If you\u2019re thinking about selling a condo in the near future as a homeowner or real estate investor, it\u2019s important to understand the current condo landscape and the overall Canadian housing market. It\u2019s crucial that we start by acknowledging that condo sales differ greatly from single-family home sales due to condo boards, status certificates, and shared amenities.<\/p>\n\n\n\n
TD Economics<\/a> reported that condo prices were down 11% year over year in the first quarter of 2026. The report also pointed out that we\u2019re four years into a price correction for condos in the Greater Toronto Area, which is the longest downturn since the late-80s to mid-90s. Additionally, the general housing market in Canada is slower in 2026. The Canadian Real Estate Association<\/a> expects a total of 463,336 properties to be sold in 2026, which is down 1.4% from 2025.<\/p>\n\n\n\n Selling any type of home could be challenging right now, but James Milonas, known as James In The City, a Realtor with The Agency Toronto West<\/a>, noted to us that single-family homes are easier to sell because of their price point and space. He admitted that the current condo landscape is rough for sellers as there\u2019s a lot of inventory and buyers have options. Since buyers have more options, they can be more deliberate and take their time making an offer, unlike during the pandemic era, when bidding wars were common. Milonas believes that when single-family homes become unaffordable again, we will see buyers return to the condo market.<\/p>\n\n\n\n If you\u2019re thinking about selling your condo, here\u2019s what you should know, including how to prepare your condo for sale, pricing strategies, and whether it\u2019s better to rent it out instead of selling.<\/p>\n\n\n\n Before you list your condo for sale, you should review the condo association\u2019s rules and regulations. Some may require a specific approval process for sales. In addition, your building’s rules on pets, rentals, and renovations can expand or narrow your buyer pool. <\/p>\n\n\n\n It\u2019s also important to emphasize that selling your condo could be affected by external factors beyond your control, such as high monthly condo fees, the condo corporation’s weak financial health, insurance claim issues, and restrictive building rules. For example, a building may have a limit on pet sizes or parking that would make it unattractive to a potential buyer.<\/p>\n\n\n\n A special assessment on your condo, such as an upcoming major repair or work on elevators, the roof, or other major building components, can raise concerns about maintenance fees<\/a>. Then there are the current maintenance fees that can\u2019t be ignored, as potential buyers will compare them with those of similar buildings.<\/p>\n\n\n\n According to the TRREB Condo Market Report<\/a>, the average condo price in the Greater Toronto Area was $634,972 in the second quarter of 2026, down 7.5% from the previous year.<\/p>\n\n\n\n The recent condo market has made it increasingly difficult for a new seller to get a quick offer. The Financial Post<\/a> published an article in June that labelled the current deteriorating market the \u201cCondopocalypse.\u201d The median number of days on the market for a sold condo in Toronto rose from 36 to 41 days, and the article featured horror stories from Realtors whose clients were losing money. One person quoted admitted they accepted an offer $88,000 below the asking price. The reason for the slow condo sales was attributed to buyers no longer being in a rush and a weak to no investor appetite for this market. Lower investor interest can be attributed to higher housing prices and rising mortgage rates, which are making it difficult to achieve a profit from monthly rent or capital appreciation. <\/p>\n\n\n\nKey Takeaways<\/h2>\n\n\n\n
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What You Should Know About Selling Your Condo<\/h2>\n\n\n\n
How the Current Market Can Affect Your Sale<\/h3>\n\n\n\n