Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
Downtown Toronto condo prices are still easing. From January to October 2026 the median condo apartment sold for $600,000 in C01 and $565,000 in C08, down 6.6% and 7.4% from 2025. With five to six months of supply and soft rents, most signs point to a flat 2027 rather than a quick rebound.
This guide is for anyone who owns, rents out or wants to buy a condo in downtown Toronto and needs real numbers before making a 2027 decision. You will get the latest TRREB prices for the core districts, three years of sold data, current rents, the new-condo supply picture and what forecasters expect, with my own view clearly labelled.
What are downtown Toronto condo prices right now?
In October 2026, the median condo apartment in TRREB district C01 sold for $605,000 and the median in C08 sold for $545,000. The median is the middle sale, so half sold for more and half for less. C01 covers the west side of the core, including the Bay Street Corridor, the Waterfront Communities, Niagara, University, Kensington-Chinatown and Trinity-Bellwoods. C08 covers the east side, including the Church-Yonge Corridor, Moss Park, Regent Park, Cabbagetown-South St. James Town and its own stretch of the waterfront.
| Condo apartments, October 2026 | Sales | Median price | Average price | New listings | Active listings | Sale-to-list |
|---|---|---|---|---|---|---|
| C01 (west downtown) | 217 | $605,000 | $704,609 | 573 | 1,105 | 96% |
| C08 (east downtown) | 114 | $545,000 | $626,121 | 416 | 823 | 97% |
| City of Toronto | 949 | $545,000 | $659,214 | 2,694 | 5,251 | 97% |
Source: TRREB Market Watch, October 2026 (released 4 November 2026), condo apartment tables. One month of sales; the average is pulled up by larger and luxury units.
Two numbers tell the story. Sellers got about 96 to 97 cents on the dollar of their asking price, so buyers are negotiating. And new listings ran at between about two and a half and nearly four times the number of sales, which keeps pressure on prices. Across the whole city, condo apartment sales were down 10.7% from October 2025 and the average price was down 5.6%.
How much have downtown condo prices dropped since 2024?
Downtown condo prices have fallen for two years in a row. Using ten months of sold data, the median in C01 went from $680,000 in 2024 to $600,000 in 2026, about 12% lower. In C08 it went from $657,750 to $565,000, about 14% lower.
| Condo apartments, Jan–Oct | 2024 | 2025 | 2026 | Change 2026 vs 2025 |
|---|---|---|---|---|
| C01 median sold price | $680,000 | $642,650 | $600,000 | -6.6% |
| C01 sales | 2,395 | 2,122 | 2,138 | +0.8% |
| C01 average days on market | 30 | 36 | 37 | +1 day |
| C08 median sold price | $657,750 | $610,000 | $565,000 | -7.4% |
| C08 sales | 1,306 | 1,188 | 1,257 | +5.8% |
| C08 average days on market | 31 | 36 | 38 | +2 days |
Source: TRREB MLS data via REALM, January–October 2026 vs the same period of 2025 and 2024. District-level medians, not building or neighbourhood prices. Not a forecast.
Notice that sales did not fall in 2026. They held steady in C01 and rose a little in C08. Buyers came back, but only at lower prices. That is what a market looks like when it is finding a floor rather than freezing. It is not proof that the floor is in.
Is downtown Toronto a buyer’s market for condos?
Yes. A simple test is months of supply: how long it would take to sell every active listing at the current pace. From January to October 2026, C01 sold about 214 condo apartments a month and had 1,117 active listings, which is roughly five months of supply. C08 sold about 126 a month against 835 active listings, roughly six and a half months. Those figures are my own arithmetic from the REALM data. As a rough rule of thumb, I treat anything above four or five months as a market that leans toward buyers.
Supply is easing, though. Combined active condo listings in C01 and C08 fell from 2,328 in 2024 to 1,952 in 2026, a drop of about 16%. Fewer owners are listing because many do not want to sell at today’s prices. If that trend continues while sales hold, the balance will tighten slowly.
For a seller, this means pricing is everything. A unit priced in line with the last few sales in its own building can sell within the district’s typical five to six weeks. A unit priced on 2022 memories sits, and a long listing history makes buyers ask what is wrong with it. My guide on how much your downtown condo is worth walks through how to set a realistic number.
Are Toronto condos sitting empty?
Some are, but not in the way the headlines suggest. There are three different things people mean when they talk about empty condos.
- Unsold new units held by builders. Urbanation counted 5,127 completed but unsold new condo units across the Greater Toronto and Hamilton Area in the third quarter of 2026. That was down 7% from the second quarter, the first drop in four years, but still 40% higher than a year earlier.
- Units waiting for a tenant. In the second quarter of 2026, 5,127 condo apartments were listed for rent in C01 and 4,233 were leased. In C08, 4,572 were listed and 3,535 were leased. Most units do lease, but it takes longer and landlords have less pricing power.
- Units left vacant by their owners. Toronto charges a Vacant Home Tax of 3% of the assessed value for 2026 on homes left unoccupied for six months or more in the year. Owners file a yearly declaration, and the deadline for 2026 is 30 April 2027.
Investors are now buying some of that builder inventory in bulk. In the third quarter of 2026, Urbanation reported 339 new units sold in bulk deals, about 45% of all new condo sales, at an average of $763 per square foot. That was roughly 40% below what the same buildings originally sold for. Resale owners in newer towers are competing with those prices, which is a big reason the downtown median keeps slipping.
Condo Valuation
What’s your condo
worth today?
Three quick steps. Condos don’t price like houses — your floor, your view, and whether you own parking move the number more than anything else. This weighs all of them.
Reading recent condo sales…
Estimated market value
—
$0–$0
Most likely $0 · about $0 per square foot
What moved the number
Starting from what comparable units in your area sell for, here’s what your specifics added or subtracted.
Market context
—
—
Two units, same floor plan,
$90,000 apart.
That happens constantly in condos — one has the parking, the right exposure, or a board that keeps the reserve fund healthy. A model can’t see your status certificate. I can.
What do downtown Toronto condos rent for in 2026?
Downtown rents are higher than the GTA average but have stopped climbing. TRREB’s second-quarter 2026 rental report shows these average lease rates for condo apartments leased through the MLS System.
| Condo apartments leased, Q2 2026 | Units leased | Average 1-bedroom rent | Average 2-bedroom rent |
|---|---|---|---|
| C01 | 4,233 | $2,475 | $3,494 |
| C08 | 3,535 | $2,269 | $3,122 |
| City of Toronto | 15,388 | $2,316 | $3,154 |
| All TRREB areas | 21,251 | $2,273 (-2.3% y/y) | $3,013 (-1.7% y/y) |
Source: TRREB Rental Market Report, Q2 2026 (average lease rates, condo apartments). TRREB’s Q3 2026 report was not yet posted when this was written.
Why are rents soft? Fewer newcomers are arriving. Statistics Canada estimates the Toronto census metropolitan area lost 992 people between July 2024 and July 2025, after adding more than 269,000 the year before. The number of non-permanent residents, such as students and temporary workers, fell by 44,792. Many of them rented small downtown condos. CMHC also says rental markets are easing most noticeably in Toronto and Vancouver, partly because of the larger supply of condos rented out by individual owners.
What is the forecast for downtown Toronto condos in 2027?
No major forecaster publishes a downtown-only condo forecast, so you have to piece it together. Here is what the main sources say, with dates.
- CMHC (22 July 2026): its baseline sees the Toronto-area average price, all home types, at $1,020,000 in 2026 and $1,050,000 in 2027. It expects the Toronto rental vacancy rate to stay around 3.8% in 2026 and 2027.
- Bank of Canada (28 October 2026): raised its policy rate to 2.50%, said housing should remain relatively weak, and signalled another increase could be needed. The next decision is 9 December 2026.
- Urbanation (October 2026): condo units under construction across the region fell to 35,920, the lowest since early 2012, and only 4,213 completions are scheduled for 2029. Urbanation expects a significant shortage by the end of the decade.
Put together, the near term and the longer term point in different directions. In 2027, buyers still have plenty of choice: completed builder inventory, investors selling and higher borrowing costs. Later in the decade, very few new condos will be finishing, because almost nothing new has started. My own view, and it is only a view, is that downtown condo prices are more likely to move sideways in 2027 than to jump, with the best-located, well-laid-out units recovering first. I would not count on a quick rebound for small units in newer investor-heavy towers.
Should you buy a downtown Toronto condo in 2027?
It can make sense if you plan to live in it for at least five to seven years, can carry it comfortably at today’s rates, and buy a unit that people will still want later. Prices are well below their 2022 peak, sellers are negotiating, and you can take your time. The risk is that rates keep rising and prices drift lower for another year.
Look hardest at the things that hold value when the market is weak: a usable layout, a real bedroom with a window, a building with a healthy reserve fund, and fees that make sense for the size. Ask for the status certificate early and have a lawyer review it. If you are comparing buildings, my list of downtown Toronto condos worth a look is a starting point.
Downtown is where the condo slowdown hit first, so it is also where you can find the best value. I tell buyers to ignore the headline median and study their own building: the last six months of sales, how long units sat, and how many are listed for rent. If a unit you like has been on the market for 60 days or more, there is usually room to negotiate. If you are an investor, run the numbers using today’s rents, not last year’s, and assume a month of vacancy each year.
Should you sell your downtown condo now or wait until 2027?
That depends on why you are selling. If you need to move for work, family or a bigger home, waiting for a rebound rarely pays, because what you buy next has usually fallen too. If you are an investor whose rent no longer covers the mortgage, fees and taxes, the monthly loss may cost more than any price gain you are waiting for. If neither applies and your costs are covered, holding is a reasonable choice.
My guide on whether to sell your Toronto condo now or wait covers the trade-offs in more detail, and the wider Toronto housing market 2027 outlook shows how condos compare with houses across the city.
If your unit is in a building with many recent sales by builders or bulk buyers, buyers and appraisers will compare your price with those deals. A lender’s appraisal that comes in low can force a buyer to find more cash or walk away. Price close to recent resale sales in your own building, and ask your agent to show you every sale from the last six months, including any by the builder.
What to do next
- Pull the last six months of sold and leased data for your building, not just the district.
- Get your unit’s numbers with the estimator above, then compare them with a written market analysis from an agent.
- If you own a rental, check your lease end date, your rent against the Q2 2026 averages, and your carrying cost at your renewal rate.
- If you are buying, get a mortgage pre-approval with a rate hold before you shop, since the Bank of Canada meets again on 9 December 2026.
- Book a short call if you want a second opinion on timing, price or a specific building.
Need help with this? Talk to me.
I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].
Frequently asked questions
Are downtown Toronto condo prices going down?
Yes, downtown Toronto condo prices were still falling in 2026. From January to October 2026, the median condo apartment price was $600,000 in TRREB district C01, down 6.6% from 2025, and $565,000 in C08, down 7.4%. Both are 12% to 14% below 2024. Sales held steady, which suggests buyers are active at the lower prices.
What is the average price of a condo in downtown Toronto?
The average condo apartment in downtown Toronto sold for $704,609 in C01 and $626,121 in C08 in October 2026, according to TRREB. The medians were lower, at $605,000 and $545,000, because a few large and luxury units pull the average up. For a typical one- or two-bedroom unit, the median is the better guide.
Will Toronto condo prices go up in 2027?
Forecasters expect little change in Toronto prices in 2027 rather than a strong rise. CMHC’s July 2026 baseline sees the Toronto-area average price, for all home types, rising about 3% to $1,050,000 in 2027, but that came before the Bank of Canada raised rates in October 2026. Condo apartments have been weaker than houses, so a flat year is a reasonable planning case.
Why are there so many empty condos in Toronto?
Most empty Toronto condos in 2026 are either unsold new units or units waiting for tenants. Urbanation counted 5,127 completed, unsold new condos across the Toronto and Hamilton area in the third quarter of 2026. Rental demand also cooled as the number of temporary residents fell. Toronto’s Vacant Home Tax charges 3% of assessed value on homes empty six months or more.
Is 2027 a good time to buy a condo in downtown Toronto?
It can be a good time if you plan to hold for five years or more. In 2026, downtown Toronto condo medians were 12% to 14% below 2024 levels, sellers accepted about 96% of asking in October, and there were five to six months of supply. The risk is further rate hikes, so buy only what you can carry comfortably at today’s rates.
How much is rent for a one-bedroom condo in downtown Toronto?
A one-bedroom condo in downtown Toronto leased for an average of $2,475 a month in C01 and $2,269 in C08 in the second quarter of 2026, according to TRREB. Two-bedrooms averaged $3,494 and $3,122. Across the GTA, average one-bedroom condo rents were down 2.3% from a year earlier, so landlords have less room to raise rents.
How long does it take to sell a condo in downtown Toronto?
A downtown Toronto condo took about 37 to 38 days on average to sell from January to October 2026, based on TRREB data for districts C01 and C08. That is up from about 30 days in 2024. Well-priced units in good buildings can sell faster, while overpriced ones often sit for two months or more.
Which TRREB districts cover downtown Toronto?
Downtown Toronto is mainly TRREB districts C01 and C08. C01 includes the Bay Street Corridor, the Waterfront Communities, Niagara, University, Kensington-Chinatown and Trinity-Bellwoods. C08 includes the Church-Yonge Corridor, Moss Park, Regent Park and Cabbagetown-South St. James Town. Together they had 3,395 condo apartment sales from January to October 2026.
Is the Toronto condo market going to crash in 2027?
A crash in Toronto condo prices in 2027 is not what major forecasters expect, though prices could keep slipping. Downtown medians have already fallen about 12% to 14% since 2024. Builders are starting very few new condos, and Urbanation expects a shortage by the end of the decade. Higher interest rates are the main risk to watch in 2027.
Sources
- TRREB Market Watch, October 2026
- TRREB Rental Market Report, Q2 2026
- Canadian Mortgage Professional: GTHA condo sales double as investors buy at 40% discounts (Urbanation Q3 2026)
- CP24: Bulk new condo purchases boosting sales in GTHA, but supply pipeline is drying up (21 October 2026)
- CMHC, Summer Update: 2026 Housing Market Outlook
- Statistics Canada, Canada’s population estimates: Subprovincial areas, 2025
- City of Toronto opens the 2026 Vacant Home Tax declaration period
- Bank of Canada press release, 28 October 2026
Related reading
- GTA Housing Market Forecast 2027: City-by-City Numbers
- Mississauga Housing Market 2027: Prices, Sales and What to Expect
- Brampton Housing Market 2027: Prices, Sales and What to Expect
- Markham and Richmond Hill Housing Market 2027
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Toronto. I work with buyers and sellers across Toronto and the GTA and have helped more than 100 families sell. Four-plus years of active GTA transactions and over $100 million in sales volume.
Reach me at [email protected] or 833-330-1925, or book a call.