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$479,900

3200 Dakota Common Unit# B602

Burlington, Ontario

1 Bedrooms1 Bathrooms500 sqft

Stunning condo in Burlington's prestigious Valera Condos! This unit features a rare offering of 2 underground parking spots!! and 2 lockers! fabulous open concept upgraded kitchen to living space, floor-to-ceiling windows providing ample sunlight, smart home technology, modern wood flooring, with west-facing balcony. The building offers top-notch amenities: 24/7 concierge, outdoor pool, BBQ terrace, fitness studio, sauna, steam room, pet spa, and a party room. Located steps from shopping, dining, and leisure facilities, with easy access to the 407, Appleby GO and Bronte Creek Park! this property offers unparalleled convenience and lifestyle. Don't miss this exceptional living opportunity! (id:51158)

For Sale$449,900

85 Robinson Street Unit# 606

Hamilton, Ontario

2 Bedrooms1 Bathrooms675 sqft

Live in Style! Stunning 1-Bedroom + Den Condo for sale. Step into luxury with this impeccably designed condo built by the Award-Winning New Horizon Development Group. Offering a spacious 675 sqft layout, this modern unit is a perfect blend of comfort and elegance. Start your day sipping coffee on your private balcony or wind down with a drink as the sun sets. Inside, you’ll enjoy the perks of geo-thermal heating and cooling, soaring 9-foot ceilings, and the convenience of in-suite laundry. This unit comes with 1 underground parking space and 1 locker, ensuring practicality meets sophistication. But it doesn’t stop there! The building boasts top-notch amenities including: two state-of-the-art fitness rooms, a stylish media room, an inviting party room, a chic outdoor terrace, and convenient bike storage. Located just steps from Hamilton GO Station, St. Joe’s Hospital, and the vibrant energy of trendy James Street, this prime spot is tailor-made for young professionals looking to elevate their lifestyle. Don’t miss your chance to call this remarkable condo home. Schedule your viewing today and experience the perfect balance of luxury and location! (id:51158)

For Sale$399,900

9 Rockwood Place Unit# 8

Hamilton, Ontario

2 Bedrooms1 Bathrooms806 sqft

Charming, affordable 2 bedroom in a prime Southwest Hamilton neighbourhood. Quiet and off the beaten path just below the Escarpment. Walk to St. Joe's Hospital, downtown. Quick access to mountain stairs. Good light, ensuite laundry. Open concept living. Excellent property management by Wilson Blanchard. (id:51158)

For Sale$399,990

145 Cathcart Street

Hamilton, Ontario

2 Bedrooms2 Bathrooms956 sqft

This charming 2-bedroom, 2-bathroom bungalow row house is an excellent opportunity for first-time homebuyers and investors alike. Located in the heart of downtown Hamilton, this home offers the perfect balance of comfort and convenience. The main floor features a bright, open-concept living and dining area, creating a welcoming space filled with natural light. The kitchen is functional and provides ample space for meal prep and entertaining. Both bedrooms are generously sized, offering plenty of room for relaxation. A full bathroom is conveniently located on the main floor, while a second bathroom is located downstairs, offering privacy and added convenience. The private backyard is perfect for enjoying the outdoors, while the full basement provides excellent storage options. Situated just steps from cafes, restaurants, shops, public transit, and parks, this home offers incredible walkability and easy access to everything downtown Hamilton has to offer. A must-see for anyone looking to invest or live in this vibrant neighborhood! (id:51158)

For SaleOPEN HOUSE$449,900

85 Robinson Street Street Unit# 206

Hamilton, Ontario

2 Bedrooms1 Bathrooms714 sqft

This 1+den condo at City Square is a Durand treasure. Whether you’re looking for a great priced starter home in the heart of Hamilton, or a downsizer with heaps of amenities, where you can lock-up and go, this one's for you. The open concept condo, which is less than 10 years old, has a large kitchen with quartz counters & breakfast bar seating for 4. The kitchen flows into the large living room and the balcony is perfect for enjoying your morning coffee. A large walk-in closet and oversized windows are great additions to the large primary bedroom. The condo is finished off with a large den with sliding door perfect as an office, work out room or extra room for guests along with a modern 4-piece bathroom. This property comes with an owned underground parking space and a private locker for added convenience. Additionally, the geothermal heat pump covers water, heating, and hot water as part of your maintenance fees. Amenities include: 2 gyms, media room, bike storage and a rooftop terrace. (id:51158)

For Sale$349,900

350 Quigley Road Unit# 346

Hamilton, Ontario

2 Bedrooms1 Bathrooms945 sqft

Welcome to condo living at its finest! This stunning 2-storey, 2-bedroom condo is nestled in a meticulously maintained building, offering breathtaking views of the adjacent ravine. Perfectly situated within walking distance to a variety of shops and restaurants, this property is an ideal choice for first-time home buyers and commuters alike. Enjoy easy access to the Redhill for a seamless commute to the QEW, while nearby walking trails invite you to explore the great outdoors. The building’s amenities are plentiful, featuring basketball nets, a community garden, bike storage, a party room, and a children’s playground—making it a perfect environment for families and active lifestyles. With its distinctive exterior walkways and two-level layout, the condo radiates a charming townhome atmosphere that is both inviting and functional. Additional features include one dedicated parking spot & a spacious storage locker. Pet lovers will appreciate the pet-friendly policy, while the beautifully maintained grounds enhance the overall appeal of this community. (id:51158)

For Sale$384,900

17 Albemarle Street

Hamilton, Ontario

3 Bedrooms1 Bathrooms1037 sqft

Spacious 3 bedroom home close to all amenities in Crown Point North and steps to Centre Mall. Modern bathroom, flooring, large fenced backyard with deck and patio. This home features main floor laundry, separate dining room and lots of storage in the basement. Perfect for first time buyer or investor. 24 hours required for all showings. Showings after 4:00 pm Monday – Friday, anytime on weekends. No Representations or Warranties are made of any kind by the Seller. Rental Equipment is unknown. RSA (id:51158)

For Sale$449,900

346 Emerald Street N

Hamilton, Ontario

2 Bedrooms1 Bathrooms801 sqft

Enjoy easy, condo fee free year-round living in Barton Village! Absolutely nothing left to do but move in and enjoy! This all brick semi-detached home was just completely updated and features luxury vinyl flooring throughout. Potlighting throughout the main level. Stunning new kitchen with stainless steel appliances, quartz countertops, and ceramic tile backsplash. Garden door off of the dining area to the private outdoor space. The second level features a huge primary bedroom with a walk-in closet, a second bedroom with closet, and a beautiful 3-piece bathroom boasting vanity with quartz countertop and tiled shower with glass enclosure and glass sliding door. Permit-free street parking right outside your front door. The location offers walking distance to cafes, restaurants, bars, the GO Station, city transit, the future LRT line, Hamilton General Hospital, parks, dog parks, and schools. (id:51158)

For Sale$449,900

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, 1.5baths (powder rm & 4 pc), single driveway + no rear neighbours. Spacious living/dining room combo with GAS FIREPLACE THAT PROVIDESENOUGH 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$399,900

548 Mary Street

Hamilton, Ontario

2 Bedrooms2 Bathrooms630 sqft

ATTENTION INVESTORS & HANDYMEN!!! Looking for a great investment opportunity or a great value for a home you could call your own. This is the PERFECT opportunity, great location close to Bayfront Park, downtown and HWY access. The project is already started - the home is down to the studs and awaits your vision. Want BIGGER and BETTER, ask about a potential immediate construction opportunity. DO NOT MISS your INVESTMENT opportunity at a great price and in a great location, this does not come along every day! (id:51158)

For Sale$284,900

150 Charlton Avenue E Unit# 303

Hamilton, Ontario

1 Bedrooms1 Bathrooms4891 sqft

Welcome to Unit 303 at the Olympia Building, located in the heart of Hamilton’s vibrant Corktown neighborhood. This charming FULLY FURNISHED 1-bedroom, 1-bathroom condo, just under 500 sq. ft. of well-designed living space, make it the perfect choice for first-time homebuyers or investors. The unit features a spacious balcony, ideal for sipping your morning coffee, growing potted plants, or simply relaxing outdoors. Building amenities include a swimming pool, sauna, squash courts, party room, exercise room, sun deck, and a coin-operated laundry room for added convenience. With a location that’s just steps from the Hamilton GO Station, public transit, and easy access to HWY 403, making an ideal commuting location. Walking distance to downtown, offering a variety of restaurants, shops, and the popular monthly Art Crawl. For nature lovers, Wentworth Stairs and nearby trails provide the perfect opportunity for outdoor recreation and exercise. This turn-key, fully furnished condo offers a fantastic opportunity in a central and sought-after location. Don’t miss out—schedule your showing today! (id:51158)

For Sale$319,900

1950 Main Street W Unit# 204

Hamilton, Ontario

1 Bedrooms1 Bathrooms600 sqft

Welcome to this beautifully updated condo, perfectly situated in one of Hamilton's most desirable neighbourhoods. Just steps away from lush parks, scenic trails, and expansive greens paces, this condo offers a serene retreat in the heart of the city with escarpment views from your balcony. The location is unbeatable, minutes from McMaster Hospital and McMaster University, making it an ideal choice for healthcare professionals or students.The condo has been recently refreshed, featuring new flooring and updated kitchen. The bright and open living space is perfect for relaxing or entertaining, with large windows that let in plenty of natural light.Condo fees include all utilities, cable, parking, building insurance, and exterior maintenance. Don't miss the opportunity to own this move-in-ready gem in Hamilton! (id:51158)