The latest numbers from the Greater Toronto Area highlight a notable shift: average home prices are down 2.7% to $993,410, with condos now averaging $617,593. Small condos under 500 sq ft are feeling the pressure the most, experiencing the steepest price declines. With a surplus of investor-focused units, most condos are now selling below their list price. Having spent over two decades immersed in Toronto’s real estate landscape—and a dozen years as a mortgage specialist—I’ve seen how quickly market dynamics can change, especially for different property types. If you’re considering your options in the condo market or want to strategize your next move, understanding these trends is key to making informed decisions.
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