A Guide for Toronto Homebuyers
Thinking about buying a condo in Toronto? You're not alone. With rising housing prices and limited land in the city, condominiums have become one of the most popular choices for homebuyers, young professionals, and downsizers alike.
According to Statistics Canada, condo living is on the rise—especially in urban centres like Toronto, where real estate prices for single-family homes continue to climb.
Whether you're a first-time buyer, downsizer, or real estate investor, here’s what you need to know before making a condo your next home.
✅ Benefits of Buying a Condo in Toronto
1. More Affordable Than Detached Homes
Toronto’s housing market is competitive, and detached homes can be out of reach for many buyers. Condos offer a more accessible way to own property in desirable Toronto neighbourhoods like Downtown Core, Liberty Village, Yonge & Eglinton, or North York.
2. Turnkey Living with Low Maintenance
Condo fees typically cover:
Snow removal
Garbage disposal
Landscaping
Window and exterior cleaning
Building maintenance
If you have a busy schedule or prefer a hands-off approach to homeownership, condo living in Toronto is ideal.
3. Built-In Amenities
Toronto condos often include on-site features like:
Fitness centres
Swimming pools
Rooftop terraces
Concierge service
Party rooms and lounges
This adds value to your lifestyle—and can save money on gym or co-working space memberships.
4. Enhanced Safety and Security
Most condos in the city feature:
24/7 security personnel or concierge
Controlled entry systems
Surveillance in common areas
Ideal for single residents, retirees, or frequent travelers.
5. Vibrant Urban Lifestyle and Community
Many condo buildings offer community events, social spaces, and resident programs. Living in a condo means easy access to:
TTC subway stations
Shops and cafes
Restaurants and nightlife
Parks, trails, and the waterfront
❌ Drawbacks to Consider Before Buying a Condo in Toronto
1. Monthly Condo Fees
Fees vary by building, unit size, and amenities—but expect to pay hundreds of dollars monthly. These fees do not reduce your mortgage and may increase over time.
2. Limited Privacy and Space
Toronto condos tend to be smaller in size. Units share walls, hallways, and amenities. Some buyers may find the lack of private outdoor space and potential noise from neighbours a challenge.
3. Less Control Over Decisions
The condo board manages decisions around:
Common area maintenance
Renovations
Exterior aesthetics
Building policies
There may be restrictions on pets, renovations, or decorating balconies.
4. Special Assessments Can Arise
Even with a reserve fund, condo owners can be charged extra for major repairs like roof replacement, elevator upgrades, or plumbing issues.
🏢 Where Are Toronto Condos Most Popular?
Toronto offers a wide variety of condo options, from modern high-rises to boutique-style buildings. Popular condo areas include:
Downtown Toronto (Entertainment District, CityPlace, St. Lawrence Market)
North York (Sheppard-Yonge Corridor, Bayview Village)
Etobicoke (Humber Bay Shores, Islington Village)
Midtown (Yonge & Eglinton, Davisville)
East Toronto (The Beaches, Leslieville, Danforth Village)
Looking for investment potential? Areas near TTC stations, future LRT lines, or major developments often appreciate faster.
❓ Key Questions to Ask Before You Buy a Condo in Toronto
Before you make an offer, ask:
What are the monthly condo fees, and what do they cover?
(Utilities, parking, amenities, security?)Is there a strong reserve fund?
(This protects you from costly special assessments.)What are the condo bylaws?
(Any rules around pets, renovations, smoking, short-term rentals?)Are there any ongoing legal disputes or planned repairs?
How many units are owner-occupied vs. rented?
(High rental ratios can impact building culture.)Is parking or storage included in the price?
Are there future developments planned nearby?
(They could impact views, noise, or resale value.)
💬 Thinking About Buying a Condo in Toronto?
Whether you're looking to buy your first condo or explore a smart real estate investment in Toronto, our experienced team at iListRealEstate is here to help.
📞 Call us today at 416-901-8777
📧 Or email info@ilistrealestate.ca
Let’s find the perfect Toronto condo that fits your lifestyle and budget.