By Irina Marchenkova, Sales Representative, RE/MAX Realtron Realty Inc., Brokerage, Seniors Real Estate Specialist (SRES®) · Published October 2026, based on TRREB’s September 2026 Market Watch report.
Condo apartments have been the weakest part of the Greater Toronto Area housing market this year. In September 2026, the MLS® Home Price Index benchmark for a GTA condo apartment was $527,200, down 6.7% from a year earlier. That is the steepest drop of any home type: detached homes fell 4.8%, and the market as a whole 4.7%.
Inside the City of Toronto, the benchmark condo was $543,800, down 6.4%. The striking part: condo prices fell in every one of Toronto’s 35 TRREB districts. The size of the drop varied enormously, though, from about 1% along the Etobicoke lakeshore to almost 19% in east Scarborough. That gap is where the opportunities are for first-time buyers and investors.
All benchmark prices below come from TRREB’s MLS® Home Price Index for September 2026, compared with September 2025. The benchmark describes a typical condo apartment in each area, so it is a steadier measure than the average sale price, which can jump around with the mix of units sold. For the full picture across all home types, see my September 2026 GTA market update.
Toronto condo market at a glance, September 2026
| Measure (GTA condo apartments) | September 2026 | vs. September 2025 |
|---|---|---|
| MLS® HPI benchmark price | $527,200 | −6.7% |
| City of Toronto benchmark price | $543,800 | −6.4% |
| Condo apartment sales | 1,316 | −7.8% |
| Average selling price | $605,257 | −7.7% |
| Median selling price | $520,000 | — |
| New listings | 4,523 | — |
| Active listings | 8,226 | — |
| Average sale-to-list price ratio | 97% | — |
| Average days on market (listing) | 42 | — |
With 8,226 condos for sale and 1,316 sold during the month, there were roughly six months of condo inventory, compared with 4.6 months for the market as a whole. Condos also took longer to sell (42 days on average, against 34 for all home types) and sold for an average of 97% of their asking price. In short, condo buyers currently have more choice and more room to negotiate than buyers of any other home type.
Where condo prices fell most: Toronto’s 10 biggest drops
| Rank | District (main neighbourhoods) | Benchmark, Sept 2026 | Change vs. Sept 2025 |
|---|---|---|---|
| 1 | E10 (West Hill, Highland Creek) | $369,000 | −19.0% |
| 2 | W10 (Rexdale, Thistletown) | $408,400 | −16.2% |
| 3 | E11 (Malvern, Rouge) | $372,000 | −15.9% |
| 4 | C06 (Bathurst Manor, Clanton Park) | $472,900 | −15.2% |
| 5 | C09 (Rosedale, Moore Park) | $749,700 | −14.2% |
| 6 | E07 (Agincourt, Milliken) | $453,800 | −13.1% |
| 7 | E05 (L’Amoreaux, Steeles, Tam O’Shanter) | $461,500 | −12.5% |
| 8 | W05 (York University Heights, Downsview) | $443,000 | −11.9% |
| 9 | C11 (Thorncliffe Park, Flemingdon Park) | $409,600 | −11.8% |
| 10 | E08 (Guildwood, Cliffcrest, Scarborough Village) | $453,000 | −11.5% |
Eight of the ten biggest drops are in Scarborough or along the city’s northern edge, in districts where condos were already among the most affordable in Toronto. The outlier is C09, Rosedale and Moore Park: a 14.2% drop on a $749,700 benchmark means a typical condo there is worth about $124,000 less than it was a year ago.
Where condo prices held up best
| District (main neighbourhoods) | Benchmark, Sept 2026 | Change vs. Sept 2025 |
|---|---|---|
| W06 (Mimico, New Toronto, Long Branch) | $607,800 | −1.2% |
| W08 (Central Etobicoke, The Kingsway, Islington) | $531,000 | −2.4% |
| W03 (Weston, Keelesdale, Rockcliffe-Smythe) | $490,100 | −2.5% |
| C10 (Mount Pleasant, Davisville) | $605,800 | −2.7% |
| E06 (Birchcliffe, Oakridge) | $540,600 | −2.9% |
| C02 (The Annex, Yorkville, Casa Loma) | $796,000 | −3.0% |
| W07 (Stonegate-Queensway) | $530,000 | −3.4% |
| C04 (Bedford Park, Lawrence Park, Forest Hill North) | $690,500 | −3.6% |
West-end districts dominate this list. They are also the only Toronto districts where overall home prices (all home types) were rising in September: W06 (+1.2%), W07 (+2.5%) and W08 (+0.1%). Condo prices there slipped, but far less than elsewhere in the city.
Toronto’s cheapest condo districts
| Rank | District (main neighbourhoods) | Benchmark, Sept 2026 | Change vs. Sept 2025 |
|---|---|---|---|
| 1 | E10 (West Hill, Highland Creek) | $369,000 | −19.0% |
| 2 | E11 (Malvern, Rouge) | $372,000 | −15.9% |
| 3 | W10 (Rexdale, Thistletown) | $408,400 | −16.2% |
| 4 | C11 (Thorncliffe Park, Flemingdon Park) | $409,600 | −11.8% |
| 5 | E04 (Dorset Park, Wexford, Kennedy Park) | $419,200 | −8.2% |
| 6 | E09 (Woburn, Bendale, Morningside) | $434,500 | −8.4% |
| 7 | W05 (York University Heights, Downsview) | $443,000 | −11.9% |
| 8 | E08 (Guildwood, Cliffcrest, Scarborough Village) | $453,000 | −11.5% |
For comparison, the most expensive condo district is C12 (Bridle Path, York Mills, St. Andrew-Windfields) at $1,045,200, followed by C02 (The Annex, Yorkville) at $796,000. A typical condo in E10 now costs about a third of one in C12.
The cheapest districts are also the ones that fell most. That is good news for buyers, but it also means each building deserves a close look before you buy: condo fees, the reserve fund and any planned special assessments matter as much as the headline price. See my full list of the most affordable neighbourhoods in Toronto and the GTA.
Condo prices across the GTA (905 regions)
Outside Toronto, condo prices fell even faster. The average condo selling price in the 905 regions was down 12.0% year over year, compared with 6.1% in the City of Toronto, and 905 condo sales fell 12.4%.
| Area | Condo benchmark, Sept 2026 | Change vs. Sept 2025 |
|---|---|---|
| Aurora | $494,400 | −14.1% |
| Richmond Hill | $493,000 | −12.3% |
| Brampton | $407,000 | −11.9% |
| Newmarket | $462,400 | −11.7% |
| Markham | $517,200 | −9.7% |
| Ajax | $433,900 | −9.0% |
| Clarington | $445,900 | −8.8% |
| Pickering | $465,500 | −8.1% |
| Mississauga | $488,300 | −7.6% |
| Whitby | $495,700 | −6.6% |
| Oshawa | $409,000 | −6.5% |
| Halton Hills | $511,900 | −6.5% |
| Oakville | $552,100 | −6.2% |
| Milton | $511,700 | −5.1% |
| Vaughan | $523,100 | −4.9% |
| Burlington | $504,000 | −4.4% |
York Region had the largest condo price drop of any region (−8.8%), led by Aurora (−14.1%) and Richmond Hill (−12.3%). Halton was the steadiest (−5.1%), with Burlington down just 4.4%. Brampton ($407,000) and Oshawa ($409,000) now have the lowest condo benchmarks among the larger 905 cities.
Why condo prices are falling
No single cause explains it, but two things stand out in the data:
- More supply than buyers. About six months of condo inventory is well above the rest of the market, so sellers are competing for a smaller pool of buyers.
- Falling rents. Average asking rents in Toronto have now declined for 32 consecutive months, according to Rentals.ca and Urbanation (see my article on Toronto rent prices in 2026). Lower rents squeeze investors’ returns, and investors are an important part of the condo market.
What this means for first-time buyers
Condo buyers currently have the advantage. A typical condo in E10 or E11 costs under $375,000, and several more districts are close to $400,000. On a $369,000 condo, the minimum 5% down payment would be $18,450.
- Compare the benchmark with recent sales in the building. A district benchmark is a guide; individual buildings can sell well above or below it.
- Negotiate. Condos are selling for 97% of asking on average, after about six weeks on the market, so an offer below the list price is often reasonable.
- Read the status certificate before your offer becomes firm. It shows the reserve fund, any legal claims, and planned fee increases or special assessments.
- Run the numbers. Use my mortgage calculator (remember to include condo fees), and read my first-time home buyer guide for the rebates and programs available to you. New to Canada? See my guide for newcomers buying a home in Toronto.
What this means for investors
For investors, lower prices are only half the story, because rents are falling too. Before you buy, check:
- Rent comparables for the specific building and unit size, not city-wide averages.
- Cash flow after condo fees, property tax, insurance and an allowance for vacancy.
- Whether the price drop looks temporary, or reflects a lasting oversupply of similar units in that area.
- Ontario’s rental rules: tenants have strong protections, and rent control does not apply to units first occupied after November 15, 2018. See my leasing page for help as a landlord.
The districts where prices fell most are not automatically the best buys. Sometimes a big drop reflects too many similar units for sale; sometimes the market has simply overshot. I can pull sold and leased data for any building you are considering.
If you are selling a condo
Price it for today’s market, not last year’s. With about six months of inventory, overpriced condos sit, and a listing that goes stale usually sells for less in the end. Good photos, a realistic price and a clean status certificate make a real difference.
My take
Condo prices have now fallen in every Toronto district, and the biggest discounts are in east Scarborough and north Etobicoke. If you have been waiting to buy your first home, this is a good time to start looking seriously, while choice is wide and sellers are open to negotiation. Nobody can call the exact bottom, so buy a home you can afford comfortably and would be happy to live in for at least five years.
Frequently asked questions
How much have Toronto condo prices dropped in 2026?
In September 2026 the MLS® HPI benchmark price for a GTA condo apartment was $527,200, down 6.7% from September 2025. In the City of Toronto the benchmark was $543,800, down 6.4%. Condo prices fell in all 35 Toronto districts.
Where are the cheapest condos in Toronto?
The lowest condo benchmarks in September 2026 were in east Scarborough: district E10 (West Hill, Highland Creek) at $369,000 and E11 (Malvern, Rouge) at $372,000, followed by W10 in north Etobicoke ($408,400) and C11, Thorncliffe Park and Flemingdon Park ($409,600).
Which Toronto areas held their condo values best?
West-end districts held up best. W06 (Mimico, New Toronto, Long Branch) fell just 1.2% year over year, followed by W08 in central Etobicoke (2.4%) and W03 around Weston and Keelesdale (2.5%).
Is now a good time to buy a condo in Toronto?
For buyers, conditions are favourable: prices are lower than a year ago, there is about six months of condo inventory, and condos sell for 97% of asking on average. Nobody can time the exact bottom, so the best approach is to buy a home you can comfortably afford and plan to keep for at least five years.
Sources: Toronto Regional Real Estate Board, Market Watch, September 2026 (MLS® Home Price Index and condo apartment sales tables). Months of inventory calculated from TRREB’s active listings and sales. Rent data: Rentals.ca and Urbanation.
Thinking about buying, selling or investing in a condo? Call or text me at 416-846-8064, email irina@loveurlife.ca, or contact me online.