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$369,900

42 Macklin Street N Unit# 36

Hamilton, Ontario

2 Bedrooms1 Bathrooms1036 sqft

Westdale co-op Townhouse. Co-op Fee $550.00 and includes property tax, water, building insurance, snow clearing, lawn maintenance & gutter cleaning. Unit must be owner occupied. Mortgages not available for co-ops as Buyer is purchasing Shares in Co-op. Bright unit, updated windows, new flooring on main level, parking along the fence behind the unit. Fenced yard. Buyer must be approved by Board & must provide police check, credit check, 2 references(not family), at Buyer's expense. Condo Co-op makes no warranties or representations & unit is purchased as is. Walking distance to all amenities nearby. Close to public transit. (id:51158)

For Sale$499,999

20 Keith Street

Hamilton, Ontario

5 Bedrooms2 Bathrooms1796 sqft

Welcome to 20 Keith St, a well-maintained 2.5-story home in a family-friendly Hamilton neighborhood! This spacious home offers 5 bedrooms, including 2 in a charming loft, and 2 full bathrooms. Recent updates include a 2-year-old AC system, a 6-year-old roof, and some newly installed windows. The sunroom is perfect for morning coffee or relaxation, while the backyard shed with hydro adds functionality. Located steps from schools, parks, and transit, this home is also close to local shops, dining, and entertainment. Street parking with permits adds convenience. Clean and move-in ready, this home is perfect for families or anyone seeking space and charm. Schedule your showing today! (id:51158)

For Sale$459,990

62 Riverdale Drive Unit# 26

Hamilton, Ontario

4 Bedrooms2 Bathrooms1150 sqft

Beautiful Townhouse! This move-in ready 3+1 bedroom, 1.5 bath home is located within walking distance to every desirable amenities. On the bright a spacious living room, 2-piece washroom, backyard access and an eat-in-kitchen with ample storage and upgraded stainless steel appliances. The upper level is complete with a large primary bedroom, 2 additional good size bedrooms and a 3-piece bathroom. Close to major Highways, Schools, Parks, Stores, hospital, Library, Public Transit, Recreation Community Centre. The fully furnished basement with Recreation Room RSA (id:51158)

For Sale$319,900

135 James Street S Unit# 1206

Hamilton, Ontario

2 Bedrooms2 Bathrooms900 sqft

2 bedroom, 2 full bathrooms. The “Hughson “ at the Chateau Royale with in suite laundry and great views! This condominium has it all- 24 hour concierge, sauna, gym, private resident only ground park and grass area as well as huge roof top terrace on the 14th floor! Underground parking space available to buy or rent. (id:51158)

For Sale$438,000

415 Main Street W Unit# 104

Hamilton, Ontario

1 Bedrooms1 Bathrooms510 sqft

Gorgeous Main floor Unit with Private Terrace. Brand new Westgate Condos! Very accessible to Downtown Hamilton, Public Transit, Linc/403 Access. Minutes to McMaster University, Downtown GO Station, St. Joseph's Hospital & McMaster Children's Hospital. Walk to trendy Hess Village, Locke Street and the shops and restaurants of James Street. Easy, urban living! All appliances included. In suite washer/dryer. (id:51158)

For Sale$324,900

283 King Street E Unit# 206

Hamilton, Ontario

1 Bedrooms1 Bathrooms535 sqft

Beautiful condo with very low monthly fees (ONLY $226/MONTH!!!) in the downtown core. Spacious unit perfect for first time home buyers looking to live a chic downtown lifestyle or an investor looking to lease out a condo with low maintenance fees. 9' ceilings, open concept, newer appliances, granite countertops, backsplash, hardwood floors and laundry on the same floor. Excellent location! Close to trendy restaurants, cafes, shopping, offices, colleges, Art Crawl, transit, GO Station and everything the heart of downtown has to offer. Welcome Home! RSA (id:51158)

For Sale$379,900

75 Queen Street N Unit# 1501

Hamilton, Ontario

3 Bedrooms2 Bathrooms1148 sqft

Welcome to 1501-75 Queen Street N in the City of Hamilton. Looking to experience everything condo living has to offer, this is the unit for you. Enjoy this HUGE condo unit with a total of 1,148sqft, and an amazing view over the city of Hamilton and Lake Ontario. Floor-to-ceiling windows bring in so much natural light and surreal views of Hamilton. Unlike new condos, you receive 3 massive bedrooms with city views, and a full 3 piece bathroom along with a 2-piece ensuite bathroom. A bonus feature is in-suite laundry and storage. This unit is ready for its new owner to either move in or make small changes to boost its value. With room to expand the kitchen or small cosmetic work, this is your chance to secure an amazing city-view unit in a great, quiet building. This unit comes with an underground parking space. Looking for a convenient location to commute or close to amenities? You are a 10-minute walk to West Harbour GO Train Station, within walking distance to amazing restaurants on James Street North, or Locke Street where you can find amazing shops and food! Enjoy the condo lifestyle with an indoor pool, sauna, roof-top patio for socializing, exercise room, party/meeting room, and your private Tennis Court. (id:51158)

For Sale$499,900

455 Charlton Avenue E Unit# 206

Hamilton, Ontario

2 Bedrooms2 Bathrooms796 sqft

Discover unparalleled views from this exquisite 796 sqft two-bedroom, two-bath boutique-style condo and features underground parking—a true urban gem! Revel in breathtaking vistas of natural beauty and the shimmering skyline at night. Modern upgrades include elegant stone countertops, sleek cabinetry, top-of-the-line stainless steel appliances, in-suite laundry with washer/dryer, and a spacious full-size locker. Positioned just moments from Hamilton’s vibrant city center and tranquil nature pathways, this condo welcomes you with its airy and bright open floor plan, enhancing the allure of luxury living. The chef’s kitchen is a culinary delight, showcasing ample cabinetry that reaches the ceiling, stunning quartz countertops, a beautiful glass backsplash, under-mount sink, and breakfast bar seating for four—perfect for entertaining! The versatile second bedroom can easily serve as a cozy den, or separate dining room, an expansion of the living space with frosted glass doors that promote an airy flow. Both bathrooms have been tastefully updated for your comfort. Enjoy the unbeatable convenience of in-suite laundry, a generous triple-sized locker, and prime underground parking situated just steps from the elevators. Centrally located, this building is mere minutes away from three major hospitals, McMaster University, and the bustling bars and restaurants of Augusta and James Street. Exceptional building amenities include a fully equipped gym, party room, bike storage, and ample visitor parking. Don’t miss your chance to embrace luxury living in the heart of Hamilton! Outdoor enthusiasts will appreciate the close proximity to the Hamilton Rail Trail for daily walks, while incredible shopping and dining options await just around the corner. The perfect spot for downsizing, first-time in Buyers or savvy investors! (id:51158)

For Sale$479,900

2486 Old Bronte Road Unit# 19

Oakville, Ontario

1 Bedrooms560 sqft

Welcome to 2486 Old Bronte Rd, Mint building, featuring a rooftop terrace with stunning views! 1 bed, 1 bath condo. Open-concept layout, tones of natural light. Stainless steel appliances, ample counter space. Hardwood flooring throughout, 4pc bathroom. Amenities including fitness room, party room, bike room and a rooftop terrace offering stunning views. 1 underground parking spot and storage locker. Nearby shopping, dining, parks and entertainment. Close to transit & Hwy's. (id:51158)

For Sale$459,000

975 Warwick Court Unit# 201

Burlington, Ontario

2 Bedrooms1 Bathrooms1025 sqft

Welcome to affordable, easy living in beautiful Aldershot! This freshly painted 2-bedroom condo is the perfect mix of comfort and convenience. The updated kitchen and bathroom add a modern touch, while the bright, inviting space makes you feel right at home. Located close to major highways and the GO station, getting where you need to go has never been easier. Whether you’re a first-time buyer ready to start your homeownership journey or a downsizer looking for a simpler life, this condo checks all the boxes. Enjoy the fantastic amenities, including a games room/library, party room, indoor pool, and exercise room—all designed to make life more enjoyable. Don’t miss the chance to own a home that blends affordability with convenience in a location that can’t be beat! (id:51158)

For Sale$414,900

350 Quigley Road Unit# 110

Hamilton, Ontario

3 Bedrooms1 Bathrooms984 sqft

Rare main level unit available . Very spacious and renovated, 2 storey , 3 bedroom unit nearing almost 1000 sf. very convenient when unloading groceries and no need to wait for elevators., enjoy 2 balconies or easily take a puppy for a walk. close to amenities, Redhill valley pkwy and Highway access. Many parks and playgrounds within walking distance. Also ask about condo property manager run rental program. (id:51158)

For Sale$379,900

350 Quigley Road Unit# 826

Hamilton, Ontario

3 Bedrooms1 Bathrooms1088 sqft

This penthouse has a townhome feel, due to the unique outdoor sky streets and 2 storey layout with no units above. This beautiful owner-occupied unit includes 3 bedrooms & 1 bath. It will be easy to make this your new home. Newer windows throughout including a newer patio door. Included is the washer, dryer, fridge, stove and dishwasher; all that is needed are your belongings! This unit also comes with 1 underground parking space as well as a spacious storage locker and in-suite pantry. The building has many amenities including outside and inside basketball nets, community garden, bike storage, party room and children's playground. From the balcony you have views of the lake and overlook greenspace. This building is pet friendly (including dogs) and close to the Red Hill for an easy commute to the QEW with loads of walking trails nearby. (id:51158)