Is it Time to Ditch my Condo?
Packed boxes around an apartment kitchen and dining area
For a lot of buyers in Toronto, condos are the starting point.
They get you into the market, they’re (relatively) affordable, and for a while, they make perfect sense. But at some point, things change. Maybe you need more space, maybe your lifestyle shifts, or maybe you just start wondering if your money could be working harder for you somewhere else.
Lately, that question has been coming up more and more:
“Does it make sense to move up right now?”
And based on what’s happening in the market, it’s a fair one.
Why This Moment Feels Different
This isn’t one of those obvious “everything is skyrocketing” markets. It’s quieter than that, but in some ways, more interesting.
Here’s what’s happening beneath the surface:
Overall home prices are down about 5% year-over-year
Sales are actually up around 7%
New listings have dropped by roughly 9%
That combination matters.
It tells us that while prices have softened, buyers are coming back into the market, and supply isn’t keeping up the same way it was before.
That’s usually how a shift begins.
What’s Happening With Condos Right Now
Condos are in a bit of a unique position.
Sales in this segment are up, which means people are buying. But prices have dropped by over 6% compared to last year.
This means condos are becoming more accessible again. Buyers have more choice, more negotiating room, and less pressure than they’ve had in years.
But it also means your condo may not be gaining value the way it once did, at least not in the short term.
There’s also more competition. Not necessarily a flood of new listings, but more inventory than we’ve seen in the past 2-3 years, combined with cautious buyers, has kept prices from pushing upward.
Freehold Homes Are Playing a Different Game
Now compare that to houses.
Sales are up across semi and detached as well, but prices have either dipped slightly or held more stable compared to condos.
So Buyers still want freehold homes, they’re just being more careful about what they pay.
But, more importantly, there’s no major wave of new freehold supply coming.
So while buyers are re-entering the market, the number of homes available to them isn’t growing at the same pace.
That’s the kind of setup that tends to:
Stabilize prices first
Then slowly push them upward over time
So… Is It Time to Make the Move?
This isn’t a blanket “yes” for everyone. But for a lot of condo owners, the timing is starting to make sense.
Right now, you’re looking at:
A condo market with more competition and softer pricing
A freehold market with limited supply and steady demand
A broader shift where buyers are slowly gaining confidence again
If you’ve been thinking about upgrading, this kind of market can be ideal.
