Toronto Condo Buying Guide 2026
Everything you need to know about buying a condo in Toronto. From understanding fees and status certificates to finding the right building and neighbourhood, this guide covers it all.
$750K
Avg. Condo Price
$0.70/sf
Avg. Monthly Fee
2,500+
Condo Buildings
$2,800
Avg. 1BR Rent
1. Understanding Condo Ownership
When you buy a condo, you're purchasing two things: your individual unit and a share of the common elements (hallways, amenities, parking, etc.). This shared ownership structure is governed by the Condominium Act of Ontario and managed by a condo corporation (also called a "condo board").
What You Own
- Your individual unit (from paint inward)
- Any parking spot(s) deeded to you
- Any locker(s) deeded to you
- Proportional share of common elements
- Voting rights in condo corporation
What the Corporation Manages
- Building exterior and structure
- Common areas (lobby, hallways, etc.)
- Amenities (gym, pool, party room)
- Shared systems (HVAC, elevator)
- Reserve fund for major repairs
As an owner, you'll have a say in how the building is run through annual general meetings (AGMs) and board elections. Your monthly fees fund the operation and long-term maintenance of the building.
2. Condo Fees Explained
Condo fees (also called maintenance fees or common expenses) are your share of the building's operating costs. In Toronto, fees typically range from $0.50 to $1.00 per square foot monthly, though luxury buildings and older buildings with more amenities can exceed this.
| Expense Category | % of Budget | Description |
|---|---|---|
| Reserve Fund | 10-25% | Savings for major repairs (roof, elevator, etc.) |
| Utilities | 20-30% | Water, common area electricity, sometimes heat |
| Building Staff | 15-25% | Concierge, superintendent, cleaners |
| Insurance | 10-15% | Building insurance (not your contents) |
| Management | 5-10% | Property management company fees |
| Maintenance | 15-20% | Day-to-day repairs and upkeep |
Fee Calculation Example
For a 650 sq ft condo at $0.70/sf monthly:
Monthly Fee: 650 × $0.70 = $455/month
Annual Cost: $455 × 12 = $5,460/year
Important: Condo fees typically increase 2-5% annually. Buildings with pools, concierge, and extensive amenities have higher fees. Factor fee increases into your long-term budget.
3. The Status Certificate: Your Most Important Document
The status certificate is a snapshot of the condo corporation's health. By law, sellers must provide it within 10 days of request for a maximum fee of $100. Never buy a condo without reviewing the status certificate with a lawyer.
What It Contains
- Reserve fund balance and study
- Current year's budget
- Pending litigation or claims
- Planned special assessments
- Declaration, by-laws, and rules
- Insurance certificate
- Any outstanding fees on the unit
- Recent board meeting minutes
Red Flags in Status Certificates
- Reserve fund below 25% of annual budget
- Pending or planned special assessments
- Active litigation (especially construction defects)
- Multiple fee increases over 5% annually
- Outstanding insurance claims
- Deferred maintenance items
4. Types of Condos in Toronto
High-Rise (15+ floors)
The most common condo type in Toronto. Found throughout the downtown core and major transit hubs. Usually offer extensive amenities but higher fees.
Price Range: $500K - $2M+ | Typical Fees: $0.60-$0.90/sf
Mid-Rise (5-14 floors)
Common in transitional neighbourhoods and along major avenues. Often boutique buildings with fewer units and more intimate community feel.
Price Range: $450K - $1.5M | Typical Fees: $0.55-$0.80/sf
Low-Rise / Boutique (1-4 floors)
Smaller buildings, often converted warehouses or purpose-built. Fewer amenities but lower fees and more neighbourhood character.
Price Range: $400K - $1.2M | Typical Fees: $0.40-$0.65/sf
Condo Townhouse
Townhomes registered as condominiums. Offer more space and private entrances while still having shared amenities and maintenance. Great for families.
Price Range: $600K - $1.5M | Typical Fees: $0.35-$0.55/sf
Loft Conversion
Former industrial buildings converted to residential. Known for high ceilings, exposed brick, large windows. Popular in King West, Liberty Village, and Queen West.
Price Range: $600K - $2M+ | Typical Fees: $0.50-$0.75/sf
5. Best Neighbourhoods for Condos
Toronto's condo market varies dramatically by neighbourhood. Here are the top areas based on your priorities:
Best for Young Professionals
Best for Families
Explore all 18 Toronto neighbourhoods with detailed condo market data, transit scores, and pricing trends.
6. The Condo Buying Process
Get Pre-Approved
Know your budget before you start looking. Pre-approval also makes your offers stronger.
Define Your Criteria
Location, size, amenities, budget, parking needs, pet-friendliness, rental rules if investing.
Tour Properties
Visit units at different times. Check common areas, amenities, and talk to concierge about the building.
Make an Offer
Include conditions for financing, home inspection (optional for condos), and status certificate review.
Review Status Certificate
Your lawyer reviews the certificate. You have the option to walk away if issues are found.
Finalize Financing
Complete your mortgage application with the specific property details.
Close the Deal
Your lawyer handles the closing, title transfer, and funds. You get the keys!
7. New Construction vs. Resale Condos
New Construction
Pros
- Modern finishes and layouts
- Tarion warranty coverage
- Lower initial maintenance fees
- Customization options
- Newer building systems
Cons
- Developer premiums (10-20% above market)
- Delays (often 1-2 years)
- Can't see actual unit before buying
- Unknown building management quality
- Fee increases after first year
Resale
Pros
- See exactly what you're buying
- Known maintenance fees and history
- Established community
- Often better value per square foot
- Move in immediately
Cons
- May need updates or renovations
- Higher fees in older buildings
- Potential special assessments
- Older building systems
- Less parking availability
8. Red Flags to Avoid
Unusually Low Fees
If fees seem too good to be true, the building may be underfunding the reserve, leading to future special assessments.
High Investor Ratio
Buildings with 50%+ renters can feel transient, have less pride of ownership, and may be harder to sell or finance.
Multiple Special Assessments
A history of special assessments indicates poor financial planning or significant building issues.
Pending Litigation
Lawsuits (especially against the developer) can drag on for years and impact the building's finances and reputation.
Deferred Maintenance
Visible issues like worn carpets, broken equipment, or dirty common areas suggest poor management.
Restrictive Rules
Check for rules that don't fit your lifestyle: no pets, no BBQs, strict rental restrictions, etc.
9. Frequently Asked Questions
What do Toronto condo fees typically include?
Condo fees typically cover building insurance, common area maintenance, concierge/security, amenities (gym, pool), water, and contribution to the reserve fund. Some include heating, while most exclude hydro and internet. Fees range from $0.50-$1.00 per square foot monthly in Toronto.
What is a status certificate and why is it important?
A status certificate is a legal document that provides financial and legal information about the condo corporation. It includes reserve fund status, pending lawsuits, special assessments, rules, and more. Always have a lawyer review it before buying - it can reveal serious issues.
Can I rent out my Toronto condo?
Most Toronto condos allow rentals, but rules vary. Some have minimum lease terms (usually 6-12 months), registration requirements, or rental caps. Always check the condo's declaration and rules before buying if you plan to rent it out.
What is a healthy condo reserve fund?
A healthy reserve fund should have at least 25% of the annual budget, with a reserve fund study showing adequate funding for future repairs. Buildings under 10 years old may have lower reserves. Watch out for buildings with underfunded reserves - they often lead to special assessments.
Should I buy a new condo or a resale condo in Toronto?
New condos offer modern finishes and lower maintenance fees initially but come with developer premiums and potential delays. Resale condos offer established communities, known maintenance costs, and often better value per square foot. Your choice depends on priorities and budget.
What are special assessments and how common are they?
Special assessments are one-time charges to owners when the reserve fund can't cover major repairs. They can range from $5,000-$50,000+ per unit. They're more common in older buildings (15+ years) with underfunded reserves. Always review the status certificate for past or planned assessments.
Find Your Perfect Toronto Condo
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