2025 GTA Condo Resale Market Update: What Buyers and Sellers Need to Know
The condo resale market across Toronto and the Greater Toronto Area (GTA) continues to shift in 2025, especially during the second quarter of the year. While there are still many listings available, sales activity has slowed—making this a buyer’s market for the first time in several years.
What’s Happening in the Market?
In Q2 2025, condo sales dropped by 20% compared to the same time last year. That slowdown means condos are taking longer to sell, with about 7 months of inventory now available. (For reference, a balanced market typically has around 4–5 months of inventory.)
Because of this, prices have come down. The average resale condo is now selling for about $797 per square foot—a 7.6% drop from last year and the lowest price we've seen since late 2020. Since the peak of the market in early 2022, condo prices have fallen by 19%.
Can People Afford to Buy?
Even though prices and interest rates are lower, affordability is still tough for many buyers.
For example, the monthly mortgage payment on a typical resale condo (with 10% down and a 30-year amortization) is about $2,900. That’s about the same as renting a two-bedroom unit. And once you add condo fees, property taxes, and insurance, owning can actually cost more than renting.
Where Are Buyers Focusing?
With higher costs, many buyers are looking at lower-priced condos. In fact, sales of condos under $500,000 jumped 47% in the first half of 2025. These lower-priced homes made up nearly 20% of all sales, which is the highest in four years.
Meanwhile, most other price ranges saw fewer sales—except for the $2 million+ luxury market, which only saw a small 4% drop.
How Are Prices Changing by Unit Type?
Here's a quick look at how different types of condos are doing:
Unit Type - % Change Since 2020
Studio -6.5%
1 Bedroom -3.9%
1+Den -1.8%
2 Bedroom +4.9%
2+Den +11.7%
3 Bedroom +6.7%
✅ Interesting insight: The price gap between 1-bedrooms and 1+dens has nearly disappeared, while buyers are paying about 7% more for a 2+den unit compared to a regular 2-bedroom.
Listings Are Up—Way Up
At the end of Q2, there were 10,501 active resale condo listings—almost double the 10-year average. This spike is largely because of the high number of new construction completions in 2025 and the backlog coming in 2026.
Inventory by Region (Months of Supply)
Here’s a snapshot of how much supply exists in each part of the GTA:
Region - Months of Inventory
Hamilton - 9.7 months
Oakville - 8.9 months
Brampton - 8.9 months
Mississauga - 7.8 months
905 Region Avg. - 7.2 months
Central Toronto - 7.1 months
City of Toronto - 6.7 months
Scarborough - 5.9 months
Pickering - 4.1 months
Aurora - 3.9 months
What This Means for Buyers and Sellers
For buyers, this is a moment of increased choice and negotiating power. Lower prices, more listings, and a cooling market give you space to make informed decisions.
For sellers, pricing and presentation are more important than ever. With more competition, working with the right agent to position your condo strategically can make all the difference.
Final Thoughts
Even in a shifting market, opportunities always exist—you just need to know where to look and how to plan. Whether you're buying your first condo or thinking about selling, staying informed will help you make the best move.
