If you’ve been thinking about buying a condo in Toronto, you may be wondering whether now is a good time to make that move. After several years of rising prices, changing interest rates and a competitive real estate market, things look quite different for condo buyers in 2026.
There are more opportunities for buyers to explore. In many cases, more room to negotiate than we’ve seen in recent years. However, does that mean it’s the right time to buy?
The answer depends on a few important factors. What you’re looking for? How long you plan to stay? Doe the property that makes sense for your budget and lifestyle?
Let’s take a closer look at what’s happening in Toronto’s condo market.
What’s Happening in the Toronto Condo Market?
The Toronto condo market has experienced some changes over the past year. Three important factors have come into play:
- Prices have come down.
- Sales activity has softened.
- Buyers generally have more properties to choose from than they did during the busier years of the market.
According to the Toronto Regional Real Estate Board (TRREB), the average price of a condo apartment in the City of Toronto was $659,214 in October 2026, down approximately 5.6% compared with October 2025.
There were 949 condo apartment sales during the month, while 2,694 new listings came onto the market. Active listings totaled 5,251, giving buyers more choice and opportunities to compare properties.
What does this mean if you’re thinking about buying?
For one thing, you may not have to rush into a decision or compete with multiple offers. Sellers are having to be more realistic about pricing, and buyers may have more opportunity to negotiate on price, closing dates and other terms.
That doesn’t mean every condo is a bargain. Well-maintained units in desirable buildings and neighbourhoods can still attract plenty of interest. But overall, buyers have more room to be selective.
Why 2026 Could Be an Opportunity to Buy a Toronto Condo
One of the biggest advantages of buying in a slower market is having time to make a more informed decision. When the market is moving quickly, buyers sometimes feel pressured to make offers before they’ve had a chance to properly evaluate a property. In a more balanced market, you can take a step back and think things through, compare different buildings and neighbourhoods, and decide what works best for you.
Here are a few reasons why it may be worth buying a Toronto condo right now.
More properties to choose from
With a larger selection of condos available, you can compare layouts, building amenities, locations and prices without feeling that you have to settle for the first property you see.
More negotiating opportunities
Depending on the property and the seller’s circumstances, there may be room to negotiate the purchase price or other terms of the offer. You may also have more opportunity to include conditions that give you time to complete your due diligence.
More realistic pricing
After a period of significant price increases, some condo sellers have adjusted their expectations. This can create opportunities for buyers who have been waiting for a more affordable entry point into the Toronto real estate market.
Less pressure to make a decision
A slower market can give buyers more time to consider their options, arrange financing and carefully review the details of a property before committing.
What Should You Look for When Buying a Toronto Condo?
Buying a Toronto condo is a little different from buying a Toronto detached or semi-detached home. You’re not just purchasing the individual unit; you’re also buying into a condominium corporation and sharing responsibility for the building and its common elements.
Before making an offer, there are several things worth paying attention to.
1. Look Beyond the Purchase Price
It’s easy to focus on the asking price, but the purchase price is only part of the overall cost of owning a condo.
You’ll also need to budget for monthly maintenance fees, property taxes, utilities (where not included in the fees), insurance and mortgage payments.
Condo maintenance fees can vary considerably depending on the building, its age, amenities and what is included. A building with a pool, gym, concierge and other shared facilities may have higher monthly fees than a smaller building with fewer amenities.
Remember that lower maintenance fees aren’t necessarily better. It’s important to understand what you’re getting for your money and whether the building is being properly maintained.
2. Understand the Building’s Financial Health
This is one of the most important steps when buying a resale condo.
Before finalizing your purchase, you’ll want to review the building’s status certificate with your lawyer. This document provides important information about the condominium corporation, including its financial position, reserve fund, monthly maintenance fees, upcoming expenses and any ongoing legal matters.
Pay particular attention to the reserve fund. This is the money set aside for major repairs and replacements, such as elevators, windows, roofing and other building components. A poorly funded reserve fund could mean significant maintenance fee increases or special assessments in the future.
It’s also worth looking into the age and general condition of the building, as well as any major repairs or improvements that may be coming up.
3. Don’t Overlook the Condo Fees
Monthly maintenance fees can make a big difference to your overall affordability.
When comparing two similar condos, don’t automatically assume the one with lower fees is the better purchase.
Find out what’s included. Some buildings include heat, hydro and water, while others may only cover basic common expenses. Look at the amenities, services and overall condition of the building to determine whether the fees are reasonable.
It’s also important to consider how maintenance fees have changed over the years and whether further increases are expected.
4. Choose the Right Neighbourhood
Location is just as important when buying a condo as it is when buying a house.
Think about how you live day to day. Do you want to be close to public transit, restaurants, shopping and entertainment? Would you prefer a quieter neighbourhood with parks and green space?
Toronto offers a wide variety of condo options, from downtown high-rise buildings to smaller boutique developments and established condominium communities throughout Scarborough, North York and Etobicoke. Consider your commute, access to everyday conveniences and how the neighbourhood might suit your needs over the next several years.
5. Think About Resale Value
Even if you plan on staying for many years, it’s worth thinking about the property’s future resale potential.
Look for a practical floor plan, good natural light, adequate storage and a location that will appeal to a broad range of buyers.
A functional layout can be more important than trendy finishes or impressive amenities. Consider whether the unit has parking, a balcony or outdoor space, and whether the building is well maintained. These details can make a difference when it eventually comes time to sell.
Is It Better to Buy a Condo Now or Wait Until 2027?
This is probably one of the most common questions condo buyers are asking.
It’s tempting to wait and see if prices come down further. And while nobody can predict exactly where the market will go, trying to time the bottom isn’t always the best strategy.
If prices decline further, waiting may seem like the right decision. But if buyer confidence improves and more people return to the market, competition could increase and some of the negotiating opportunities available today may disappear.
On the other hand, buying simply because prices have come down isn’t a good reason to make a purchase.
The better approach is to focus on your own circumstances. If you have stable finances, a comfortable budget and plan to own the property for several years, the current market may offer some interesting opportunities.
If you’re stretching your budget or aren’t sure how long you’ll stay, taking more time to evaluate your options may make sense.
So, Is Now a Good Time to Buy a Toronto Condo?
For buyers who have been sitting on the sidelines, 2026 could be an interesting time to take another look at the Toronto condo market.
There are more opportunities to compare properties, sellers are facing a more competitive environment and buyers may have greater negotiating power than they did a few years ago. But the right condo isn’t necessarily the cheapest one. Building maintenance, financial health, location, layout and long-term resale potential should all play a part in your decision.
As always, the best time to buy is when you find the right property at a price that makes sense for you.
If you’re considering buying a condo in Toronto or anywhere in the GTA, we’d be happy to help you understand the market, compare your options and find a property that fits your needs and budget.
Thinking about making a move? Give us a call or send us an email. We’d be happy to help!