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 SaleOPEN HOUSE$420,000
House For Sale

1284 Guelph Line Unit# 113

Burlington, Ontario

1 Bedrooms1 Bathrooms576 sqft
Enjoy carefree living in Mod'rn! A smaller boutique condo providing a quieter, less congested setting than many larger condo complexes. Relish in the convenience and privacy of this unique ground-floor end unit, tucked away in a quiet C-shaped building. With only one neighbouring unit beside you and no one below, you'll experience an enhanced level of peace and quiet. This prime unit location offers quick and easy access to the underground parking stairwell making commutes a breeze, while large 9' windows overlook a scenic roundabout complete with landscaped flower beds and greenspaces, adding charm to your living space. Enjoy the added security of seeing all arrivals as they pass by while looking out into the building's beautiful interior facade. Entertain friends on the spacious rooftop patio with sweeping south facing views complete with lounge furniture, gas fireplace and gas BBQ's. Party room on the ground floor provides options for indoor events and an alternative setting during the winter months. This carpet free unit provides 10 foot ceilings, & 6 appliances. Kitchen includes movable island, backsplash & granite countertops. The Living room includes a sliding patio door entry to your personal terrace. Only ground floor units such as this one are permitted personal BBQ's on the terrace. All windows in this unit are complete with Panorama Sterling 50 Solar Gard window film for enhanced privacy, UV protection, and energy efficiency. 1 underground parking space is included. The underground garage has ample visitor parking spaces for guests. Conveniently located close to QEW and Burlington Go. A great place to call home. This unit is ideal for anyone seeking ground-level accessibility combined with the benefits of a private end-unit retreat. (id:51158)
For Sale$479,900
House For Sale

10 Roxborough Avenue

Hamilton, Ontario

2 Bedrooms1 Bathrooms984 sqft
Welcome to this charming home, nestled on a dead-end court. The inviting covered porch is a perfect spot to unwind and enjoy your surroundings. Step inside to a traditional floor plan that combines classic elegance with modern updates. The open-concept living and dining areas feature recently refinished original hardwood floors, creating a warm and welcoming ambiance. The living room showcases a vintage fireplace, adding a touch of timeless character. The bright and airy kitchen, bathed in natural light from numerous windows, is both spacious and functional. It comes equipped with a new stove, as well as a dishwasher, and fridge, and provides convenient access to the rear yard for easy outdoor entertaining. Upstairs, you'll find two generously sized bedrooms with trendy laminate floors. The master bedroom and the second bedroom are complemented by a 4-piece bath, offering comfort and convenience. The finished basement offers practical space for storage and laundry, and with a brand-new furnace installed in 2024, you'll enjoy reliable warmth throughout the year. The backyard is a true retreat, featuring a deck perfect for relaxing or hosting gatherings. The space is fully fenced and beautifully landscaped. This home offers a blend of classic charm and modern convenience in a tranquil setting. Schedule your visit today and see how this delightful property could be the perfect place for you to call home. (id:51158)
For Sale$449,000
House For Sale

78 Martimas Avenue

Hamilton, Ontario

3 Bedrooms1846 sqft
Stunning and fully upgraded 3-bedroom, 3-bathroom detached home, offering a bright and spacious layout. The open-concept main floor flows beautifully into a newly renovated kitchen. The home features a fully finished basement. The exterior has been meticulously updated with new fencing, concrete walkways, a newly built porch, and a large deck. The backyard and sides of the home are freshly sodded, and it includes gas hookups for both a BBQ and stove. Inside, the home is carpet-free, with new windows and doors, LED lighting throughout, and freshly painted walls.Ducts have been recently cleaned, and the property is close to all amenities. Truly a 10+++ home! Within 5-15 Mins from Hwy QEW, Hwy 403, Hospital, Hamilton GO Centre, Lake Area, Mohawk College, McMaster University, Airport, Schools & Parks. Full Height Kitchen Cabinets With Crown Molding And Under Mount Cabinet Led Lights, Oak Staircase, High Ceilings On Main Floor, Potential To Add 2 Bedrooms In Basement. Roof has been replaced in 2023 and has Warranty till 2038. HWT rental is $17.88. AC, Furn are also Rental but will be paid off before closing. (id:51158)
For Sale$359,900
House For Sale

1251 Cannon Street E

Hamilton, Ontario

2 Bedrooms1 Bathrooms690 sqft
Close to Ottawa st. shopping, transit, dining and more. Good for a first time buyer or for retirement. Property is vacant so fast closing is possible. Seller has never lived in the property. Property being sold “As Is”. Seller makes no representations or warranties. Furnace rental contract has a buyout option of 3560.00 plus taxes and seller willing to payout on closing depending on the offer.. Attach schedule B and deposit must be certified. (id:51158)
For Sale$449,900
House For Sale

25 Britten Close Unit# B52

Hamilton, Ontario

3 Bedrooms1 Bathrooms1180 sqft
Don't miss this fantastic opportunity to own a charming 3-bedroom, 1-bathroom townhome in the welcoming West Hamilton Mountain neighborhood! Conveniently located just minutes from the Lincoln Alexander Parkway and a short stroll from Newlands Park, this home is move-in ready. It has been freshly painted and features a brand new modern kitchen with stunning quartz countertops, along with an updated bathroom. Enjoy the cozy gas fireplace and the convenience of main floor laundry. The fully fenced backyard offers privacy and space for outdoor enjoyment. This delightful home is a must-see! Contact us today to schedule a viewing. (id:51158)
For Sale$419,999
House For Sale

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$449,900
House For Sale

6 Ben Lomond Place

Hamilton, Ontario

3 Bedrooms1 Bathrooms813 sqft
Step into this charming 3-bedroom home, where comfort meets modern style. Perfect for first-time buyers, this property is move-in ready and features tasteful updates. Located near walking paths and parks, it offers a welcoming environment for family living. Ideal for both entertaining and everyday comfort, this home blends practicality with a touch of modern charm. (id:51158)
For Sale$317,999
House For Sale

101 Queen Street S Unit# 301

Hamilton, Ontario

1 Bedrooms1 Bathrooms795 sqft
If you want to right size without giving up style and function -- we've got you. This one bedroom, 1 bath with a sun-room is for you. Carefree living awaits in the coveted neighbourhood of Historic Durand. Professionally renovated with care and craftsmanship. This 1 bedroom suite has an oversized bedroom that can accommodate a king size bed, desk and sitting nook, and features two closets and semi-ensuite bath. East facing sun-kissed sunroom for your morning coffee and the perfect reading nook all day long. This spotless & beautiful sun-filled suite enjoys unobstructed eastern views overlooking the lush, treed shared common area with barbecue and garden. Country Maple vinyl plank flooring, ceramic tile (carpet free), plenty of upgrades in this modernized suite. Kitchen has newer counters, cabinets, Memory Cobalt Blue backsplash, with plenty of cupboard space on both sides of the galley-kitchen. 795 sq ft of living space. Parking and locker included. Walk to shops, restaurants, and cafes of Locke Street & James Street South, Go Transit, city transit, community centre with indoor pool, Hamilton Tennis Club, and HAAA park with running track. Condo fee includes: Heat, Hydro, Water, Parking, Common Elements, Exterior Maintenance. Come and see what all the fuss is about. (id:51158)
For SaleOPEN HOUSE$499,000
House For Sale

28 Britannia Avenue

Hamilton, Ontario

3 Bedrooms2 Bathrooms1195 sqft
Looking for a walkable lifestyle? This home offers an easy stroll to shopping, dining, and transit. With extensive improvements both visible and behind-the-scenes across all three levels, it's move-in ready for years of easy living—complete with newer shingles on the roof! The open-concept living and dining area features tall ceilings and updated flooring. The spacious kitchen boasts updated appliances, including a gas range, fridge, and pantry cabinetry, perfect for the home cook. Families will appreciate the functional mudroom at the back entry. Upstairs, you'll find 3 generous bedrooms and a bright 4-piece family bath, updated in 2020. The finished lower level offers an additional 3-piece bath for convenience, along with a laundry room and den—ideal for a home office. Unseen updates include the replacement of original lead water lines, newer shingles (2020), and waterproofing on all foundation walls. Enjoy morning coffee on the front porch and evening barbecues in the spacious backyard. This home is designed for comfort and convenience! (id:51158)
For Sale$399,900
House For Sale

271 Mary Street

Hamilton, Ontario

2 Bedrooms2 Bathrooms1280 sqft
Attention Investors or First-Time Homebuyers! This inviting 2-storey home in the heart of Hamilton offers an amazing opportunity for both seasoned investors and those looking to settle into their first home. With 2 spacious bedrooms, 1.5 bathrooms, and a versatile office space, this home is designed for comfort and functionality. A unique separate entrance to the second floor through the backyard presents the option for added privacy or Duplex potential. Situated in a prime location, you’re just steps from all the conveniences Hamilton has to offer, including public transit, grocery stores, coffee shops, and other essential amenities. Whether you’re planning to invest, rent, or make this your new home, this property combines location, practicality, and potential. Embrace urban living with ease and style in this fantastic property. Don't miss out on this incredible opportunity! (id:51158)
For SaleOPEN HOUSE$475,000
House For Sale

529 Wentworth Street N

Hamilton, Ontario

4 Bedrooms3 Bathrooms1826 sqft
This charming 4 bedroom, 2.5 bathroom century home offers over 1700 sq.ft of finished living space! Step inside to discover an inviting open concept living and dining area, accentuated by high ceilings that create a spacious, airy feel, with a main floor powder room. Upstairs features 3 bedrooms, full bathroom and a versatile bonus room on the 3rd floor. The finished basement with a second full bathroom adds extra living space. **Rare private driveway with parking for 2+ cars** Close to West Harbour Go Station, Pier 8/Marina, restaurants and shopping. Must be seen! (id:51158)
For SaleOPEN HOUSE$499,999
House For Sale

64 Argyle Avenue

Hamilton, Ontario

4 Bedrooms1 Bathrooms1075 sqft
Welcome to 64 Argyle Ave! This inviting three-bedroom, one 4pc bathroom home offers over 1100 sq ft of living space in the desirable Crownpoint neighborhood of Hamilton. Featuring numerous updates including new appliances, shed, windows, doors, roof, eaves, and soffits, as well as the replacement of lead pipes, this residence is truly move-in ready. Enjoy very efficient, modern, comforts such as a Tankless Hot Water system, Heat Pump, AC (all only 1-3 yrs old) and main floor laundry. With spacious rooms and a separate dining area, this home is perfect for both daily living and entertaining. Outside, a fully fenced backyard and front two-car parking enhance the property's appeal. Located close to public transit, shopping, parks, recreational facilities, trails, restaurants, and just steps from bustling Ottawa Street, this home offers the ideal combination of comfort and convenience. Additional upgrades including a crawl space rebuild in 2023 by Omni Basements ($38,000 with lifetime support and warranty), new flooring throughout, front steps in 2023, and bathroom fixtures in 2023, further elevate the value of this property. Don't miss out on this exceptional opportunity! (id:51158)

 

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Discover affordable homes for sale in the Greater Toronto Area under $500,000. Explore budget-friendly neighborhoods, market insights, and practical tips for first-time buyers.

If you’re looking to sell your home, it’s crucial to get the price right. This can be a tricky task, but fortunately, you don’t have to do it alone. By seeking out expert advice from a seasoned real estate agent like Tony Sousa from the SousaSells.ca Team, you can get the guidance you need to determine the perfect price for your property. With Tony’s extensive experience in the industry, he knows exactly what factors to consider when pricing a home, and he’ll work closely with you to ensure that you get the best possible outcome. So why leave your home’s value up to chance? Contact Tony today to get started on the path to a successful home sale.

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