How To Buy A Condo

May 1, 2025 | Buying a Home

Condos often represent an underestimated opportunity for home buyers of all types, whether you’re taking your first step into the market, searching for a second home-away-from-home or looking for an exciting and convenient place to retire.

In any case, knowing the market and what to do at every stage of your purchase will help you obtain the condo of your dreams, right in the neighbourhood you want to be in, and with the best possible terms for you. In this post, you’ll discover everything you need to know to become a savvy condo buyer in Toronto and the GTA.

Searching for your perfect home in Toronto’s West End? You may just find it while browsing our latest listings right here.

Start With an Overview of the Market

Of course, some markets are more favourable than others. If you’ve done some preliminary research, you’ve likely encountered the terms “seller’s market” and “buyer’s market.”

However, it gets far more nuanced than that, especially when it comes to condos in Toronto. It all depends on who is searching at any given time. For example:

It could potentially be a hot seller’s market for every other home structure while condos get very little attention – which is ideal for anyone looking to buy. Or the opposite could happen; more people want a condo than any other type of house.
When there are a lot of first-time buyers or downsizers on the hunt, you may have your work cut out for you. When most people are looking for a single-family detached home, the advantage is all yours.

Anytime could be a great time to buy your condo if you have the resources and are ready to get into the market. But no matter what, it always pays to educate yourself on the current landscape before moving forward.

Are you a first-time buyer seeking to get into the Toronto market? The posts below can get you off to a great start:

Is It Worth Buying a Condo in Toronto?

It depends on the lifestyle you are looking for. If you love the idea of carefree living without worrying about maintenance, buying a condo could be the best thing you’ve ever done!

The word “condo” might automatically trigger an image of an apartment-style residence, perhaps in a high-rise building surrounded by shops, stores, and a host of other amenities. There may or may not be 24-hour security, depending on the age of the building. Often, perks like indoor party rooms, gyms, outdoor terraces, and sometimes even guest suites are included.

These apartment-style units are the most common type of condo you’ll encounter. There are a lot of perks, like your neighbours being just steps away. There are also disadvantages (such as your neighbours being steps away – it’s all a matter of perspective!)

What if you want a little more living space and privacy? A townhouse or row house might be a viable alternative. You get more square footage, possibly even a backyard or patio, and can still enjoy a low-maintenance lifestyle with no cutting the grass or snow removal required.

Create Your Budget – With a Cushion

How much to buy a condo in Toronto? Great question! The only accurate answer is, “it varies.”

There are so many sizes and structures, and prices can range from approximately $500k to millions of dollars! Creating a realistic budget is one of the first steps to buying a house of any type.

To start with, you’ll need to ensure you have enough for your down payment, deposit, and to cover your closing costs.
Getting pre-approved for your mortgage will also help. This will tell you how much you can borrow, which in turn lets you know how much you can afford to pay for your new property.
Condos have a reputation for being the most affordable type of real estate Toronto offers. Just remember that the list price is only one part of the story. Like all real estate transactions, there are closing costs and other fees.
With condos, those extra expenses can add up even more. A relaxed lifestyle in a maintained building comes at a price, usually in the form of monthly condo fees.
If you’re buying a pre-construction unit, you also need to account for HST, development levies, and occupancy fees. We could write an entire post just on all of the nuances of pre-construction alone!

To keep it simple, it’s safe to say that you want to cushion your budget as much as you can. The lower initial price can be your path into an otherwise inaccessible real estate market. Once you’re in, you begin building equity, which will empower you if and when you decide to move on. Setting some funds aside for those added expenses will only make buying a condo in Toronto more comfortable.

Ask for the Status Certificate

If there’s one piece of advice we wish we could broadcast directly into the brains of anyone considering a condo purchase, it’s to request the status certificate. This is a document that tells you everything you need to know about the health of the condo corporation and its financial stability.

Mind you, making sense of the data can seem overwhelming. However, a local real estate agent can help you decipher the information and determine whether a unit in a particular building is an outstanding investment – or a disaster waiting to happen. You should also have a lawyer review the status certificate before finalizing your decision.

Imagine a building is in poor repair and needs massive renovations in the near future, but the reserve funds are low. If the worst happens, those costs could get passed down to you via a special assessment. It’s the equivalent of buying a house you thought was move-in ready – only to discover it needs a new roof and the basement leaks.

If a building has been meticulously maintained and has sufficient funds in reserve to cover future repairs, the status report will show that as well. This information can mean the difference between a positive buying experience and wishing you could go back to being a tenant.

Where do you want your new condo to be? The posts below will give you a few things to ponder:

Start Creating a Wishlist

Now that you know a few nuances about buying a condo in Toronto versus buying a house, we can dive deeper into the actual steps. At this point, you’re ready to get in touch with a local real estate agent if you haven’t already. It’s never too early to start taking advantage of this expert guidance. In addition, a well-connected Realtor® can often get you access to early listings.

Next, think of what you want in a condo. Will a one-bedroom be sufficient, or do you want to ensure plenty of space for visitors? If you need more space, you might decide to look at two or three-bedroom units, or a building with additional guest suites.
Think about the amenities you want nearby, such as access to shopping or public transit. Finally, do you prefer the modern aesthetic and open-concept layout of a new-build or the old-school charm of older architecture?

A detailed wish list is an excellent first step toward finding the condo of your dreams. You might not get every feature you ask for, especially if you’re a first-time buyer. However, you may end up with some advantages that you didn’t expect. By working with an experienced and well-connected real estate team, you just never know what doors might open up to you.

Do you want specialized guidance when buying a condo? Our West Toronto Realtors® are uniquely qualified to help. Connect with us today at 416-788-1823 or email kim@kimkehoe.com to learn more.