Deciding whether to buy a condo or a house in the Greater Toronto Area (GTA) comes down to budget, lifestyle priorities, and long-term plans. Here’s a simple breakdown with market insights to help you make the right choice.
🏠 Price & Market Overview
House Prices
Average single-family home in GTA (May 2025): ~$1,326,418 — down ~6% year‑over‑year
Median price: ~$1,150,000 — down ~7% YoY
Composite benchmark: ~$1,101,691 — down ~5.5% YoY
Condo Prices
Average condo price in GTA (May 2025): ~$702,389 — down ~7% YoY
Median price: ~$625,000 — down ~7% YoY
In simple terms: condos cost nearly half the price of detached houses in the GTA right now.
📉 Market Conditions & Inventory
Condo sales are down around 23% year-over-year, and listings are up, creating a buyer-favourable condo market with ~7.2 months of inventory.
House inventory is tighter, around 4.3–4.6 months of inventory, suggesting a more balanced market.
Higher inventory means more choice and negotiation power—especially for condos.
✅ Pros and Cons: Condo vs. House
Condos
Benefits:
Lower purchase price (avg. ~$585K–$700K)
Great for first-time buyers or smaller budgets
Maintenance and utilities often covered via condo fees
Amenities like gyms, pools, and shared spaces
Central locations with better transit access
Drawbacks:
Monthly maintenance fees ($200–$1,000+)
Less space and privacy
Restrictions on renovations, pets, and balconies
Resale market remains soft, with prices expected to decline further
Houses
Benefits:
More space, backyard, garage, and privacy
Freedom to renovate and customize
Historically stronger long-term appreciation
Drawbacks:
High purchase price (avg. ~$1.2M–$1.3M)
Higher property taxes, insurance, and upkeep costs
All maintenance is the homeowner’s responsibility
🧮 Financial Considerations
First-time buyers may find condos an affordable way to start building equity.
Families or long-term investors may prefer houses for space, flexibility, and appreciation potential.
Interest rates remain a key factor affecting affordability for both segments.