Why Now Is a Smart Time to Buy a Condo

I’ve lived in downtown Toronto condos for over 40 years, ranging from 450 to 1,500 square feet and loved every minute of it. Each one worked beautifully, proving what I’ve always believed: it’s not about how much space you have, it’s about how you use it.

If you’ve been sitting on the sidelines wondering whether this is the right time to buy a condo, consider this your green light.

Right now, across many Canadian cities, including Toronto, Vancouver, Calgary and Ottawa, condo buyers are in a powerful position. Prices have softened. Inventory is high. Sellers are motivated. And for first time buyers, smaller spaces offer a smart, manageable and strategic way to enter the real estate market.

Whether you’re looking to stop renting, start investing or simplify your lifestyle, a condo might be the opportunity you’ve been waiting for.

We’re in a Buyer’s Market (And That’s Rare)

Across the country, we’re seeing conditions tip in favour of buyers, especially in the condo segment.

In Toronto, for example:

●      Condo prices are down roughly 6 to 7% from last year.

●      Sales are slower, meaning less competition and fewer bidding wars.

●      Inventory is up, with over 9,000 active listings, creating room to negotiate.

That means you have time, choice and leverage, a trifecta that rarely lines up in fast moving markets.

Smaller Spaces Mean Smarter Starts

Buying a condo isn’t “settling”, it’s a smart strategy.

With average prices lower than detached homes and less maintenance to worry about, condos are often:

●      Easier to qualify for (especially with higher interest rates)

●      Easier to budget for (many include predictable fees)

●      Easier to manage (no lawns, no roofs, no shoveling)

Plus, you’re likely living closer to transit, shops, restaurants and the kinds of walkable amenities that support modern, car free lifestyles.

 

Lock In Today’s Prices Before the Next Upswing

Real estate moves in cycles and we’re near the bottom of one for condos.

Historically, prices rebound after periods of lower activity. With immigration targets still strong, job growth in key urban centres and office occupancy rising again, we’re likely to see demand grow for condos in central locations.

Getting in now means:

●      Buying low

●      Building equity sooner

●      Skipping the stress of competitive bidding later

Condos Make Sense for Work and Lifestyle

As more companies bring staff back to the office, interest in urban condo living is growing again. Downtown cores in cities like Toronto, Montreal, and Vancouver are regaining their energy.

That means:

●      More foot traffic = more vibrant neighbourhoods

●      Closer to work living = more time and lower commuting costs

●      Easy to lock and leave condos = freedom to travel or work remotely

And if you work in tech, finance, health care or education, you’re likely already commuting to downtown hubs, so why not live closer?

 

Condos Are a Strong Long Term Investment

While single family homes often get the spotlight, condos offer solid investment potential, especially in growing urban centres and university towns.

Why?

●      High demand from renters (students, young professionals, downsizers)

●      Increasing unaffordability of detached homes drives demand for condos

●      Well located condos tend to hold value and appreciate over time

●      Many condos built after 2018 are exempt from rent control caps, offering more flexibility for landlords (where applicable)

 

You Can Live in It, Rent It or Sell It Later

Condos give you options. You can:

●      Live in it now and upgrade later

●      Rent it out and build passive income

●      Sell when the market climbs and reinvest elsewhere

It’s a flexible first step into real estate and one that grows with you.

 

You’re Not Buying Alone, You’re Buying Smart

The most confident buyers today aren’t waiting for the “perfect” time. They’re:

●      Getting pre-approved

●      Working with informed realtors

●      Comparing listings carefully

●      Asking the right questions about condo fees, reserve funds and long-term plans

When you approach the market prepared and with someone knowledgeable at your side, your first purchase becomes a powerful move, not a risky one.

 

First Time Buyer Incentives Still Exist

Don’t forget about tools designed to help new buyers:

●      First Time Home Buyer Incentive (FTHBI)

●      Land transfer tax rebates (varies by province)

●      RRSP Home Buyers’ Plan

●      Tax Free First Home Savings Account (FHSA)

Even a modest down payment can go further with the right financial strategy and the right property.

Final Word: You Don’t Need to Buy Big, Just Buy Right

Buying a smaller condo doesn’t mean compromising, it means getting in early, with less risk and more flexibility.

You don’t need a backyard or a chef’s kitchen to start building equity. What you need is:

●      A location that works for your life

●      A space that’s well maintained and well managed

●      A strategy that fits your goals (not someone else’s timeline)

And if you wait for the “perfect time”? You may miss the window where prices are soft and choices are plenty.

Ready to Explore Your Options?

Whether you’re ready to buy or just starting to explore, I’d love to help. I’ll walk you through what you can afford, how to make a smart move, and what to look for in a great condo.

My writing comes from personal experience and a lifelong passion for small-space living, everything I share is rooted in what I’ve lived, learned and truly believe makes life better with less.

Let’s make your first step into real estate and small spaces a smart one. Message me to get started and stay tuned for more information.

Cheers, Myrlene