Buying a condo.

FAQ

Condo FAQ — what buyers ask

Direct answers about condo buying in the GTA. Specific numbers, Ontario regulations, 2026 market data.

• What's the average condo fee in Toronto in 2026?

  Roughly $0.65–$0.85 per square foot per month, so a 700 sqft condo averages $455–$595/month. Newer downtown buildings (2020+) often run $0.80+/sqft; suburban condos average $0.55/sqft. Fees typically include utilities (heat, water), building insurance, common-area maintenance, and amenity access (pool, gym, concierge). Hydro is sometimes excluded — verify the listing.

• Should I review the status certificate before or after I offer?

  Before the offer is conditional on review — you have 10 days from request to read it. The status certificate discloses: reserve fund status, current + planned special assessments, ongoing litigation, declaration + bylaws, and any rule changes. A weak reserve fund or pending $20k+ special assessment is the most common reason buyers walk away from an otherwise-attractive unit.

• Can I sublet or short-term rent (Airbnb) a Toronto condo?

  Long-term sublets (12+ month leases) are protected by Ontario's Residential Tenancies Act and override most condo bylaws. Short-term rentals (under 28 days) are restricted by Toronto's STR licensing — only the principal residence can be rented short-term, requires a permit, capped at 180 nights per year. Most condo boards also explicitly ban Airbnb in their bylaws. Investors should plan around long-term tenancy only.

• Are pre-construction condos a good investment in Toronto in 2026?

  Mixed. Pre-construction launches in 2026 are priced $1,200-$1,800 per square foot in downtown Toronto — at or above current resale pricing for completed units. Returns depend heavily on: (1) holding period (3-5 years to occupancy + registration), (2) assignment-clause flexibility, (3) HST rebate eligibility, and (4) interest-rate direction. Resale condos in the same area often offer better entry-pricing today.

• How long do condos take to sell in Toronto?

  GTA condo average for 2026 is approximately 47 days on market for downtown units and 39-42 days for suburban condos. The first 14 days drive about 70% of total showings — getting pricing right and photos out on day one is everything. Premium $1M+ units in Yorkville or on the waterfront typically take 60+ days because the buyer pool is thinner.

• How do I start the home-buying process in Ontario?

  Five-step sequence: (1) Get pre-approved by a lender — confirms your max budget and locks a rate for 60-120 days. (2) Define your criteria (property type, neighbourhood, must-haves). (3) Tour with an agent (typically 5-15 properties before short-list). (4) Submit a conditional offer (financing + inspection + status certificate if applicable). (5) Close — lawyer handles title, mortgage funding, key transfer. Average timeline from pre-approval to closing: 60-120 days.

• What are the closing costs when buying a home in Ontario?

  Plan for 3-4% of purchase price in addition to the down payment. Major items: Land Transfer Tax (Ontario + additional Toronto LTT — combined can be 2-3% of price), legal fees ($1,500-$2,500), title insurance ($300-$500), home inspection ($400-$700), property tax + utility adjustments, and Provincial Sales Tax on title insurance + legal services. First-time buyers in Ontario get a rebate of up to $4,000 LTT.

• How long does a typical home purchase take to close?

  From accepted offer to closing: 30-90 days. Standard residential close is 60 days. Fast-track (cash + no inspection): 14-21 days. Pre-construction condo: 3-5 years to occupancy + 1-2 years more to final registration. Add inspection (5-10 days from acceptance), status certificate review (10 days for condos), mortgage funding (10-15 days), and legal title transfer (final 5 days before close).