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

Updated: January 2026

Condos have long been a practical entry point into the GTA real estate market. However, today’s conditions look very different from the highly competitive periods many buyers remember.

With more listings available and a slower pace overall, condo buyers can make informed decisions without the pressure that defined past cycles.

The current condo market in the GTA

Across much of the GTA, condo inventory has increased while demand has moderated. As a result, multiple-offer situations are far less common and pricing has become more negotiable.

This shift reflects increased supply, changing investor activity, and more cautious buyer behaviour. Market data tracked by CMHC consistently shows that condo markets often adjust differently than low-rise homes.

For buyers, this environment provides breathing room to review documents carefully, negotiate terms, and focus on long-term suitability rather than urgency.

Who should consider buying a condo right now?

• First-time buyers looking for an accessible entry point
• Downsizers prioritizing convenience and lower maintenance
• End users planning to hold long term
• Buyers focused on lifestyle and location rather than short-term gains

Comparing Toronto, Mississauga, Vaughan, and Durham

Condo buying conditions vary across the GTA. While overall inventory is higher, pricing, lifestyle, and buyer profiles differ significantly by region.

Buyers willing to look beyond Toronto’s core often find better value, newer buildings, or larger layouts while maintaining access to transit and major highways.

Key factors to review before buying a condo

Status certificate review

The status certificate outlines the condo corporation’s financial health, reserve fund balance, insurance coverage, and any legal issues. In today’s market, buyers can often include this condition without losing leverage.

Monthly condo fees

Condo fees vary based on building age, amenities, and management. Buyers should assess what is included and how fees affect long-term affordability.

Reserve funds and special assessments

A well-funded reserve reduces the risk of surprise costs. Low balances may indicate higher assessment risk in the future.

Rental rules and restrictions

Even end users should understand rental policies, as they affect future flexibility and resale appeal.

How condo purchases fit into the buying process

Condo purchases follow the same overall steps as other home purchases, with added emphasis on document review and building health.

If you’re earlier in the process, start with the First-Time Home Buyer Guide Ontario and keep the Ontario First-Time Home Buyer Checklist handy.

Common mistakes condo buyers make

• Ignoring status certificate details
• Focusing only on purchase price, not monthly costs
• Underestimating the impact of condo rules
• Assuming all condos perform the same long term

Frequently Asked Questions