5 GTA Condos for Less Than $500,000

By Josh Sherman | 5 minute read

This contemporary mid-rise building in Burlington is home to one of the GTA’s many condos that was listed for below $500,000 as of March 22, 2023.

It’s still possible to find condos in the Greater Toronto Area for less than $500,000.

Although the average price of a GTA condo was $705,472 last month, many units still have sticker prices below half a million dollars. To get an idea of what kinds of condos are available at this price point, Wahi looked at active listings as of March 22 in each of the five regions that make up the GTA. While it’s important to note that list prices don’t necessarily reflect what a home sells for, the following five condos give a general idea of how far $500,000 can go in the GTA multi-family market, especially considering most neighbourhoods are in underbidding territory these days despite a recent surge of homes selling for over asking.

Durham: A “Yacht Club” Condo off Whitby Harbour  

Address: 340 Watson St. W., Unit 103

Neighbourhood: Port Whitby

Bathrooms: 1

Bedrooms: 1

Monthly maintenance: $585.64

Listed for: $499,000

This first-floor unit is located in the Yacht Club, a Canderel development that dates back to 2008. Overlooking Whitby Harbour, the approximately 500-square-foot unit is only minutes from the Port Whitby Marina, waterfront trails, the Whitby Yacht Club and more.

A one-bedroom condo has its limits. And so do ground-oriented units, for that matter (what’s a lakeside condo without the view?). But the smaller floorplan keeps maintenance fees lower, and you won’t be stuck waiting for the elevator. Plus, the immediate area has a unique assortment of outdoor attractions.

Halton: Mid-Rise Living Minutes From a Burlington GO Stop   

Address: 34 Plains Rd. E., Unit 310

Neighbourhood: LaSalle, Burlington

Bathrooms: 1

Bedrooms: 1

Monthly maintenance: $423.47

Listed for: $479,900

Last month, Halton’s Burlington community had the highest average condo price of any GTA municipality. The city’s average was just shy of the $1 million mark — so listings below $500,000 are tough to come by there — or anywhere else in Halton. However, homebuyers still have some options, like this suite in the mid-rise Seasons Condominiums, near the Aldershot GO Station.

High-rise living can feel claustrophobic for some. That should be less of an issue in this boutique building, which is just six storeys high and contains only 40 other dwellings. Unit 310 is on the third floor, has a modern kitchen, and a modest balcony.

Peel: More Than 1,000 Square Feet Near Square One   

Address: 25 Fairview Rd. W., Unit 1212

Neighbourhood: Fairview, Mississauga

Bathrooms: 2

Bedrooms: 2

Monthly maintenance: $882.84

Listed for: $499,000

Just minutes from Square One Shopping Centre, the biggest mall in the province, few buildings in Mississauga can claim a more convenient location than the Fairmont Condos at 25 Fairview Rd. W. Unit 1212 boasts 1,055 square feet of living space. Both bathrooms have been updated, and every room in this suite boasts unobstructed views.

The possible drawbacks? The Fairmont Condos were completed in 1990. Some homebuyers might want something more contemporary. Also, the maintenance fees are approaching $1,000 per month. That adds up.

Toronto: An Older Three-Bedroom Townhouse in Scarborough   

Address: 100 Mornelle Crt., Unit 2002

Neighbourhood: Morningside, Scarborough

Bathrooms: 2

Bedrooms: 3

Monthly maintenance: $726.05

Listed for: $469,000

For homebuyers intent on living in the 416 area code, Scarborough generally has more affordable prices than many other Toronto communities. Take this recently renovated three-bedroom condo-townhouse, for example.

It’s got a terrace, a pair of upgraded bedrooms, and a revamped kitchen. Of course, condos in this price range often come down to tradeoffs, and there are a couple of things to consider with this roughly 1,300-square-foot home. For one, while its price is well below Toronto proper’s average, it’s way closer to Pickering than downtown. Also, it’s part of the Centennial Hill Condominiums development, which dates back to the mid ‘70s.

York: A 500-Square-Foot Thornhill Suite in an Amenity-Packed Tower

Address: 7171 Yonge St., Unit 1505

Neighbourhood: Thornhill, Markham

Bathrooms: 1

Bedrooms: 1
Monthly maintenance: $444.39

Listed for: $499,900

This unit is on the 14th level of one of five towers in the World on Yonge development, which Liberty Development Corporation topped off back in 2014. The suite’s compact footprint probably rules it out for young families, but it does have an open-concept layout and the economical design has still left room for a walk-in closet. 

Its most attractive feature may not be in the unit itself. The World on Yonge complex, which includes a hotel on-site, is jam-packed with amenities. Residents have access to a gym, sauna, indoor pool, golf room, billiards, party room, and more.