Condo Market Check-In: Are We at the Bottom?
So how’s the market doing, you might ask? I recently pulled some stats for a client that I thought were too interesting not to share with you. And just to be clear — we’re talking condo apartments only here (no houses, no townhomes).
The Big Picture
- 2023: Average condo price — $747,137 (25 days on market)
- 2024: Average condo price — $730,806 (32 days on market)
- 2025 (year-to-date): Average condo price — $702,926 (36 days on market)
That’s a 6% drop so far this year.
2025 Month-by-Month
- April & May: Prices held steady $706,149 and $708,844 respectively
- June: Prices jumped 4% to $732,401
- July: Prices dropped almost 9% to $673,306
- August & September: Prices began climbing again to $678,462 and $686,139 respectively
What’s unusual? Even though prices started rising after July, the average days on market actually increased to 40 days in September. Normally, you’d expect faster sales as prices climb — but not this time.
Sales Volume
- June: Highest prices, highest sales volume, $737M
- August: Lowest volume $590M (typical summer slowdown)
- September: Sales bounced back with over $642M in condo sales
So… was July the bottom of the condo market? Maybe. Only time (and October’s numbers) will tell. (If you’d like to view the charts we used for this data, please reach out to me)
Rent vs. Buy: Time to Rethink?
With prices this low, more renters are starting to ask: Why am I paying so much rent when I could own? Let’s break it down:
- $400,000 condo
- 5% down ($20K) → $2,310/mo mortgage
- 10% down ($40K) → $2,170/mo mortgage
- 20% down ($80K) → $1,871/mo mortgage
- $700,000 condo (2-bed)
- 20% down ($140K) → $3,274/mo mortgage
- 10% down ($70K) → $3,797.09/mo mortgage
- 5% down ($45K) → $3,982.23/mo mortgage
(Remember — property taxes and maintenance fees are extra in all of the above examples.)
But if you’re already paying $2,300+ in rent, it may be time to consider whether that money could be better spent paying down your own mortgage instead of someone else’s.
If you’ve been waiting for a sign to buy a condo, consider this it. The deals are out there. The question is, are you ready to grab one?
We’re Toronto Real Estate expert Realtors and we’d love to help you.
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