To sell a condo when inventory is high, price it from recent sales in your own building and the closest comparable ones, not from what neighbours are asking, and remove every reason a buyer has to wait. In September 2026 the GTA had about 4.6 months of inventory and homes took 34 days to sell on average, so buyers have time and choice. Sellers who price right from day one usually net more than those who chase the market down.
Key takeaways
- Your real competition is the other listings in your building and the developers’ unsold units nearby.
- A price cut later usually costs more than pricing correctly at launch.
- Every month unsold costs real money: about $3,400 on a typical $600,000 condo in our example.
- Having the status certificate ready before listing shortens conditions and calms buyers.
- Resale condo listings are falling, so conditions are improving slowly for sellers.
What sellers are up against in 2026
TRREB’s September 2026 Market Watch showed a sales-to-new-listings ratio of 37.8% across all home types, which is buyer-leaning territory, and homes sold for about 98% of their list price on average. The average condo apartment price across TRREB areas was $605,257, down 7.7% from a year earlier.
Condo sellers also compete with new supply. Urbanation counted a record 5,001 completed, unsold units held by developers in Q2 2026, and some of those buyers can claim Ontario’s enhanced HST rebate. On the other hand, resale condo new listings fell 19.0% year over year in Q2 while sales rose 8.8%, so the resale market is slowly tightening.
How to price a condo in a slow market
Start with sold prices, not asking prices. Asking prices in a slow market are often wishful, and buyers’ agents know it.
- Pull every sale in your building from the last six to twelve months, adjusted for floor, view, exposure, parking and locker.
- Add sales from the two or three most similar nearby buildings of the same age.
- Check how many similar units are listed for sale and for lease in your building right now.
- Compare price per square foot, using measured square footage where possible.
- Set a price that sits just inside the competition, not just above it.
Our sold prices tool and condo value estimate are a starting point, and Building Match shows which buildings buyers are comparing yours to.
The cost of waiting: holding costs vs a price cut
Sellers often resist a $12,000 reduction while quietly spending that much carrying the unit. Here is an illustration on a $600,000 condo you have already moved out of.
| Monthly holding cost | Amount |
|---|---|
| Mortgage payment (example) | $2,500 |
| Condo fee (example) | $550 |
| Property tax (Toronto 2026 rate, on $600,000) | $384 |
| Total per month | $3,434 |
A 2% price reduction on $600,000 is $12,000, which equals about three and a half months of holding costs. If a correct price sells the unit in one month instead of four, the lower price can leave you ahead. In Toronto, a unit left empty for more than six months in a year can also trigger the city’s Vacant Home Tax of 3% of assessed value, unless an exemption applies.
Prepare the paperwork buyers worry about
Condo buyers in a slow market are cautious about two things: surprise costs and surprise rules. Answer both before they ask.
- Status certificate. Under Ontario rules, the corporation must deliver it within 10 days, for a fee of no more than $100 including tax, according to the Condo Authority of Ontario. Ordering it before you list means a buyer’s lawyer can review it in a day or two instead of waiting.
- Fees and reserve fund. Be ready to explain any recent increases or upcoming projects. If an assessment is coming, disclose it; our article on condo special assessments explains why it will surface anyway.
- Parking, locker and rules. Confirm whether parking and locker are owned, exclusive-use or rented, and summarize pet and leasing rules.
Presentation: what still moves condo buyers
When buyers can see eight similar units in a weekend, the clean, bright, well-photographed one gets the second visit. Focus on what costs little and shows well:
- Fresh neutral paint, new light fixtures and repaired scuffs on baseboards and doors.
- Furniture scaled to the room, so a 600-square-foot unit does not look like 450.
- A measured floor plan, which reassures buyers comparing price per square foot.
- Professional photos in good light, plus building amenity photos.
Tip: Look up how many units in your building with the same floor plan are listed for sale and for lease. If three identical one-bedrooms are for sale, the buyer will choose on price, floor and condition, in that order. Sometimes the smartest move is to wait until two of them sell, or to price yours as the obvious best value on day one.
Selling a tenanted condo
A tenanted unit can be harder to show and harder to stage. Under Ontario law, a landlord can enter to show the unit to prospective buyers with at least 24 hours’ written notice, within reasonable hours. A cooperative tenant is your best asset, and some sellers offer a rent reduction during the listing period in exchange for flexibility.
Know which buyers you are targeting. Investors may want the tenant to stay; buyers who plan to live in the unit will need vacant possession, which in Ontario requires specific notice and process. Speak with a lawyer before promising vacant possession on a closing date.
Negotiate on terms, not just price
When buyers push on price, you can often hold value by flexing elsewhere: a closing date that suits them, including appliances or furniture, or accepting a financing condition. Buyers in this market expect conditions, and a reasonable one is often better than a lower firm offer.
Frequently asked questions
Why is my condo not selling in Toronto?
Usually price relative to the competition in your own building, presentation, or a building issue such as high fees or a pending special assessment. Compare your price per square foot with recent sales, not listings, and ask your agent for buyer feedback after showings. If there are no showings at all, the price is the problem.
Should I lower my condo price or wait for spring?
It depends on your holding costs and the competition. Spring brings more buyers but also more listings. If carrying the unit costs $3,000 to $3,500 a month, waiting four or five months can cost more than a modest price adjustment now. A strong unit priced correctly can sell in any season.
Should I rent out my condo instead of selling at a loss?
Possibly, if rent covers most of your costs and you are comfortable being a landlord. Average GTA condo rents were about 2% lower year over year in Q2 2026, and new units first occupied after November 2018 are not rent controlled. Run the numbers on cash flow, taxes and the risk of a long tenancy before deciding.
How long does it take to sell a condo in Toronto right now?
Across all home types in the TRREB area, the average was 34 days on market in September 2026. Condos vary by building and price: a well-priced unit in a desirable building can sell in a couple of weeks, while an overpriced unit in a building with many listings can sit for months.
Ready to price your condo?
Start with a free condo value estimate, read our condo sellers’ guide, or talk to our selling team about a pricing plan for your building.
This article is general information as of October 2026, not legal, tax, mortgage or financial advice. Rules and numbers change, so confirm the details for your situation with a licensed professional.