Is Now a Good Time to Buy a Condo in the GTA?
The condo market is changing, and there may be some good news for buyers!
If you have been thinking about buying your first home, but have been waiting for the right time, this news may give you a reason to take another look.
We know buying a home is a big step. With so much talk about home prices, interest rates and the cost of living, it can be hard to know when to move forward.
As your mortgage team at Tracey Brock Mortgage Broker, we help buyers across Brampton, Georgetown and the Greater Toronto Area understand their options and make choices that fit their budget.
Condo Sales Are Picking Up
A new report from Urbanation shows that condo sales in the Greater Toronto and Hamilton Area doubled in the third quarter of 2026 compared to the same time last year.
That sounds like great news, and it is a sign that some buyers are coming back.
Here are a few interesting numbers:
- 760 new condos sold between July and September.
- Sales doubled compared to the same period last year.
- 45% of those sales were part of large purchases by investment groups.
- Unsold condo inventory dropped by 7% from the previous quarter.
There is still a large number of condos for sale, and sales remain much lower than normal. But we are starting to see some movement.
Why Are Investors Buying Condos Now?
Some large investors are buying condos at prices much lower than they were first listed for.
In fact, some groups have purchased units at an average discount of about 40% from their original selling prices.
That does not mean every condo is 40% cheaper. These were special deals involving large groups of units.
But it does tell us something important.
Some investors see value in today’s condo market.
And that is worth paying attention to.
What Does This Mean for First-Time Buyers?
If you have been saving to buy your first home, this may be a good time to explore your options.
When there are more homes for sale and fewer buyers competing, you may have more room to negotiate.
You may also have more time to find a home that truly works for you.
Think about it this way.
If a condo that once sold for $600,000 is now listed for $500,000, that is a $100,000 difference.
With a lower purchase price, you may need a smaller down payment and could have a lower monthly mortgage payment.
Of course, every condo is different. You also need to think about condo fees, property taxes and your other monthly costs.
The goal is not just to buy a home. It is to buy a home you can comfortably afford.
What About the Future?
Here is another interesting part of the report.
Very few new condo projects are getting started.
That means there could be fewer new condos available in the years ahead.
If demand grows again and fewer homes are being built, prices could rise.
We cannot predict exactly what will happen. But it is a good reminder that waiting for the perfect market does not always mean getting the best opportunity.
A Good Time to Make a Plan
After many years of helping people buy homes, one thing we have learned is that the right time to buy is different for everyone.
It is not just about the market.
It is about your income, your savings, your comfort level and your plans for the future.
You do not need to rush into buying.
But you also do not need to put your dream of homeownership on hold just because the headlines seem uncertain.
Sometimes the best first step is simply finding out what is possible.
Let Us Explore Your Options Together
If buying your first home has been on your mind, now may be a great time to start the conversation.
We can look at your budget, review your down payment and help you understand what you may be able to afford.
Even if you are not ready to buy today, having a plan can help you feel more confident about tomorrow.
Your first home may be closer than you think.
Connect with me to discuss your mortgage options or start your mortgage application online.
Your Mortgage, My Priority.™
Is now a good time to buy a condo in the GTA? Changing market conditions may create new opportunities for first-time homebuyers in Toronto and surrounding communities.
Is now a good time to buy a condo in the GTA? Changing market conditions may create new opportunities for first-time homebuyers in Toronto and surrounding communities.
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