The GTA condo market is showing something buyers may not expect. Of the 1,316 condo apartments sold in September, 893 sold for less than $600,000. Even more surprising, 594 condos — about 45% of all sales — sold for under $500,000.
That matters because the GTA-wide average home price of more than $1 million can make ownership feel completely out of reach. But the condo numbers tell a different story. The largest group of September condo sales was actually between $400,000 and $499,999, suggesting there are still entry-level opportunities for buyers who are flexible about location, size, and building.
For first-time buyers, the question is whether today's softer condo market creates an opportunity to buy before conditions eventually improve. Buyers currently have more negotiating power than they did during the peak years, and some sellers — particularly investors — may be more motivated to make a deal.
But cheaper does not automatically mean better. Condo fees, building finances, upcoming special assessments, parking, layout, and location can dramatically change whether a $500,000 condo is actually good value. Buyers should compare the total monthly cost, not just the purchase price.
The takeaway is simple: the GTA may still be expensive, but ownership below $600,000 is far from impossible. For renters who assumed they were years away from buying, it may be worth running the numbers again.
Source: STOREYS / TRREB September 2026 Market Watch