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

21 East Avenue S Unit# 604

Hamilton, Ontario

3 Bedrooms2 Bathrooms1335 sqft

Wow! here is your chance to purchase a very rare large 1335 sq/ft Condominium with 3 bedrooms , 2 bathrooms and 2 underground parking spots. Situated right across the Street from St. Patrick Catholic Elementary School. Best priced Condo in the building on a per sq/ ft basis. This property boosts a very large family room, Kitchen and dining room area. Lage Primary Bedroom with en-suite bathroom and a Large Patio. Separate Laundry Room with two full size machines. Large Hot water Tank. All the space you would expect to find in a full size home at a fraction of the cost of a detached house. Call today to check out this amazing opportunity. (id:51158)

For Sale$489,900

185 Simcoe Street E

Hamilton, Ontario

3 Bedrooms1 Bathrooms719 sqft

CALLING ALL FIRST TIME BUYERS. THIS SEMI-DETACHED BUNGALOW HAS 3 BEDROOMS, UPDATED KITCHEN & BATHROOM, A VERY PRIVATE PATIO / YARD, AND IS LOADED WITH CHARM. LOCATED IN THE HEART OF THE NORTH END, THIS AREA IS KNOWN FOR IT’S FAMILY-FRIENDLY NEIGHBOURHOODS, COMMUNITY SPIRIT, CULTURAL VIBRANCY. CONVENIENT ACCESS TO SCHOOLS, SHOPS, RESTAURANTS, CAFES, AND FAMILY ENTERTAINMENT OPTIONS ALONG THE WATERFRONT. IT IS AN EASY WALK TO THE PIER 4 PARK & BAYFRONT PARK WHICH ARE IDEAL FOR FAMILY PICNICS, LEISURE ACTIVITIES AND ENJOYING LAKE VIEWS. FOR THE COMMUTER, THE WEST HARBOUR GO STATION IS CLOSE BY AND THE HOSPITAL IS JUST AROUND THE CORNER. ALL OF THIS MAKING 185 SIMCOE ST E AN ATTRACTIVE OPTION FOR YOUNG FAMILIES TO PUT DOWN ROOTS AND MAKE MEMORIES. PLEASE NOTE THAT STREET PARKING IS AVAILABLE BY PERMIT ATCOST OF APPROX. 100/YR (2023). (id:51158)

For Sale$499,900

1444 Upper Ottawa Street Unit# 30

Hamilton, Ontario

3 Bedrooms2 Bathrooms1185 sqft

SAVINGS WITH AN EXTENDED CLOSING!!! Backing onto OPEN SPACE this NEWLY RENOVATED TOWNHOME on HAMILTON’s EAST MOUNTAIN. VINYL PLANK FLOORING invites you to a “bright & spacious” open concept LIVING & DINING AREA. Perfect for ENTERTAINING or just cozying up on the sofa. There is even enough room for a reading area or HOME OFFICE. The NEW KITCHEN boasts STAINLESS STEEL APPLIANCES, PANTRY & gorgeous QUARTZ COUNTERTOPS. When it’s time to head upstairs there are 3 SPACIOUS bedrooms. PRIMARY BEDROOM & one SECONDARY BEDROOM are large enough for a KING or 2 BEDS. Laundry downstairs. Close to all AMENITIES, LINC & REDHILL. Call, text or email for your appointment! (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$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$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$417,000

5 Frith Road Unit# 912

Toronto, Ontario

1 Bedrooms1 Bathrooms700 sqft

Lovely 1 Bedroom 1 Bath Condo In Toronto Awaits You! This Well Maintained Unit Offers A South View W/ Large Balcony And Sunny Unobstructed Views! Bright Living & Dining Room, With Floor-To-Ceiling Windows. Spacious Kitchen With Breakfast Area! Includes 1 Parking Spot And 1 Locker! Building Offers Great Amenities Such As Exercise Room, Pool, Sauna & Rec Room. (id:51158)

For Sale$479,900

112 King Street E Unit# 608

Hamilton, Ontario

2 Bedrooms2 Bathrooms1075 sqft

Amazing Value!! Beautiful 2 Bedroom 2 Bath Condo For The Price Of Recently Sold 1 Bedroom Units! This Unit Offers An Open Concept Floor Plan & Unobstructed Views! Bright Living Area With Floor-To-Ceiling Windows. Large Kitchen With Quartz Counters, Stainless Steel Kitchen Appliances & A Centre Island Perfect For Entertaining! Primary Bedroom Features A 4 Piece Bath & A Large Walk-In Closet! Building Offers Great Amenities Such As Concierge, Exercise Room & Recreation Room. This Won't Last Long! Act Fast! Extras: LOCATION LOCATION LOCATION! Located In Trendy Hamilton Steps Away From Starbucks, Shops, Parks, Art Gallery & GO Station. Parking And Locker Included! Locker Conveniently Located On The Same Floor As Unit. See It First Before It Is Gone! (id:51158)

For Sale$429,000

1968 Main Street W Unit# 101

Hamilton, Ontario

3 Bedrooms2 Bathrooms1092 sqft

Great Location in the most desirable building in the Forest Glen complex. 2Br plus Bedroom/Den (could be converted back to Br), 1.5 Baths. master Br has walk-in closet and 2pc. ensuite. Quiet location on lowest floor with balcony overlooking greenspace and Conservation lands.Laundry room, storage and parking garage access are near the unit on the same floor. Unit has been updated - kitchen, baths & flooring. Unit is Wheelchair Accessable including the main bathroom shower. Pool with changerooms and sauna are nearby. Proposed exersise room for the same level. Exterior rear exit to outside greenspace is nearby unit. Storage locker across from unit as well as in-unit storage closet. Parking on the basement level below. Appliances included. Furnishings negoitable. Priced for quick sale. This condominium is near public transport,schools, shopping, McMaster University. Generous visitor parking outside. It is a spacious unit with good finishes. Book your showing today. (id:51158)

For Sale$349,000

432 Main Street E Unit# 902

Hamilton, Ontario

2 Bedrooms2 Bathrooms1027 sqft

HUNTER GREEN CONDO, 2 BEDROOM OVER 1000 SQ. FT, IN GREAT CENTRAL LOCATION, SHOPPING DIRECTLY ACROSS THE STREET, LARGE BALCONY WITH VIEW OF THE HARBOUR, SPACIOUS ROOMS, LOTS OF NATURAL LIGHT, 2 BATHS, UNDEGROUND PARKING, PARTY ROOM AND GUEST PARKING, UNIT NEEDS RENO'S AND TLC (id:51158)

For Sale$274,900

150 Charlton Avenue E Unit# 2907

Hamilton, Ontario

1 Bedrooms1 Bathrooms485 sqft

Make yourself at home at 150 Charlton Ave. E., Unit 2907, the Olympia Condos, in the Corktown neighbourhood of Hamilton. This bright, carpet free, and updated 1 bedroom 1 bathroom unit has floor to ceiling windows and a spacious private balcony with breathtaking views year-round of the Niagara Escarpment and sunsets! Located just a quick walk to many local restaurants, shops, parks, bus routes, cycling/walking trails, St. Joe's Hospital, and the Hamilton Go Centre. Quick access to the mountain and many major roads. Amenities include an indoor pool, gym, sauna, squash court, billiards and party/media room! Condo fees include building insurance, common elements, exterior maintenance, heat, hydro and water! Book your showing today to see this impressive unit before it's gone. Parking is available to rent along with this unit for $100.00 per month. (id:51158)

For Sale$459,900

15 Agnes Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1229 sqft

Welcome to 15 Agnes Street, nestled in the heart of a vibrant, up-and-coming neighborhood in Hamilton. This charming 3-bedroom, 2-full bath home offers the perfect blend of modern convenience and community charm. Located just steps away from the lively shops and popular restaurants of Ottawa Street, this residence is an ideal choice for those who appreciate urban living with a touch of local flair. Inside, you'll find a well-appointed layout awaiting your finishing touches, promising endless possibilities to customize and make it your own. Ample natural light fills the generously sized rooms, creating a warm and inviting atmosphere throughout. Outside, enjoy the convenience of a private, generously sized outdoor space - perfect for relaxing, entertaining, or simply unwinding after a busy day. With the added convenience of one dedicated parking spot, this home effortlessly combines comfort and practicality. Don't miss out on the opportunity to call 15 Agnes Street home. Schedule your private showing today and discover the potential that awaits in this thriving Hamilton neighborhood. (id:51158)