10 Things to Know Before Buying a Condo in Toronto in 2025

Buying a condo in Toronto in 2025 requires more preparation, due diligence, and market awareness than at any point in recent memory. With shifting interest rates, an elevated supply of new listings, and evolving condo fee structures across the city, buyers who walk into a purchase without a clear plan often face costly surprises. Whether you are a first-time buyer, a downsizer, or an investor looking to add to your portfolio, the following ten points form a practical condo purchase checklist every Ontario buyer should review before signing anything. Fardad Farhanian, Broker at RE/MAX REALTRON REALTY INC., Brokerage, has guided hundreds of clients through Toronto condo transactions over 25+ years, and the insights below reflect what consistently separates a smart purchase from a stressful one.

1. Understand Where the Toronto Condo Market Stands in 2025

As of 2026, the Toronto condo market outlook reflects a period of recalibration. Average condo prices in the City of Toronto hovered in the low-to-mid $700,000s through much of 2025, with certain downtown core buildings and newer pre-construction completions creating pockets of both opportunity and oversupply. Days on market increased compared to the frenzied pace of 2021-2022, giving buyers more negotiating room than they have had in years. Understanding whether you are buying in a buyer’s market or a transitional market - and what that means for your specific building and neighbourhood - is the essential first step. Explore current residential listings across Ontario to benchmark active pricing before you begin touring units.

2. Review the Status Certificate Thoroughly

In Ontario, every resale condo purchase comes with the right to review a status certificate - a document package that reveals the financial and legal health of the condominium corporation. The status certificate discloses the reserve fund balance, any pending special assessments, current monthly condo fees, any liens against the unit, and the corporation’s declaration and bylaws. Many buyers make the mistake of skimming this document or skipping a lawyer’s review entirely. A real estate lawyer - not your agent - should review the status certificate before you waive your condition. Budget three to five business days and approximately $100-$200 in legal review fees. It is one of the most cost-effective forms of protection available to a condo buyer in Ontario.

3. Know What Condo Fees Actually Cover

Toronto condo fees in 2025 vary widely - from under $400 per month for a compact studio in a newer building to over $1,200 per month for a large suite in a full-amenity luxury tower. Before you assess affordability, confirm exactly what your monthly fee includes. Some buildings bundle water, heat, and central air into fees; others charge separately. Buildings with expansive amenities - pools, concierge, guest suites, gyms - tend to carry higher fees that can also rise faster over time. Compare the fee per square foot across shortlisted buildings rather than looking at the total dollar amount alone. This gives you a more accurate measure of value.

4. Assess the Reserve Fund - and the Reserve Fund Study

A well-funded reserve fund is the financial backbone of any healthy condominium corporation. Ontario law requires condo corporations to commission a reserve fund study every three years to project the cost of major repairs - roofing, elevators, parking structures, HVAC systems, windows, and more. If the reserve fund is underfunded relative to the study’s projections, a special assessment becomes far more likely. A special assessment can range from a few thousand dollars to tens of thousands per unit, with little warning and tight payment timelines. Ask to see the most recent reserve fund study summary alongside the status certificate. This is a non-negotiable part of your condo purchase checklist in Ontario.

5. Scrutinize the Building’s Age and Maintenance History

Toronto has a diverse condo inventory ranging from boutique heritage conversions to gleaming new towers. Buildings constructed in the late 1980s and 1990s often face more significant capital repair timelines - updated electrical systems, concrete restoration, window replacements - while very new buildings may still be working through Tarion warranty processes. Ask the listing agent for the most recent engineering or building condition assessment if one is available. Reviewing recent AGM (Annual General Meeting) minutes, which are included in the status certificate package, can also reveal recurring issues, owner disputes, or pending litigation that would otherwise go unnoticed.

6. Clarify Short-Term Rental Rules Before You Buy

If you are considering renting your unit on platforms like Airbnb or VRBO, confirm the building’s declaration and City of Toronto bylaws before making an offer. As of 2026, the City of Toronto requires short-term rental operators to register with the city and restricts short-term rentals to a host’s principal residence. Many condo corporations have layered on their own restrictions that go beyond municipal rules. If short-term rental income is part of your investment thesis, verify that both the building’s rules and the applicable city regulations permit this use - and consult a real estate lawyer to confirm compliance.

7. Evaluate Parking, Locker, and EV Charging Infrastructure

In Toronto’s resale condo market, parking spaces and lockers can be owned as freehold, owned as exclusive-use common elements, or rented - and the distinction has significant implications for resale value, financing, and future costs. Confirm in writing whether any parking space and locker included in the sale are titled separately or are exclusive-use common elements. Separately, as electric vehicle adoption grows across the GTA, buildings with dedicated EV charging infrastructure or the capacity to add it command a meaningful premium. If you drive or plan to drive an EV, ask specifically about the building’s EV charging policy and what a retrofit would cost if no infrastructure exists.

8. Factor In Closing Costs Beyond the Purchase Price

Many first-time condo buyers in Toronto are surprised by the full scope of closing costs. In addition to the purchase price, budget for Ontario Land Transfer Tax, the City of Toronto’s additional Municipal Land Transfer Tax (Toronto charges both), legal fees and disbursements, title insurance, and any adjustments for prepaid condo fees or property taxes. First-time buyers may qualify for rebates on both the provincial and municipal land transfer taxes, which can meaningfully reduce out-of-pocket costs. Use the mortgage calculator on RealtyMan to model your total cost of ownership before you submit an offer. For personalized guidance, consult a licensed mortgage broker regarding pre-approval and payment structure.

9. Understand Your Cooling-Off Period Rights for Pre-Construction

If you are purchasing a pre-construction condo in Toronto rather than a resale unit, the purchase process is governed by different rules. Ontario’s Condominium Act grants buyers of new condominium units a 10-day cooling-off period after signing a purchase agreement, during which you may rescind the contract without penalty. Use those ten days to have a real estate lawyer review the agreement of purchase and sale, disclosure statement, and all addenda. Be aware that developer timelines are estimates, not guarantees, and that occupancy fees - paid during interim occupancy before the building is registered - can add significant costs to your pre-construction experience. For a broader view of available inventory, browse current listings across Canada to compare pre-construction and resale options.

10. Work with a Broker Who Knows Toronto Condo Buildings Intimately

General real estate experience and condo-specific expertise are not the same thing. The Toronto condo market has its own vocabulary, its own documentation requirements, and its own building-by-building reputations that only come from years of transactional experience in this asset class. Fardad Farhanian is a licensed real estate broker with RE/MAX REALTRON REALTY INC., Brokerage, serving clients across the Greater Toronto Area with 25+ years of experience and $750M+ in successful transactions. He is fluent in English and Farsi and works with buyers across Toronto neighbourhoods including downtown core condos, Midtown, North York, and the surrounding GTA suburbs. To learn more about Fardad’s background and approach, visit his broker profile on RealtyMan. To begin your condo search or request a consultation, visit the RealtyMan contact page or call directly at +1 416-707-1031.

Toronto Condo Market Snapshot: Key Metrics for Buyers (As of 2026)

Start Your Toronto Condo Search with Confidence

Buying a condo in Toronto in 2025 is a significant financial and personal decision that rewards preparation. From reviewing the status certificate to understanding your land transfer tax obligations, each of the ten points above addresses a real risk or opportunity that regularly affects buyers in this market. For a curated view of available properties across Toronto and the GTA, explore the full listing search on RealtyMan or read more buyer-focused insights on the RealtyMan blog.