the staircase, and you can enjoy relaxing on the balcony with picturesque views of the escarpment and lake. Recent updates to the unit include new windows, a renovated bathroom, and a new patio door. The amenities include one underground parking spot near the elevator, a one spacious storage locker, in-suite laundry, an additional onsite laundry facility, a party room, a community garden, a children’s playground, a covered caged basketball area, and beautifully maintained grounds. This building is also pet friendly. Conveniently located close to schools, parks, and shopping, with easy access to the Linc and QEW for commuting, this property offers both comfort and convenience. Condo Fees include heat and water. (id:51158)