Buying a Condo in the GTA: What Buyers Should Know Right Now

Updated: February 2026

Written by Françoise Pollard (Sales Representative) and Keith Goldson (Broker), Keith & Françoise Real Estate Team, eXp Realty Brokerage, serving buyers across the Greater Toronto Area and Niagara Region.

Why the building matters as much as the unit

The GTA condo market gets covered in headlines, but rarely with the specificity buyers actually need. Is it a buyer’s market right now? In many segments, yes. Is every condo a good buy? No. The difference between a smart condo purchase and a costly one often has nothing to do with price. It has everything to do with the building behind the unit. This article covers both.

For the full buying process, see our guide to buying a home in Ontario.

How condo ownership differs from freehold

Freehold ownership means owning the structure and the land outright. Condo ownership means owning your unit and a proportional share of the common elements. This includes hallways, elevators, the roof, mechanical systems, amenities, and the land the building sits on. An elected board governs that shared ownership, with a property management company handling day-to-day operations.

The corporation makes decisions that affect your costs directly. Fee increases, special assessments, bylaw changes, capital repairs, and legal proceedings all flow through the corporation. You have a vote as an owner, but a minority vote. Understanding the quality of the corporation is as important as understanding the unit itself.

Condo townhouses operate under the same legal framework as high-rise condos in Ontario. They typically have lower fees, fewer amenities, and less complex mechanical systems. Those due diligence principles are identical.

The GTA condo market in 2026: where the value and risk sit

The GTA condo market entered 2026 with elevated inventory, slower sales, and buyers having real negotiating power in most segments. For buyers priced out of the freehold market, this is a genuine window.

Oversupply concentrates in investor-heavy downtown Toronto buildings. The Entertainment District, CityPlace, and surrounding areas carry high investor-to-occupant ratios and significant rental competition. Units in these buildings have seen pricing well below 2022 peaks. Buyers who know the building fundamentals can find real value. Lender eligibility and reserve fund status should be confirmed before offering.

Better positioned in 2026 are well-managed mid-size buildings in established communities, north Etobicoke, Mississauga City Centre, Burlington, and select Brampton and Oakville nodes. These buildings tend to have healthier owner-occupancy ratios, more stable fee histories, and less investor exit pressure than downtown Toronto.

In the Niagara Region, the condo market operates differently. Supply is lower, buildings are typically smaller, and the buyer profile is more owner-occupant. St. Catharines and Niagara Falls condos can offer strong value for buyers relocating from the GTA, but the due diligence process is identical.

Maintenance fees: what they cover and what low fees actually mean

Maintenance fees, formally called common expenses, fund the corporation’s operations and long-term repair planning. What fees cover varies significantly by building type.

High-rise condo apartments typically include building insurance, property management, staffing (concierge, security, cleaning), common area utilities, elevator maintenance, and reserve fund contributions. Some buildings include heat and water in the fee. Others do not. Always confirm what is and is not included before comparing fees across buildings.

Condo townhouses usually have lower fees because there are fewer shared systems and amenities. Fees commonly cover exterior maintenance, roofing, landscaping, snow removal, and shared roadways. Some corporations also cover exterior windows, doors, and driveways depending on the declaration.

What does a low maintenance fee actually mean?

A low fee is not automatically a sign of an efficient building. It can indicate that the reserve fund contribution is set below what long-term repair planning actually requires. Buildings with chronically low fees often face the choice between a sharp fee increase or a special assessment when major repairs arrive. Compare the fee to the reserve fund study’s recommended contribution. That is the only way to assess whether a fee is genuinely low or just deferred.

The status certificate: what your lawyer is actually checking

The status certificate is a package of legal and financial documents issued by the condo corporation. Your lawyer reviews it as a condition of your offer, and that condition is non-negotiable on a resale condo purchase. Never buy a resale GTA condo without one.

The certificate includes the corporation’s declaration, bylaws, and rules. It also includes the current budget, most recent audited financial statements, and confirmation of the unit’s maintenance fee and any arrears. Included as well are the reserve fund balance, disclosure of legal proceedings, the insurance certificate, and details on any planned special assessments are also included.

What your lawyer is specifically looking for

Reserve fund adequacy relative to the most recent reserve fund study is the first priority. A reserve fund that is significantly underfunded relative to upcoming repairs requires follow-up questions before offering. Legal proceedings are the second priority. Active litigation can affect financing, insurance, and closing. Rule restrictions are the third priority. Bylaws that restrict short-term rentals, leasing, pets, or renovations can affect how you use the unit and its future resale pool.

The Condominium Authority of Ontario explains status certificates and what they must contain under Ontario law. See CAO, Status Certificates for the official framework.

Reserve funds and special assessments

The reserve fund is the corporation’s savings account for major capital repairs, roofing, elevators, parking structure, mechanical systems, windows, and exterior work. Ontario law requires condo corporations to maintain a reserve fund and conduct periodic reserve fund studies.

A well-funded reserve does not guarantee no future fee increases. It means the corporation has planned responsibly and that major repair costs are less likely to arrive as a surprise. A poorly funded reserve is a more direct risk to buyers.

How special assessments happen

Special assessment is a one-time charge levied on unit owners when the reserve fund cannot cover a repair. They arise when repair costs exceed projections, when the reserve fund has been historically underfunded, or when an unexpected building issue emerges. Special assessments can range from a few hundred to tens of thousands of dollars. The amount depends on the scope of the work and the number of units sharing the cost.

A single special assessment does not make a building a bad investment. Repeated assessments, or an assessment on top of a fee increase, can signal a pattern of deferred maintenance or poor planning. That history is worth understanding before you commit.

Lender eligibility: why some buildings cannot be mortgaged

This is one of the most important and least discussed risks in GTA condo buying. Not all condo buildings are eligible for standard mortgage financing. Canadian lenders and mortgage insurers including CMHC assess buildings individually. Serious financial problems, active litigation, inadequate insurance, or significant deferred maintenance can make a building ineligible. One or more lenders or insurers may decline to fund it.

There is no public list. Buyers typically find out a building is problematic when their lender runs the address and declines to fund, sometimes after the offer is already firm. This is the scenario Françoise referenced in our article on winning offers in the GTA: buyers who waive their financing condition on a condo without lender confirmation of building eligibility can end up legally committed to a purchase they cannot finance.

The protection is straightforward. Before offering on any condo, share the building address with your lender and ask for a preliminary building check. This takes a day or less and confirms whether the building has any financing concerns. It costs nothing and can prevent a very expensive problem.

Parking and locker: ownership type matters

How parking and locker storage appear on title affects both your ownership rights and your ability to resell them separately. Ontario condo corporations register parking and lockers in one of three ways.

Owned parking means the space is on your title as an additional unit. You own it outright and can sell it independently if the corporation’s bylaws permit. Exclusive use means the space is part of the common elements but assigned to your unit as an exclusive use area. You can use it but cannot sell it separately. Leased parking means the building owns the space and you rent it from the corporation, usually at a monthly fee added to your maintenance costs.

The distinction matters at resale. Owned parking makes a unit easier to sell because the space sits on title. Confirm the parking registration during due diligence. Never assume it from the listing.

Short-term rental rules and their effect on resale

Many GTA condo buildings have amended their bylaws to restrict or prohibit short-term rentals entirely. Buildings that banned Airbnb and similar platforms did so primarily to protect the building’s lender eligibility, insurance standing, and community character. Buyers who intend to use a unit as a short-term rental need to confirm the rules before offering, not after.

Even for buyers who have no intention of short-term renting, the rental rules in the status certificate matter for resale. Buildings with strict rental restrictions narrow the future buyer pool because investors cannot generate short-term rental income from the unit. That affects future demand and, over time, can affect price.

Leasing restrictions are separate from short-term rental rules. Some corporations cap the number of units owners can lease to long-term tenants at any one time. If you are buying as a future rental property, confirm whether the building has a leasing cap and whether you would be eligible.

Pre-construction condos vs resale: key differences

Buyers purchase pre-construction condos from a builder before the building reaches completion. They carry a fundamentally different risk profile than resale purchases.

Pre-construction agreements are not standard OREA agreements. They require careful review by a real estate lawyer before you sign. Closing timelines are estimates that are frequently extended. The unit you purchase may not match the finished product precisely. Closing costs on pre-construction can be significantly higher than resale. They include development levies, utility connection fees, and adjustments not always disclosed upfront. Interim occupancy means you move in before the building legally registers. You pay occupancy fees during that period without building equity.

Pre-construction can offer access to pricing not available in resale. The timeline risk and closing cost exposure require specific preparation. If you are considering pre-construction, your lawyer should review the purchase agreement before you sign, not after.

Structuring your offer on a condo

The two conditions you should never waive on a condo

A condo offer should always include a status certificate condition. This gives your lawyer time to review the corporation’s documents before you go firm. The standard window is five to ten business days. Shorter is possible if the certificate is already available and your lawyer can turn it around quickly.

A financing condition is equally important for the reasons covered above. Your lender must confirm both your personal qualification and the building’s eligibility. These are separate assessments. Getting personal pre-approval does not confirm the building is eligible.

Where to go next in the buying process

For how to structure conditions under competitive pressure, see our guide to winning offers in the GTA. Our guide to closing day in the GTA covers elevator booking, key fob distribution, and interim occupancy.

What Condo Buyers in the GTA Actually Want to Know

Market conditions, pricing strategies, and buyer competition vary by location, property type, and timing. This guide reflects our experience working with buyers and sellers across Ontario, particularly in the GTA and Niagara Region. For advice specific to your situation, speak with a qualified real estate professional before making decisions.