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$480,000

42 Cameron Avenue N

Hamilton, Ontario

2 Bedrooms1 Bathrooms785 sqft

Handyman's Special! Attention investors a 2 bedroom fully Detached bungalow. Private back yard. Full basement. Great neighbourhood in East Hamilton. . The right buyer could bring this bungalow back to life. Property being sold “As Is”. Seller makes no representations or warranties. 48 Irrevocable required. Please include Probate Clause in all Offers. SQFT Measurements provided by MPAC. (id:51158)

For Sale$469,900

120 Quigley Road Unit# 19

Hamilton, Ontario

3 Bedrooms2 Bathrooms930 sqft

RENOVATOR'S DREAM! This townhome is in a great location and priced to go. With 3 bedrooms and 1.5 washrooms, you could turn this unit into your forever home. Walking distance to all amenities and public transit, you're close to everything. Major highway access close by. (id:51158)

For Sale$439,900

1966 Main Street W Unit# 1404

Hamilton, Ontario

3 Bedrooms2 Bathrooms1092 sqft

Beautifully updated 3 Bedroom condo apt in Forest Glen Complex. A prime location close to McMaster University & Hospital as well as easy access to the 403. Spacious open concept layout with breathtaking views of the escarpment. Eat-in kit w/oversized island, new cabinets, quartz counters, porcelain backsplash, new Whirlpool appliances. New modern floors throughout, crown moulding, new trim/ doors, new LED light fixtures & pot lights. Master bedroom features 2 pc ensuite & WI closet. Main bath with soaker tub. LR-DR w/sliding door to private balcony which is beautifully finished with patio flooring. Open concept office/den area. Freshly painted with new curtains and blinds throughout, as well as ceiling fans in all bedrooms. amenities offered: indoor pool, sauna, party room, games room, locker room, picnic area & much more. 1 owned UG parking #18P11. Locker # 21. (id:51158)

For Sale$464,900

66 Bay Street S Unit# 612

Hamilton, Ontario

1 Bedrooms1 Bathrooms834 sqft

Experience urban chic living at the Core Lofts! This super cool condo boasts a modern industrial vibe with polished concrete floors, soaring 10+ft ceilings with exposed pipes and beams, glass bock accents and floor-to-ceiling windows for a ton of natural light. This 834 sqft unit features 1 bedroom plus a den that can also serve as a home office or an additional bedroom, a 4pc bath, convenient in-suite laundry and an open-concept living and dining area. The kitchen features stainless steel appliances with lots of cupboards and the spacious open living area is perfect for entertaining with a Juliette balcony to enjoy west-facing sunset views. Residents enjoy premium building amenities, including a gym, party room, guest suites, and rooftop patio with BBQ perfect for taking in breathtaking city skyline views. The unit include an underground parking spot and convenient lockers on 8th-floor. This sought-after building in a prime downtown location is close to all area hospitals, making it ideal for medical professionals, and within walking distance of James St N, restaurants, shopping and amenities, the AGH, Convention Centre, FirstOntario Place, the Library, Farmers’ Market and just minutes to trendy Locke St S., McMaster University, public and Go-transit, and easy access to the 403 make this cool and convenient condo at the Core Lofts the perfect choice to call home! (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 SaleOPEN HOUSE$395,000

85 Bristol Road E Unit# 155

Mississauga, Ontario

2 Bedrooms1 Bathrooms765 sqft

Discover the perfect family home in a highly sought-after, family-friendly complex! This stunning 2-bedroom corner suite offers a blend of comfort and convenience, making it an ideal choice for your next home. KEY FEATURES: Spacious Open Concept Layout: Enjoy the airy ambiance created by elegant cathedral ceilings and an abundance of natural light. Private Balcony: Relax and unwind in your own outdoor space. Added Conveniences: Featuring ensuite laundry, an ensuite locker, and a covered surface parking space, ensuring a hassle-free winter season. Family-Friendly Amenities: The complex boasts a kids' park and an outdoor pool, perfect for family fun. Prime Location: Centrally located with easy access to major bus routes and the upcoming Hurontario Light Rail Transit line, offering seamless transportation options. Close to two major highways (401 and 403), the upscale Square One mall and Heartland Towne Centre, major businesses and an elementary and high school just a short stroll away. **Bonus** All furnishings and decor items are included. (id:51158)

For Sale$399,900

29 New Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms747 sqft

ATTENTION FIRST TIME BUYERS AND INVESTORS. Welcome to 29 New St! Nestled in the heart of Hamilton, this charming detached home offers an exceptional opportunity for those seeking to enter the Hamilton market. Located in the vibrant and sought-after Strathcona South neighbourhood, this property boasts unparalleled convenience with easy access to Hwy 403, McMaster University, grocery shopping, restaurants, parks, schools, and public transportation routes. Whether you're an investor looking for your next project or a homeowner eager to create a personalized space, the potential here is limitless. The spacious layout provides ample room for customization, allowing you to transform this home into a modern, functional living space that perfectly suits your vision. Don’t miss out on this rare chance to own a piece of Hamilton real estate in a prime location! (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$349,000

150 Charlton Avenue E Unit# 1102

Hamilton, Ontario

2 Bedrooms2 Bathrooms996 sqft

This end unit suite offers stunning, unobstructed panoramic views of the escarpment, downtown and the Hamilton Harbour and fills the unit with natural sunlight through the wall to ceiling windows. Enjoy your morning coffee as you look out towards the escarpment on your private patio. Located in the heart of Hamilton where you can walk to downtown, trendy James, Augusta and Locke streets. Enjoy the specialty boutiques, trendy restaurants, and bars the neighbourhood has to offer. St. Joseph's hospital is right at your doorstep. With easy access to the 403 and the GO station, it is a very convenient location for commuters. This building offers several amenities including media room, pool, sauna, exercise room, squash court, party room, roof top patio, and 24 hour security surveillance. Condo fees include heat, hydro, water, building insurance, common elements, building maintenance, locker. (id:51158)

For Sale$279,900

5 East 36th Street Unit# 410b

Hamilton, Ontario

1 Bedrooms1 Bathrooms618 sqft

EASY LIVING! This bright 1 bedroom unit is nicely updated. Great kitchen with updated cabinets, backsplash and open shelves. The low monthly fees include Building Insurance, Common Elements, Taxes, Heat and Water! The co-op offers convenient amenities such as on-site laundry facilities, secure entry, and dedicated parking (surface parking avail for $40/month). This co-op provides both comfort and peace of mind for residents. Situated on the Mountain Brow with great views and provides easy access to parks, walking and biking trails, and steps to Juravinski Hospital. Easy access to public transit, Concession St. amenities, downtown Hamilton via Sherman Cut or Jolley Cut. RSA (id:51158)

For Sale$439,999

57 Mericourt Road Unit# 302

Hamilton, Ontario

2 Bedrooms1 Bathrooms650 sqft

Quaint building in Hamilton West, located minutes from downtown Dundas, Old Ancaster, and walking distance to McMaster Hospital/Univeristy as well as Fortinos shopping plaza and local restaurants for convenience. Enjoy exploring Tiffany falls as well as Dundas Valley Trails. Updated unit with new flooring through out, updated bathroom, Large windows in both the main living area as well as bedroom, filling the unit with natural sunlight! (id:51158)

For Sale$409,000

400 York Boulevard Unit# 302

Hamilton, Ontario

1 Bedrooms1 Bathrooms733 sqft

PRIME LOCATION! Welcome to this spacious 733sqft condo in the heart of Hamilton’s vibrant downtown! Offering a bright, open-concept layout complete with modern finishes. Loaded with natural light this unit features generous size bedroom with spacious closet, 4pc bath, expansive living room with wide plank flooring, dining room, kitchen with abundance of cupboard and counter space and convenient in-suite laundry with ample storage. Includes exclusive owned secure underground parking space. LOCATION THAT CAN’T BE BEAT! Close to all amenities, steps to all downtown Hamilton has to offer. Steps to trendy Locke St, Dundurn Castle, Bayfront Park, West Harbour Go, McMaster University and minutes to highway access. Great affordable opportunity for first time buyers, those looking to downsize, students and young professionals. Don’t miss out on this opportunity to live in and be a part of this vibrant community. (id:51158)