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Thinking about buying a condo in Toronto? You’re not alone. With its mix of exciting neighbourhoods, cultural diversity, and city conveniences, Toronto is one of the most popular places to live in Canada. Whether you're moving out on your own, downsizing, or investing in real estate, buying a condo can be a smart move — but the process can also feel confusing if you don't know where to start.

This ultimate guide breaks down each step of the condo-buying journey in simple terms. From how much money you’ll need, to the best time to buy, to how to find the right real estate agent — you’ll learn it all here.

And if you want expert help from a trusted, experienced team that knows the Toronto market inside out, The Johnson Team is ready to guide you every step of the way.

Understanding the Toronto Condo Market

Is It Worth Buying a Condo in Toronto?

Yes — and here’s why.

Toronto’s housing market has been heating up for years, and while detached homes can be out of reach for many buyers, condos are often a more affordable option. In fact, as house prices have climbed, condos have become the "first home" for many buyers in the city.

Condos also offer benefits like:

• Great locations close to transit, schools, and downtown
  
  

• Security features like concierge service or keycard access
  
  

• Amenities such as fitness centres, party rooms, and rooftop patios
  
  

• Less maintenance — the condo corporation handles the upkeep of the building
  
  

Plus, with Toronto's growing population and limited housing supply, owning a condo is not just a lifestyle decision — it’s also a solid long-term investment.

When’s the Best Time to Buy?

Believe it or not, winter is often the best time to buy a condo in Toronto. Why? There are usually fewer buyers during the colder months, which means less competition for you. Sellers who list in winter are often serious about moving and may be more willing to negotiate on price.

Here’s a breakdown of each season:

• Winter (Dec–Feb): Lower competition, motivated sellers, better deals
  
  

• Spring (Mar–May): More listings, but higher prices and more buyers
  
  

• Summer (Jun–Aug): Slower pace, some good deals if you’re patient
  
  

• Fall (Sep–Nov): Busy market with fresh listings, but also more competition
  
  

If you're flexible, watching the market during the off-season could give you a big advantage.

How Much Does a Condo Cost in Toronto?

As of early 2025, the average price of a condo in Toronto is approximately $593,000 — but this can vary widely depending on the neighbourhood, size, age of the building, and amenities.

For example:

• A studio unit in an older building might go for $450,000–$500,000
  
  

• A newer two-bedroom condo in a prime location could exceed $800,000
  
  

You’ll also want to factor in monthly maintenance fees, which usually range from $400 to $800, depending on what’s included.

Financial Preparation

How Much Do You Need to Earn?

To afford a typical Toronto condo, most lenders recommend that your housing costs not exceed 32–39% of your gross monthly income. That means:

• For a $600,000 condo with 10% down, your income should be at least $150,000/year
  
  

• If you're using a mortgage, you'll also need to pass the mortgage stress test — proving you can afford payments if rates rise
  
  

If you’re earning less, don’t worry — many first-time buyers get help from family for their down payment, or choose to co-buy with a partner, friend, or relative.

Down Payment Breakdown

The minimum down payment required in Canada depends on the purchase price:

• $500,000 or less: 5%
  
  

• $500,000 to $999,999: 5% on the first $500,000 and 10% on the remaining amount
  
  

• $1,000,000 or more: 20% of the purchase price
  
  

So for a $650,000 condo, you’d need:

• 5% of $500,000 = $25,000
  
  

• 10% of $150,000 = $15,000
  
  

• Total = $40,000 down payment
  
  

Make sure the money is in your account and ready to go — especially if you’re getting funds from outside Canada, which may need to be seasoned (sitting in your account) for at least 90 days.

Available Rebates and Incentives

If you’re a first-time homebuyer, you may qualify for government programs such as:

• Home Buyers’ Plan – Use up to $60,000 from your RRSP tax-free
  
  

• Land Transfer Tax Rebate – Save up to $4,000 in provincial and $4,475 in Toronto LTT
  
  

• First-Time Home Buyer Incentive – The government offers 5–10% shared-equity
  
  

• CMHC Insurance – Required if your down payment is under 20%, allowing you to still qualify for a mortgage
  
  

The Step-by-Step Buying Process

Step 1: Get Pre-Approved

Before you fall in love with a condo, talk to a mortgage advisor or bank to get pre-approved. This tells you how much you can afford and locks in your interest rate for up to 120 days.

You’ll need:

• Proof of income (T4s, pay stubs, tax returns)
  
  

• A credit check
  
  

• Proof of down payment
  
  

• Employment verification
  
  

Step 2: Choose the Right Agent

Buying a condo is not something you want to do alone. A trusted real estate agent can help you:

• Understand the market
  
  

• Spot red flags in buildings or listings
  
  

• Compare units and prices
  
  

• Negotiate effectively
  
  

The Johnson Team has helped hundreds of condo buyers across Toronto, offering deep insight into pricing trends, new listings, and neighbourhood stats.

Step 3: Tour Units and Compare

Start your search with a list of must-haves like:

• Number of bedrooms/bathrooms
  
  

• Parking or locker space
  
  

• Outdoor space
  
  

• Low maintenance fees
  
  

Use your agent’s help to book showings, compare buildings, and evaluate features. Be sure to look beyond photos — visit the units in person and explore the building.

Step 4: Make an Offer

Once you find the right unit, your agent will help you submit a competitive offer that includes:

• Purchase price
  
  

• Deposit amount
  
  

• Closing date
  
  

• Conditions (financing, inspection, status certificate review)
  
  

Step 5: Review the Status Certificate

This is one of the most important documents when buying a condo. It outlines:

• The condo corporation’s financials
  
  

• Reserve fund health
  
  

• Current fees and any upcoming increases
  
  

• Rules (like pet or rental restrictions)
  
  

• Any lawsuits involving the condo
  
  

Have a lawyer review it before waiving your conditions.

Step 6: Finalize Financing

After your offer is accepted and conditions are waived, send the agreement to your lender to finalize your mortgage. You’ll also choose your lawyer and prepare for closing.

Step 7: Close the Deal

On closing day:

• Your lawyer handles the legal paperwork
  
  

• You pay the remaining balance (minus your deposit)
  
  

• You receive the keys and become a homeowner
  
  

Picking the Right Condo

Consider Buying on Assignment

Assignments let you buy a pre-construction condo from the original buyer before it's completed. This can help you:

• Save on market pricing
  
  

• Move into a brand-new unit
  
  

• Gain built-in equity
  
  

Just make sure you understand assignment fees and work with a realtor experienced in these deals.

Research the Developer

Not all builders are equal. Look up the developer’s past projects, reviews, and whether buildings had maintenance issues or legal trouble. Your agent can help you spot red flags.

Study the Neighbourhood

Each Toronto neighbourhood has its own personality. Visit at different times (day/night, weekday/weekend) to get a feel for:

• Noise levels
  
  

• Walkability
  
  

• Access to public transit
  
  

• Nearby schools, parks, and shops
  
  

Your agent will help you find a condo that matches your lifestyle — not just your budget.

The Takeaway

Buying a condo in Toronto can be a smart and exciting step, but it’s also a big decision. From choosing the right neighbourhood to getting your financing in place, there’s a lot to think about. That’s why having the right guidance is key.

At The Johnson Team, we help you cut through the confusion. Whether you’re a first-time buyer or an experienced homeowner, we work hard to find you the right condo — and negotiate the best possible deal.

Ready to find your perfect condo in Toronto? Contact The Johnson Team today to get matched with a local agent who knows the city inside and out. Let’s start your condo journey — the smart way.