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$429,900

100 Burloak Drive Unit# 1308

Burlington, Ontario

1 Bedrooms1 Bathrooms795 sqft

Retire in Style steps from Lake Ontario! Freshly painted one bedroom and den unit at Hearthstone by the Lake. Live independently or make use of the numerous amenities available to residents like Wellness Centre, Gym, Dining Room, library, lounge, housekeeping, indoor pool, 24/7 emergency nursing, handyman services, etc. Steps to Lake Ontario and located on the Burlington/Oakville border each unit comes with one underground parking space and a storage locker. Heating, air conditioning, and water is included in condo fees. Note: Club fee of $1672.45 payable monthly in addition to the condo fee. (id:51158)

For Sale$349,900

29 Sherman Avenue S Unit# 6

Hamilton, Ontario

2 Bedrooms1 Bathrooms560 sqft

Location, Location, Location! Attention all first-time buyers, or downsizers! You asked for affordability? You got it! Nestled in Hamilton’s “Stipley South Neighbourhood”, you will find your new home! This well maintained 2 Bedroom condo, is oozing with charm and character! Features include: Gleaming Hardwood Floors; Bleached Oak Kitchen Cupboards; lots of Natural light and carpet free! A handy rear entrance makes it easy to bring in your groceries from your owned parking spot! Coin operated laundry facilities on the premises. Minutes to Shopping, Restaurants, Tim Horton’s Field and steps to Public Transit, including Hamilton’s proposed LRT!! Nothing to do but move in and enjoy! Shop and compare – you’ll love what this cute and spotless building has to offer! (id:51158)

For Sale$489,999

2486 Old Bronte Road Unit# 519

Oakville, Ontario

1 Bedrooms1 Bathrooms574 sqft

This bright and serene open-concept 1 bedroom unit offers everything you need for a comfortable lifestyle, including a spacious balcony and a large walk-in closet in this roomy bedroom. The kitchen features ample cabinetry that enhances both style and storage. Enjoy the convenience of in-suite laundry and access to top-notch amenities like a gym, rooftop patio, and party room. Ideally positioned in North-West Oakville, you're just moments away from hospital, shopping, and easy access to Highways 407 and the QEW. Includes 1 underground parking and 1 storage locker. (id:51158)

For Sale$299,900

2 Vineland Avenue Unit# 9

Hamilton, Ontario

1 Bedrooms1 Bathrooms480 sqft

This affordable condo in Hamilton's Gibson / Stipley South offers an incredible opportunity to enter the market. This fully renovated & updated 1 bedroom, 1 bathroom unit features incredible built-in storage, hardwood floors, & high-ceilings. Enter into the living room to be greeted by the white brick ornamental fireplace with bright oversized windows allowing significant light to fill the space, and convenient built-in storage offering ample space to tuck away coats & shoes. The updated 4pc bathroom with marble floors and the modern & sleek galley kitchen offers great functionality with a bistro-dining area, stainless steel appliances & white cabinetry. The large wardrobe in the primary bedroom offers fantastic storage. Condo fees include heat & water. Shared laundry conveniently located in the building & close to the unit. Great opportunity for a first-time home buyer or investor looking for a low-maintenance, move-in ready property. Fabulous proximity to shops, public transit, Playhouse Cinema, Tim Hortons Field & more. (id:51158)

For Sale$369,900

1964 Main Street W Unit# 401

Hamilton, Ontario

2 Bedrooms1 Bathrooms760 sqft

Discover modern living in this fully renovated 2-bedroom, 1-bathroom condo at 1964 Main St W, Unit #401, Hamilton. The updated kitchen boasts sleek white cabinetry and stainless steel appliances, leading to a separate dining room and a spacious family room with stylish laminate flooring throughout. The bathroom features beautiful tile work and a contemporary vanity. Enjoy a large private balcony, perfect for relaxing outdoors. Loaded with amenities this unit had an indoor pool, media room and party room. Located close to McMaster University, shopping, parks, and with easy access to highways, Ancaster, and Dundas, this condo offers an excellent opportunity for first-time buyers or those looking to downsize. With exceptional value and move-in-ready appeal, this home is a must-see in a prime location. (id:51158)

For SaleOPEN HOUSE$399,000

11 Rebecca Street Unit# 403

Hamilton, Ontario

1 Bedrooms1 Bathrooms637 sqft

One-bedroom industrial penthouse loft in the heart of Hamilton's historical downtown area. This unique open concept freshly renovated unit has 16ft7inchs ceilings, 10ft7inch windows and exposed ducts! Kitchen (2024), bathroom (2024), AC and air handler (2021), fridge (2024), stove (2024) and stacked washer and dryer (2024). (All appliances come with a transferable protection plan). This loft is steps away from the trendy King William St. and James St. N. restaurants, the Hamilton Farmer's Market, GO Transit (West Harbour and Hunter Stations), parks, grocery stores, the royal botanical gardens, access to the bruce trail, the bay front, central public library and St. Joseph's and The General Hospital. With a walk score of 100, clearly, you're in the heart of it all! Parking is available on the street or in the neighbouring public lots. Monthly and yearly passes available. (id:51158)

For Sale$429,000

1966 Main Street W Unit# 1507

Hamilton, Ontario

3 Bedrooms2 Bathrooms1050 sqft

THREE BEDROOM TOP LEVEL CORNER UNIT, LAMINATE FLOORING, WALK OUT TO A BALCONY WITH OPEN PICTURESQUE VIEW. CLOSE TO MCMASTER UNIVERSITY AND HOSPITAL,. CONDO AMENITIES INCLUDE POOL IN THIS BUILDING, TENNIS COURT, SAUNA. PRIMARY BEDROOM WITH A 2 PC BATHROOM. UPDATED KITCHEN WITH NEW COUNTERTOP, NEW STOVE, NEW DISHWASHER AND NEW MICROWAVE. MAIN BATHROOM IS ALSO UPDATED WITH A NEW BATHTUB. (id:51158)

For Sale$469,990

2620 Binbrook Road Unit# 207

Hamilton, Ontario

2 Bedrooms3 Bathrooms1285 sqft

Introducing Unit 207 at Heritage Place – your gateway to modern living! Immerse yourself in the luxury of this brand-new, move-in-ready condominium crafted by the esteemed team at Homes by John Bruce Robinson. FREE 6 MONTH'S CONDO FEES OR APPLIANCE PACKAGE! With 2 bedrooms and 2.5 baths sprawled across 1,285 square feet, this residence promises an unparalleled living experience. As you enter this corner unit, you’ll be wowed by the thoughtful design of this home. The expansive living room boasts soaring ceilings and large windows, bathing the space in natural light. Transition seamlessly into the kitchen, where the allure of quartz countertops, a subway tile backsplash, ample storage and an inviting eat-in dining area awaits. Head to the upper level to find a generously sized primary bedroom, complete with a private 4-piece ensuite bath and double closets. The secondary bedroom, spacious enough to accommodate a queen-sized bed, shares the upper level's comfort. A second 4-piece bath and bedroom-level laundry, ready to be customized, round out the upper floor. Seize the opportunity to own a unit in this exclusive boutique building, offering not just a home but complete peace of mind. With top-notch finishings, an unbeatable location, and the assurance of a Tarion warranty, this is an investment in your lifestyle. Plus, enjoy the added perk of an owned parking spot! Don't miss out on securing this gem – act now before it's TOO LATE*! *REG TM. RSA. (id:51158)

For Sale$499,900

33 Shaw Street

Hamilton, Ontario

3 Bedrooms2 Bathrooms1571 sqft

Updated all brick semi-detached 2.5 storey home situated in the Keith neighbourhood with plenty of amenities including schools, parks, shopping & local eat in shops, as well as the Hamilton General Hospital, all within a few minutes walk or drive. Luxury vinyl flooring throughout. Covered front porch with new railing leads to the spacious foyer. Formal living room and separate dining area. 2-piece bath on the main level. Stunning kitchen features quartz countertops, undermount sink, soft close doors and drawers, and stainless steel appliances. Garden door leads to the 8 foot x 12 foot covered rear deck and rear yard. Second floor boasts three roomy bedrooms, including a huge primary bedroom. Updated 3-piece bathroom with porcelain tile flooring and glass shower enclosure. Huge loft space on the 3rd level with exposed brick wall. 16 foot x 20 foot detached garage accessible from the alleyway. Check with the City of Hamilton re: potential laneway home for extra income. Great home for a family or hobbyist. Affordability in the heart of Hamilton! (id:51158)

For Sale$437,900

1966 Main Street W Unit# 406

Hamilton, Ontario

3 Bedrooms2 Bathrooms1100 sqft

Updated and spacious condo features 3 Bedrooms plus an Office. Approx 1,100 square feet with lots of natural light. Hardwood floors in living, dining, hallway and primary bedroom. Sizeable white kitchen thoughtfully designed with ample cupboard and counter space plus breakfast/coffee bar - includes Stainless Steel appliances. Modern interior doors. 1.5 Baths updated with beautiful vanities (4pc with glass doors & 2pc ensuite). Large primary bedroom boasts an ensuite bath and walk in closet. Upgraded lighting. All 3 bedrooms feature remote operated lights/ceiling fans. Tons of closet space! Tall windows allow the light to spill in. Large Balcony overlooking green space with west exposure. Underground Parking & Storage Locker. Forest Glen Complex in desirable neighbourhood of west Hamilton at the base of the escarpment on the border of Ancaster & Dundas. Just move in and enjoy a turn key lifestyle at a well-maintained community - fees include water and superb amenities: party room, hobby room, games room, picnic area, indoor pool, sauna & new exercise room opening soon! Ample visitor parking. Dog friendly & backing on to expansive Conservation area with access to many trails! Fabulous location - Minutes to 403, Meadowlands in Ancaster, downtown, McMaster, public transit, shopping & more. RSA (id:51158)

For Sale$479,000

11 Rebecca Street Unit# 401

Hamilton, Ontario

2 Bedrooms1 Bathrooms788 sqft

Located in the heart of downtown Hamilton's vibrant art district - steps from trendy shops, cafes and restaurants. This stunning, spacious industrial loft has been recently updated to give it a bright, modern flair. The appealing open concept layout gives versatility for live/work space. The flexible design allows for either an office or bedroom on the main floor and is enhanced with a mezzanine bedroom that provides for a private cozy, private space overlooking the main living area. Soaring ceilings and tall expansive windows allow natural light to pour in. Quartz countertops with seating for four at the island, extra-deep 30 inch sink, and Talavera style ceramic tiles make the kitchen a welcoming place to cook and entertain. (id:51158)

For Sale$389,900

135 James Street S Unit# 812

Hamilton, Ontario

2 Bedrooms2 Bathrooms950 sqft

Welcome to Chateau Royale that's perfect for you young professionals or commuters. Centrally located in the heart of Hamilton and the business district, the GO bus station, St Josephs Hospital, McMaster medical centre, restaurants and shopping . This 2 bedroom, 2 bath condo is spacious to provide comfort in condo living and has juliette balcony. Primary suite has an ensuite bath, walk in closet and in suite laundry. Amenities include fitness room, roof top garden, concierge and storage locker. (id:51158)