For many homebuyers, sellers, and investors, the Toronto condo market is looking brighter than it has in years. Prices have reached levels not seen since 2019, giving first-time buyers and savvy investors an opening to step into ownership. With the average condo price in the Greater Toronto Area sitting around $655,000 as of September 2025, many buyers are seeing possibilities that felt out of reach just a short time ago.

But while lower prices open doors, smart planning ensures you’ll make the most of this moment. Here’s how to prepare for a successful purchase.

Know What Your Condo Fees Cover

Every condo comes with maintenance fees, but what they include can vary. Some cover only basics like building upkeep and reserve funds, while others may include utilities, pools, gyms, and even air conditioning.

• Older buildings often offer larger unit sizes with inclusive utilities and amenities.
• Newer condos may have lower fees upfront, but utilities are usually paid separately.

As one Toronto realtor explains, “Inclusive fees can be worth it when you’re getting more space and access to amenities, even if the monthly cost is a bit higher.”

Check the Building’s Financial Health

Before committing, review the building’s status certificate, a document outlining the reserve fund and any upcoming expenses. A healthy reserve fund means the building is prepared for repairs and upgrades. If it’s not, owners could face “special assessments,” where each unit contributes extra to cover shortfalls.

A real estate lawyer can review this document with you, ensuring you understand what you’re responsible for and whether fees are likely to increase in the near future.

Understand Your Costs Beyond the Price Tag

Condo ownership comes with expenses beyond the mortgage:

• Land transfer taxes: In Toronto, you’ll pay both provincial and municipal taxes, though first-time buyers may qualify for rebates.
• Home inspections: With today’s slower market, buyers can negotiate inspections to avoid surprises.
• Legal and closing costs: Title insurance, moving costs, and legal fees should be included in your budget.

Getting pre-approved for a mortgage helps outline these costs early, keeping your budget realistic.

Plan for the Unexpected

Even with condo fees covering building upkeep, you’ll want a personal reserve fund for repairs or emergencies. A broken appliance or sudden repair can be stressful without savings. Experts often recommend setting aside $10,000–$25,000 for peace of mind in your first year.

As one realtor puts it: “Think of it as your own rainy-day reserve fund. It’s what keeps ownership stress-free.”

Why Buyers Are Acting Now

The current Toronto condo market offers real value: more choice, competitive pricing, and less pressure compared to the frenzy of past years. With prices stabilizing, this is a rare opportunity to enter the market thoughtfully, with room to grow into your home or expand your investment portfolio.

Building Confidence in Your Purchase

Becoming a homeowner is more than finding the right property, it’s about making informed decisions with clarity and confidence. With today’s market offering more choice and favourable conditions for buyers, now is a strong moment to consider your options.

Staying Informed in a Changing Market

Whether you’re exploring a Toronto condo or a detached home in a surrounding community, understanding the market is key. Our blog is designed to keep you informed with timely insights, practical guidance, and strategies that matter to buyers, sellers, and investors across the GTA.

Follow our blog for more real estate insights, or contact our team today for personalized guidance to navigate this shifting market.