Toronto's Condo Specialists

Condo Specialists

Buying or Selling a Condo in Toronto

A Toronto condo is not just a unit. It is a share of a building, a reserve fund, a board, a fee schedule and a resale market that moves differently from houses. The Storey Team specializes in downtown Toronto condos, and we price, buy and sell them building by building rather than by the neighbourhood average.

We have been part of more than 1,000 transactions and we rank in the top 0.1% of Toronto real estate. Most of that experience is in the downtown core: King West, Liberty Village, CityPlace, the Waterfront, St. Lawrence, Yonge and Bloor, and Yonge and Eglinton. We know which buildings hold value, which floor plans sell first, and which status certificates deserve a second read.

On this page

The CONDO Method

The CONDO Method is the five step process The Storey Team uses on every condo purchase and sale in Toronto: Compare the building, Open the status certificate, Numbers on the unit, Data-backed pricing, Offer strategy.

C. Compare the building

Two units with the same square footage on the same street can be worth very different amounts because of the building they are in. We compare age, builder, management, amenities, the ratio of owners to tenants, and how that building has resold over the last few years before we look at a single unit.

O. Open the status certificate

The status certificate tells you the health of the corporation: the reserve fund, any special assessments, any lawsuits, and whether fees are about to go up. On a purchase we make the offer conditional on a lawyer reviewing it. On a sale we order it before we list, so there are no surprises and no lost buyers.

N. Numbers on the unit

Fees per square foot, parking and locker, exposure, floor height, layout efficiency and the real monthly carrying cost. A unit that looks cheaper can cost more to own every month, and a unit with awkward space can be harder to sell later.

D. Data-backed pricing

We price from recent sales in the same building and in its direct competitors, adjusted for floor, view, layout and parking. Not from a neighbourhood average, and not from what the seller paid.

O. Offer strategy

In a balanced or buyer’s market, conditions, deposit size and closing date are negotiating tools as much as price is. We decide how to use each one before the offer goes in, whether we are representing the buyer or the seller.

Why condos need a specialist

Most mistakes in a condo transaction come from treating it like a house. A buyer focuses on the unit and ignores a reserve fund that is short. A seller prices off the building next door and misses that their building has a special assessment coming. A pre-construction assignment gets listed without checking what the builder allows. None of those are emotional mistakes. They are structural, and they are avoidable when the person advising you reads condo documents for a living.

The Toronto condo market right now

Is it a good time to buy a condo in Toronto?

For many buyers, 2026 has been one of the better windows in years. According to TRREB, the average City of Toronto condo apartment price in the first quarter of 2026 was $649,330, down from $711,258 a year earlier, and buyers have had more choice and more room to negotiate than at any point since before 2020.

That does not mean every condo is a good buy. Prices have softened most in small units and in buildings with heavy investor ownership. Well run buildings with larger, livable floor plans have held up far better. The opportunity is real, but it is building specific.

Why have Toronto condo prices dropped?

The short answer is supply. A record number of pre-construction units completed in 2024, 2025 and 2026, many owned by investors who could not make the numbers work at today’s rents and mortgage rates. That pushed listings up while investor demand fell away, and prices adjusted, especially for studios and one bedrooms under 600 square feet.

Are Toronto condo prices going to go back up?

No one can promise timing, and anyone who does is guessing. What we can say is that new condo launches have slowed dramatically, which means far fewer completions a few years from now. Less new supply, plus continued population growth, is the setup that has historically preceded price recovery in Toronto. For an end user planning to live in the unit for five years or more, short term price movement matters much less than buying the right unit in the right building.

Is it a buyer’s market or a seller’s market for condos?

For most of 2025 and 2026, the Toronto condo market has favoured buyers, with more listings than sales and longer days on market. Conditions vary by building and by size, though. Large two bedroom units, family friendly layouts and buildings with strong reputations can still see competition. Check the current numbers on our Toronto Market Check or Will My Condo Sell tools for your specific unit type.

How fast are condos selling in Toronto?

It depends heavily on price, size and building. Units priced correctly from day one still sell in the first few weeks. Units that list high and chase the market down can sit for months. Our Will My Condo Sell tool shows how quickly condos like yours have been selling based on our 2026 TRREB absorption data.

Buying a Toronto condo

What should I look for when buying a condo in Toronto?

Look at the building before the unit. Check the status certificate, the reserve fund, the fee history, how well the common areas are maintained, the owner to tenant ratio, and how units in that building have resold. Then look at the unit itself: layout, natural light, noise, exposure, parking, locker, and whether the floor plan is one most buyers will want when you eventually sell.

The single best predictor of a good condo purchase in Toronto is a floor plan that works. Square footage you cannot actually use, long hallways, bedrooms with no windows and kitchens along the living room wall all show up later as a slower sale and a lower price.

What is a good condo fee in Toronto?

Most downtown Toronto condo fees fall roughly between $0.60 and $1.00 per square foot per month, depending on the age of the building, the amenities, and what is included in the fee such as heat, hydro or water. Very low fees in an older building are not always good news. Sometimes they mean the reserve fund has been underfunded and an increase or special assessment is coming.

Is a one bedroom or a two bedroom condo a better buy?

For most buyers who can stretch to it, a true two bedroom has been the more resilient purchase. The supply glut has been concentrated in studios and small one bedrooms, while families, couples working from home and downsizers all want two bedrooms with real space. A one bedroom plus den can be a good middle ground if the den is large enough to function as an office or nursery.

Is a condo with parking worth more?

Usually yes, though less than it used to be downtown. In the core, a parking spot generally adds value and widens the buyer pool, but many buyers in transit heavy areas no longer need one. In midtown and in family sized units, parking matters a lot more. If a unit has no parking, check whether spots can be rented or bought in the building.

Should I buy a condo or a freehold house?

It depends on budget, lifestyle and timeline. A condo is usually the most affordable way to own in central Toronto, with less maintenance and more amenities, but you share decisions with a board and pay monthly fees. A freehold gives you land and control, which has historically appreciated faster, but costs more to buy and maintain. Our Cost of Ownership calculator lets you compare the real monthly cost of both.

How much do I need for a down payment on a Toronto condo?

In Canada the minimum down payment is 5% on the first $500,000 of the price and 10% on the portion above that, for homes under $1.5 million. On a $650,000 condo that works out to $40,000. With less than 20% down you need mortgage default insurance, which adds a premium to the loan. Since December 15, 2024, first-time buyers can choose a 30-year amortization on an insured mortgage, which lowers the monthly payment.

What conditions should I include in a condo offer?

The most important condition on a resale condo is a review of the status certificate by your lawyer. Financing and, in some cases, an inspection are also common. In a buyer’s market it is reasonable to include all three. In a competitive situation we sometimes have the status certificate reviewed before the offer so you can go in firm with confidence.

Do I need a home inspection on a condo?

It is optional, and often worth it on older units, units with renovations, or anywhere you have concerns about windows, plumbing, electrical panels or HVAC equipment inside the unit. An inspector will not assess the building’s roof or structure, which is what the reserve fund study in the status certificate is for.

Status certificates, fees and reserve funds

What is a status certificate in Ontario?

A status certificate is a package of documents a condo corporation must provide under section 76 of Ontario’s Condominium Act, 1998. It confirms the unit’s fees and whether they are paid, the reserve fund balance, any known special assessments or fee increases, legal actions involving the corporation, insurance, the budget, and the declaration, bylaws and rules. It is the most important document in any Toronto condo purchase.

How much does a status certificate cost and how long does it take?

A condo corporation can charge up to $100, including taxes, and must deliver the certificate within 10 days of receiving the request and payment. Some management companies offer faster delivery for a higher fee, but the $100, 10 day option must always be available.

What red flags should I look for in a status certificate?

The ones we take most seriously are a reserve fund that is low relative to the reserve fund study, a special assessment or fee increase that has been approved or is being discussed, ongoing litigation against the builder or by the corporation, large insurance deductibles that owners would have to cover, and rules that limit rentals, pets or short-term rentals if those matter to you. Your lawyer reviews the legal side. We look at what it means for value.

What is a condo reserve fund?

The reserve fund is the corporation’s savings account for major repairs and replacements of the common elements, such as roofs, elevators, windows, garages and mechanical systems. Ontario requires a reserve fund study at regular intervals that forecasts what the building will need and how much should be saved each year. A healthy reserve fund protects owners from special assessments.

What is a special assessment?

A special assessment is a one time charge to owners when the reserve fund cannot cover a necessary repair. It is usually split according to each unit’s share of common expenses and can range from a few hundred dollars to tens of thousands. When you buy, any special assessment that has already been levied is normally the seller’s responsibility up to closing, which is why it needs to be identified and dealt with in the offer.

Can condo fees go up after I buy?

Yes. Fees are set each year in the corporation’s budget and can increase with costs and with reserve fund requirements. The status certificate must disclose known increases. In our experience, the buildings with the most predictable fees are the ones with well funded reserves and professional management, which is another reason to judge the building before the unit.

Can a condo board stop me from renting out my unit?

Most Toronto condo declarations allow ordinary long-term leasing, but the declaration and rules can regulate it, and many Toronto buildings prohibit short-term rentals. The City of Toronto also only allows short-term rentals in your principal residence, capped at 180 nights a year for an entire home. If you plan to rent the unit, we check the building’s documents before you buy.

New, pre-construction and resale condos

Should I buy a new condo or a resale condo?

A resale condo lets you see exactly what you are buying, check the building’s track record, and move in on a known date. A new or pre-construction condo offers a newer building and warranty coverage, and in 2026 builders are offering incentives, but you take on delays, closing cost adjustments and the risk of the market moving before you close. For most end users in today’s market, resale offers better value and far less uncertainty.

Is there HST on a condo in Ontario?

There is no HST on the purchase of a resale condo. HST applies to new construction. First-time buyers of a new home may qualify for the federal First-Time Home Buyers’ GST/HST rebate, and Ontario has announced matching relief on the provincial portion, plus a temporary rebate for eligible new home buyers on agreements signed between April 1, 2026 and March 31, 2027. Eligibility rules are specific, so confirm with your lawyer. Our HST Cheat Sheet covers the basics.

Is there a cooling-off period when buying a condo in Ontario?

For a new condo bought from a builder, the Condominium Act gives you a 10 day cooling-off period after you receive the signed agreement and the disclosure statement. There is no cooling-off period on a resale condo. Once a resale offer is firm, it is binding, which is why conditions matter.

What is an occupancy fee on a new condo?

When a new condo building is registered in stages, you may move in before the unit is registered and you take title. During that interim occupancy period you pay the builder a monthly occupancy fee made up of estimated interest on the unpaid balance, estimated taxes and estimated common expenses. It is not rent and it does not build equity, so a long occupancy period is a real cost.

Can I sell a pre-construction condo before it closes?

Usually through an assignment, if the builder’s agreement permits it. Many builders charge an assignment fee, require their consent, and restrict marketing on MLS. Assignment sales in 2026 have been difficult because buyers can often get a similar new unit directly from a builder with incentives. We are not currently taking on pre-construction assignment listings for that reason, and we will tell you honestly if a different route makes more sense.

Selling a Toronto condo

How do I price my condo to sell in Toronto?

Start with recent sales in your own building, then the direct competition: similar buildings in the same pocket, with similar age and amenities. Adjust for floor, exposure, view, layout, parking and locker. Then look at what is actively listed, because in a market with more supply, buyers compare your unit against every other option they can see that week. Pricing from what you paid or what a neighbour listed at is how condos go stale.

What is my Toronto condo worth?

The most accurate answer comes from a building specific evaluation. We can send you a condo value snapshot with your purchase details, your building’s active listings, recent sales and price per square foot, usually within a day. You can also start with our CondoData page.

Should I order the status certificate before listing?

In most cases, yes. A status certificate ordered in advance means buyers can review it immediately, which shortens or removes the condition and makes your listing more attractive than a comparable unit where buyers have to wait 10 days. It also lets us spot anything in the documents that might affect value before a buyer does.

Should I stage my condo before selling?

Almost always. Condos are bought online first, and small spaces photograph badly when they are full. Removing excess furniture, using pieces that show how the space actually works, and professional photography and video do more for a Toronto condo’s sale price than almost any renovation.

Should I renovate my condo before I sell?

Usually only cosmetically. Paint, lighting, small repairs and a deep clean pay for themselves. Full kitchen or bathroom renovations rarely return their cost in this market, and they delay the sale. If a unit has a genuine problem, such as damaged flooring or an outdated bathroom that will scare buyers, we price the fix against the likely discount and decide together.

Can I sell my condo if it has a tenant?

Yes. The lease continues and the buyer takes over the tenancy on its existing terms. A tenanted unit is generally marketed to investors, which can mean a lower price than vacant possession, especially if the rent is below market. If a buyer wants to move in personally, the rules for ending a tenancy for purchaser’s own use are strict. We model the options with numbers before listing.

How long does it take to sell a condo in Toronto?

From listing to firm deal, a well priced and well presented condo in the core typically sells within a few weeks in today’s market. Closing is usually 30 to 90 days after that. Overpriced units are the ones that sit, and every extra month on the market costs fees, taxes and negotiating leverage.

Costs, taxes and closing

What are closing costs on a Toronto condo?

Budget roughly 3% to 4% of the purchase price. The largest items are the Ontario land transfer tax and the Toronto municipal land transfer tax, plus legal fees, title insurance and adjustments for fees and taxes the seller prepaid. Buyers of new condos may also face development charge and utility hookup adjustments set out in the builder’s agreement.

How much is land transfer tax on a condo in Toronto?

Toronto buyers pay both the Ontario land transfer tax and the Toronto municipal land transfer tax, and the two use matching rates up to $2 million. On a $650,000 condo that is about $9,475 each, or roughly $18,950 in total. First-time buyers can receive up to $4,000 back on the provincial tax and up to $4,475 on the municipal tax.

Do I pay capital gains tax when I sell my condo?

Not if the condo was your principal residence for every year you owned it, in which case the principal residence exemption generally covers the whole gain. If it was a rental or a second property, the gain is taxable, and since 2023 a residential property sold within 365 days of purchase can be taxed as business income under the federal anti-flipping rule, with some life event exceptions. Speak to an accountant before you sell.

How much does it cost to sell a condo in Toronto?

The main costs are the real estate commission and HST on it, legal fees, any mortgage discharge or prepayment penalty, and modest preparation costs such as cleaning, minor repairs and staging. We walk every seller through their expected net proceeds before listing so there are no surprises on closing day.

Working with a condo specialist

What does a condo specialist do differently?

A condo specialist evaluates the building, the documents and the floor plan as carefully as the unit. That means knowing how specific towers have resold, which management companies run tight ships, which developers had issues, and how to read a reserve fund study for what it means to value. It also means pricing and negotiating on condo specific data rather than citywide averages.

Do you only work downtown?

Downtown and midtown condos are our core, but we buy and sell across the City of Toronto and the GTA, including freehold homes. Our team regularly helps condo owners move up to houses and house owners move down to condos, so we know both sides of that trade.

Can you help me buy a condo for my child?

Yes, and it is common. Parents buying for students or young professionals need to think about title, mortgage qualification, who lives there, and whether the purchase affects anyone’s first-time buyer status or principal residence exemption. We work alongside your lawyer and accountant so the structure is right before you buy.

How do we get started?

Start with a conversation. If you are buying, we will talk through budget, must haves and the buildings worth looking at. If you are selling, we will send you a building specific value snapshot and a plan. There is no cost and no obligation.

Call or text The Storey Team at 416-670-2432, or email tom@storeyteam.ca.

Condos across Toronto

We buy and sell condos across the city. Downtown in King West, Queen West, Liberty Village, CityPlace, Fort York, the Waterfront, the Financial District, St. Lawrence Market, the Distillery District, Corktown, Church and Wellesley, Yonge and Bloor, Yorkville and the Annex. Midtown at Yonge and Eglinton, Mount Pleasant and Davisville. And beyond the core in Leslieville, Riverside, the Junction, Etobicoke’s Humber Bay, Mimico, North York and Willowdale.

Talk to us before you buy or list

The most useful conversation happens before you fall in love with a unit or set a price. We will look at the building, the documents and the real numbers with you. There is no cost and no obligation.

Call or text 416-670-2432 or email tom@storeyteam.ca