Toronto condo prices have sunk to the $300,000s

No, this isn’t some cruel joke—Toronto condos are now selling for under $400,000 after years of inflated valuations. “It’s mostly studio condos that are selling in the $300,000 range,” says Alex Wilson, a real estate agent with RE/MAX Wealth Builders. “And many of them are downtown.” To put things in context, the city’s market hasn’t seen prices this low in more than a decade.

Related: Steve’s Music will close retail locations in Toronto, Ottawa and Montreal

There are nearly 400 Toronto condo units currently for sale on Realtor.ca for under $400,000. In the fourth quarter of 2025, neighbourhoods surrounding Scarborough’s Rouge Park saw the most dramatic change: a $380,000 average dip and a mere six units sold, according to data from the Toronto Regional Real Estate Board.

Wilson says good old fashioned supply and demand can explain the crash. Record-breaking amounts of condo completions leading up to the pandemic caused prices to crumble; interest rates remain relatively high; fewer international students and temporary workers are entering the market; and all of it has incentivized investors to wait on the sidelines. But he also says the chill won’t last forever.

Related: The construction industry warns that 100,000 jobs are at risk

“We’ll see demand start to increase in the second half of 2026 because back-to-office mandates are just starting to be enforced now,” Wilson says. “Then, when supply is completely gone by 2028, that’s when you can expect to see prices jump.”

For now, Wilson says potential buyers still have time to score a deal—roughly eight months—before a year and a half of stabilization.