Is Now The Time To Buy A Toronto Condo
The short answer
If you have a stable job, a medium to long time horizon, and you find a well managed building at a fair price, the case for buying a Toronto condo in late 2025 is better than it was a year ago. Prices are lower than last year, interest rates have been cut several times, and buyers have more choice. That said, the market is still adjusting, and patience and due diligence matter more than ever.
Where prices and supply sit right now
Condo prices have slipped from 2024 levels. TRREB’s latest condo snapshot shows the GTA average around the mid six hundreds in Q3 2025, with the City of Toronto sitting higher than the suburban 905 but still down year over year. Active listings have grown faster than sales, which means more selection and more negotiating room for buyers. In plain language, it is a buyer-leaning market for high rise.
Is now the time to buy a Toronto condo? Monthly reads point to the same theme. September saw condo sales in the City of Toronto in the hundreds with an average price in the high six hundreds. Days on market stretched into the high thirties, another sign that buyers can take their time. October headlines continued to flag softer sales and an average condo price near the mid six hundreds. None of this screams boom. It signals a market that rewards careful offers.
What lower rates actually mean for you
The Bank of Canada has cut its policy rate repeatedly in 2025, most recently to 2.25 percent on October 29. Variable mortgage rates and fixed rates that price off bond yields have eased from last year’s peaks. Your borrowing cost today is meaningfully lower than it was twelve months ago, and that improves affordability even if prices were flat. Still, lenders are strict on stress tests and income verification, and your personal rate will depend on product type, down payment, and credit.
If you are waiting for a perfect floor on rates, remember the mortgage market moves ahead of central bank announcements. When inflation or jobs data shift, rate expectations shift with them. Trying to call the exact bottom can cost you months of opportunity in a market with rising inventory and motivated sellers.
Rents, yields and the owner-versus-renter math
Rents have cooled from the frantic highs of 2023, yet vacancy remains low by historic standards and demand is still strong in core neighbourhoods. CMHC’s reports show vacancy rising but not enough to erase years of tightness. Recent rent reports show Toronto asking rents drifting down on an annual basis, but the declines have been modest in the back half of 2025. For investors and first-time buyers weighing a rent-versus-own decision, that means cash flows may be tight at first but not hopeless, and unit selection and price discipline matter a lot.
Is now the time to buy a Toronto condo? If you are buying to live in the unit, compare your after-tax mortgage, condo fees, taxes and insurance with current rents for similar buildings and locations. Because rents have eased a bit while mortgage costs have fallen, the gap is narrower than it was in 2023, especially for one bedroom units in high supply pockets like CityPlace, Liberty Village and parts of the eastern downtown.
Resale vs. pre-construction
Resale condos offer price transparency and immediate occupancy. In the current market, many sellers are flexible on closing dates and inclusions. Pre-construction asks you to take on more risk in exchange for a staged deposit and a future delivery date. With construction costs elevated and timelines often delayed, resale is the cleaner choice for most first-time buyers right now, unless you have a long runway and a strong reason to target a specific future building. Is now the time to buy a Toronto condo? Public data this year has consistently shown slower sales and strong listing growth in the condo segment, which supports a value hunt in the resale market.
The risks you should price in: Is now the time to buy a Toronto condo
The macro backdrop is still fragile. News through 2025 has highlighted a softer job market at times and trade noise that can dent confidence. If the economy wobbles again, sellers could become even more flexible, but financing could also tighten. Budget for higher carrying costs than your base case, and keep a three to six month reserve. Avoid buildings with heavy short term rental exposure or high upcoming special assessments. Read the status certificate and financials line by line and do not skip the building walk-through with your Realtor and inspector.
Who should buy now and who should wait
Is now the time to buy a Toronto condo? Buying now can make sense if your job is stable, you plan to hold at least five to seven years, and you find a unit where the price reflects the building’s condition and the neighbourhood’s fundamentals. Rate cuts reduce monthly pain and you have more leverage on conditions and closing terms than you have had in years. If your employment is shaky, your savings are thin, or your plan depends on flipping in under three years, waiting is safer. The market is not running away from you. Inventory remains healthy and seasonal slowdowns through winter can bring extra negotiating power.
Bottom line
The Toronto condo market in late 2025 is balanced in a way that rewards patient buyers. Prices are off last year, rates are down from their peaks, and listings are plentiful. That mix does not guarantee a win, but it gives you options. Focus on buildings with strong reserve funds and good management, stick to prime transit and lifestyle corridors, and negotiate hard on price and conditions. If you do that, buying a condo now can be a smart move for the right household. If you cannot tick those boxes yet, rent a little longer, stack cash, and watch the same indicators we just walked through.
Is now the time to buy a Toronto condo? If you’re curious about your condo buying options, Sean Mayers Real Estate is here to help. You’ll get trusted expertise and support, along with personal service every step of the way. Reach out today to start exploring your future home.
