All costs, steps, and tips for buying a condo in Toronto
Toronto's condo market remains one of Canada's most active and accessible entry points into homeownership. Average resale condo prices in Toronto sit around $700,000–$750,000 in 2025, with smaller studios and one-bedrooms available under $600,000 in older buildings or farther from the downtown core. Pre-construction condos often launch at slight discounts to resale but require patience — delivery timelines of 3–5 years are common.
Understanding the full cost of buying is essential. Toronto condo buyers face a unique double land transfer tax: both the Ontario provincial LTT and the Toronto Municipal LTT (MLTT). Together, these can add $15,000–$25,000 to closing costs on a typical purchase. Factor in legal fees, title insurance, status certificate review, and potential CMHC insurance, and total closing costs often reach $20,000–$35,000 on a $650,000 condo.
| Cost | Typical Amount | Notes |
|---|---|---|
| Ontario LTT | $9,475 (on $650K) | Tiered provincial tax |
| Toronto MLTT | $9,475 (on $650K) | City tax, same rates as Ontario |
| FTB LTT Rebate (if eligible) | Up to -$8,475 | Ontario $4K + Toronto $4,475 |
| Legal fees | $1,500–$2,500 | Includes disbursements & title insurance |
| Status certificate review | $200–$400 | Lawyer review, essential for resale |
| CMHC mortgage insurance | 2.8%–4% of mortgage | Required if under 20% down |
| Home inspection | Usually waived on condos | Consider for townhouse condos |
| Moving costs | $1,000–$2,500 | Local moves |
Toronto condo maintenance fees average $0.70–$0.90 per square foot monthly. A 600 sq ft one-bedroom would cost $420–$540/month in fees, covering building insurance, common areas, concierge, and reserve fund contributions. When lenders calculate your debt service ratios, they include 50% of maintenance fees in your housing costs, which reduces your borrowing capacity compared to a freehold home of equal price.
Pre-construction purchases have a 10-day cooling-off period under the Ontario Condominium Act — use it to get independent legal advice. During interim occupancy (after you move in but before the condo is registered), you pay occupancy fees to the developer rather than mortgage payments. These fees don't build equity. Registration typically happens 6–24 months after occupancy begins. Budget for HST on new builds (partially rebated for owner-occupied units).
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