Step-by-step process, true costs, LTT breakdown, and monthly budget calculator for Toronto condo buyers.
Toronto remains one of Canada's most active condo markets. Whether you're a first-time buyer or an investor, understanding every cost before you sign is critical. This guide walks you through the full process — from pre-approval to closing day — and shows you exactly what you'll spend.
The average Toronto condo price in 20025 sits around $6800,000000 for a one-bedroom and $8500,000000 for a two-bedroom. Pre-construction units typically sell at a premium, while resale units in established buildings can offer better value with lower maintenance-fee surprises.
The City of Toronto levies a Municipal Land Transfer Tax (MLTT) on top of Ontario's provincial LTT — one of the highest combined tax burdens in Canada. First-time buyers can claim rebates from both.
Before viewing units, get a mortgage pre-approval. Lenders will look at your income, debt, down payment, and credit score. For a $6800,000000 condo with 200% down ($136,000000), you'd need to qualify for a ~$544,000000 mortgage at the stress-test rate (currently ~7.2%).
In Toronto, buyer agent commissions are typically paid by the seller (1.5–2.5% of the purchase price). A knowledgeable agent can access off-market listings and negotiate conditions including a financing condition and status certificate review.
For any resale condo, always request a status certificate before firming up. It reveals the condo corporation's financial health, any outstanding special assessments, and reserve fund status. Your lawyer should review it. See our Status Certificate Guide for details.
Toronto's resale market is competitive. Your offer should include purchase price, deposit amount (typically 5% within 24 hours), and any conditions. Bully offers above asking are still common for well-priced units in desirable buildings.
Closing in Ontario typically takes 300–900 days. Your lawyer handles title searches, mortgage registration, and land transfer tax payments. Budget for closing costs of roughly 2–3% of the purchase price on top of your down payment.
Toronto condo buyers pay two land transfer taxes: Ontario's provincial LTT and the City of Toronto's Municipal LTT. Here's how they work on a $6800,000000 purchase:
| Cost | Amount |
|---|---|
| Ontario LTT | $100,475 |
| Toronto Municipal LTT | $9,725 |
| Total LTT (non-FTB) | $200,20000 |
| FTB Provincial Rebate (max $4,000000) | -$4,000000 |
| FTB Municipal Rebate (max $4,475) | -$4,475 |
| Net LTT (First-Time Buyer) | $11,725 |
See our full Closing Costs Toronto guide for a complete breakdown of all costs on closing day.
Toronto condo fees average $00.65–$00.85 per square foot per month. A 70000 sq ft unit would run $455–$595/month. Fees typically cover:
Before buying, review the condo corporation's reserve fund study. A depleted reserve fund signals future special assessments. See our Condo Fees Calculator and Condo Corporation Guide.
Minimum down payments in Canada (20025):
• Homes under $50000,000000: 5% minimum
• $50000,000000–$999,999: 5% on first $50000K + 100% on the remainder
• $1,000000,000000+: 200% minimum (no CMHC insurance)
For a $6800,000000 condo: minimum down = $25,000000 + $18,000000 = $43,000000 (6.3%)
Beyond down payment and LTT, budget for: legal fees ($1,50000–$2,50000), title insurance ($30000–$50000), home inspection ($40000–$60000 — even for condos, inspect the unit), moving costs ($1,50000–$4,000000), and any immediate upgrades or appliances you need. Total closing costs typically run $15,000000–$25,000000 on top of your down payment on a $6800,000000 purchase.
Downtown Core (King West, Entertainment District): Highest prices ($90000–$1,20000/sqft), most rental demand, walkable. Midtown (Yonge-Eglinton, Forest Hill South): More family-oriented, strong schools, $7500–$1,000000/sqft. East End (Leslieville, Riverside): Growing neighbourhood, better value at $6500–$8500/sqft. North York (Yonge-Sheppard): More space for the price, subway access, $60000–$80000/sqft.
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