Here’s where you can buy a condo for under $500K in the Greater Toronto Area

Finding a decent place to live in the Greater Toronto Area for under $500,000 isn’t easy.

With the Canadian election coming up, many Canadians ranked housing affordability as a top issue. Nationally, 55 per cent of Canadians say a party or candidate’s positioning on policies related to housing will influence their vote in the upcoming federal election, a Royal LePage survey conducted by Burson found.

There is no doubt, despite recent dips, real estate prices have climbed in last five to 10 years, particularly in larger cities. The average price for a condo in Mississauga was $583,918 in March.

Across Canada, the average home price was $491,000 in 2018 but that has increased by 36 per cent to $668,097 in 2025, according to data gathered by real estate brokerage Zoocasa from the Canadian Real Estate Association.

So is it still possible to find a condo unit for under $500,000 in the GTA?

In a recent report, Zoocasa found 23 per cent of GTA regions have condos priced under $500,000 in 2025. These regions include Innisfil, Brampton, Bradford, Uxbridge, Orangeville, Oshawa and Georgina.

The places that topped the list with average condo prices over $700,000 include King. Toronto, Aurora, Scugog and Markham.

Although Toronto and the GTA have always been more expensive than other areas in the country, a $491,000 budget in 2018 was more than enough to find a condo within your price range, Zoocasa said.  The average condo across the GTA at the time was $551,003, and many units in the 905 suburbs sold well below that average.

But now people searching for an affordable condo, are being pushed further away from Toronto’s core.

“…today’s higher average home prices mean buyers get less space and fewer options closer to Toronto. This pushes many first-time buyers to the outskirts in search of affordability,” Zoocasa noted.

Brampton may be the closest option for those who need to commute into the city.

“Brampton’s a solid option if you want to stay in the GTA without the high price tag,” said Brampton-based eXp Realty agent Shan Thavayogam in the Zoocasa report. “The commute can take 45 minutes to over an hour depending on traffic, but it’s manageable, especially if you steer clear of peak times.”

See the full report from Zoocasa here.

Lead photo: Gustavo Galeano Maz