If you only read GTA real estate headlines, you might think homeownership still starts at around:
$1 million.
In September 2026, the average selling price across all home types in the Greater Toronto Area was $1,006,409. That number alone can make a buyer with a $500,000 or $600,000 budget assume:
“There’s nothing for me.”
But the condo market tells a very different story.
Of the 1,316 condominium apartments sold across the GTA in September, 893 sold for less than $600,000.
That means approximately:
67.9% of all condo sales were below $600,000.
And 594 units — 45.1% of all condo sales — sold for less than $500,000.
The largest single condo price range?
$400,000 to $499,999, with 390 sales during the month. Another 299 condos sold between $500,000 and $599,999.
So if your budget is nowhere near $1 million, does that mean the GTA suddenly became affordable?
Not exactly.
But it does mean something important:
The GTA-wide average price is not your personal entry price into the market.
For some buyers, especially those considering condos, the gap between the headline and what is actually trading can be substantial.
First, Why Is the “$1 Million Average” So Misleading?
There is nothing wrong with the GTA average price.
The problem is how buyers sometimes interpret it.
The September average of $1,006,409 combines many different types of properties:
detached homes;
- semi-detached homes;
- townhouses;
- condos;
- large luxury properties;
- smaller entry-level units;
- Toronto properties;
- and homes throughout the 905.
TRREB reported 5,040 total GTA home sales in September, while the average selling price was down 5.1% from a year earlier.
That number is useful for understanding the broader market.
But it does not mean:
“Every buyer needs approximately $1 million.”
A buyer looking for a one-bedroom condo in Scarborough is not shopping in the same market as someone looking for a detached home in Markham.
A first-time buyer considering an older condo in North York is not competing for the same product as someone purchasing a luxury downtown penthouse.
Your actual market begins with:
your budget + your location + your property type.
Not the GTA average.
What Did Buyers Actually Purchase in September?
The September condo sales distribution is particularly interesting.
Out of 1,316 condo apartment transactions:
594 sold below $500,000
299 sold between $500,000 and $599,999
That means 893 sales were below $600,000.
Put another way:
Almost 7 out of every 10 condos that actually changed hands were sold below $600K.
And almost:
1 out of every 2
sold below $500K.
That does not mean every desirable condo in the GTA is suddenly available for $450,000.
It does mean buyers should be careful before saying:
“My budget is only $550K, so there is no point looking.”
There may be more options than the headline market average suggests.
But What Does a $500K–$600K Budget Actually Buy?
This is where the conversation becomes more useful.
A $550,000 condo in one neighbourhood may be completely different from a $550,000 condo somewhere else.
Depending on location and building, a lower-priced condo could mean:
- a studio;
- a smaller one-bedroom;
- an older one-bedroom with more interior space;
- a unit without parking;
- a lower floor;
- an older building;
- a unit farther from the subway;
- a condo with higher monthly fees;
- or a property that needs cosmetic improvements.
Move farther from the downtown core and the same budget may potentially buy:
- more interior space;
- parking;
- a den;
- an older two-bedroom;
- or access to a different neighbourhood.
That is why:
“There are condos under $600K”
is only the starting point.
The real question is:
What compromises are attached to that price — and are they compromises you are comfortable making?
A $499K Condo Is Not Automatically Cheaper Than a $549K Condo
This is one of the biggest mistakes buyers can make.
Suppose you see two units:
Condo A
Purchase price: $499,000
Maintenance fee: $850/month
No parking.
Older building.
Condo B
Purchase price: $549,000
Maintenance fee: $520/month
Parking included.
Newer mechanical systems and a layout that works better for you.
Which one is actually “cheaper”?
You cannot answer from the purchase price alone.
The $499K unit may require less upfront financing, but your monthly ownership cost may be significantly affected by:
- maintenance fees;
- property taxes;
- utilities;
- insurance;
- parking costs;
- and future repair or renovation needs.
That is why buyers should stop asking only:
“What is the cheapest condo?”
and start asking:
“What does this property actually cost me to own every month?”
The Maintenance Fee Matters More When You’re Shopping on a Budget
When buyers are focused on getting below $600K, it is easy to become obsessed with purchase price.
But condo fees can materially change affordability.
Imagine two similarly priced units.
One has:
$450/month condo fees.
The other has:
$900/month condo fees.
Those are very different ownership situations.
However, even here, the lowest condo fee is not automatically the best deal.
You need to ask:
- What does the fee include?
- Water?
- Heat?
- Hydro?
- Parking?
- Locker?
- Internet?
- Building amenities?
Some older buildings may have higher fees but larger units and more utilities included.
Some newer buildings may advertise lower fees initially but provide less space or fewer inclusions.
So rather than simply filtering:
“Condo fee under $500.”
look at the full package.
Under $500K? Pay Even More Attention to the Building
Lower price does not automatically mean:
better value.
Sometimes a condo is inexpensive because the opportunity is genuine.
Sometimes there is a reason.
Before getting excited about a $429K or $479K listing, buyers should look at factors such as:
Building age
Older does not automatically mean bad.
Some older condos offer excellent layouts and significantly more space.
But buyers should understand the age of major building components and recent capital projects.
Status Certificate
This is one of the most important parts of condo due diligence.
A lawyer can review information relating to the corporation, financial position, insurance, rules, reserve fund and other relevant matters.
Special assessments
A low purchase price can become much less attractive if the building faces a significant special assessment.
Maintenance history
Elevators, windows, balconies, plumbing, garage structures and other major components can become expensive over time.
Layout
A 500-square-foot condo with an efficient layout may feel more useful than a larger unit with wasted hallways or awkward rooms.
Parking and locker
At some buildings, these make a significant difference to both usability and resale appeal.
Location inside the building
Exposure, floor, elevator proximity, garbage rooms and mechanical equipment can all affect the experience of living there.
The goal is not:
find the lowest number on MLS.
The goal is:
find the strongest combination of price, building, location and long-term usability within your budget.
Toronto vs. 905: Your $600K Budget Can Look Very Different
One of the biggest advantages buyers have right now is the ability to compare markets.
Do not assume:
“I want to live in the GTA.”
is specific enough.
For example, a buyer may consider:
- Downtown Toronto;
- North York;
- Scarborough;
- Etobicoke;
- Markham;
- Richmond Hill;
- Vaughan;
- Mississauga;
- or other GTA communities.
The same $550K–$600K budget can produce very different options.
You may face a decision such as:
Option A
Smaller condo, stronger transit access, closer to downtown.
Option B
Larger unit, farther from downtown, possibly parking included.
Option C
Older building but significantly more living space.
Option D
Newer building but smaller interior.
There is no universal correct answer.
It depends on:
- how often you commute;
- whether you work from home;
- whether you own a car;
- whether you may need more space in a few years;
- and how long you expect to keep the property.
Buyers Have More Choice Than They Did During the Peak Years
This is another important part of the current market.
At the end of Q2 2026, TRREB reported 8,061 active condo apartment listings across the GTA, even after active inventory had fallen 15.4% from a year earlier. The average GTA condo selling price during the quarter was $634,972, down 7.5% year-over-year.
By September, reporting based on TRREB data showed approximately 8,226 active condo apartment listings across the GTA.
That does not mean every seller is desperate.
And it certainly does not mean buyers can offer any price they want.
But it does mean many buyers have something that was much harder to find during extremely competitive markets:
choice.
If one building has poor financials?
You may be able to move on.
If one unit has an awkward layout?
There may be another.
If the seller will not negotiate?
You may have alternatives.
Choice gives buyers something valuable:
the ability to be selective.
Does This Mean Buyers Should Just Make Low Offers?
No.
A buyer-friendly market is not the same thing as:
every listing is overpriced.
This is where many buyers lose good opportunities.
They see headlines about:
- falling condo prices;
- high inventory;
- weak pre-construction sales;
- and motivated sellers;
and assume:
“I should offer $100K below asking on everything.”
But real estate is still building-specific and unit-specific.
A well-priced condo in a strong building can still attract competition.
A rare layout can still sell quickly.
A seller may already have priced aggressively.
And a property that has been sitting for 80 days may not automatically mean the seller is willing to accept a dramatic discount.
The smarter question is:
What do comparable units actually support?
Look at:
- recent sales;
- current competition;
- days on market;
- previous price changes;
- condition;
- parking;
- locker;
- floor;
- exposure;
- maintenance fees;
- and building history.
Then decide how much negotiating room may actually exist.
What About a Condo Listed at $650K?
This is another reason buyers should not set their MLS filter too narrowly.
Suppose your target purchase price is:
$600,000.
Should you search only up to $600K?
Not necessarily.
In a softer market, some properties listed above your target may ultimately sell below their asking price.
That does not mean every $650K listing can be bought for $600K.
But depending on:
days on market;
seller motivation;
recent comparable sales;
price reductions;
and competing inventory,
it may be reasonable to examine selected properties slightly above your target range.
Your search range and your purchase budget do not always have to be exactly identical.
A good buyer strategy looks at:
where the market may allow negotiation
instead of filtering out every possibility before seeing the data.
First-Time Buyers: Don’t Start With the Maximum Mortgage
Another common mistake is:
getting approved for a maximum amount;
then immediately shopping at that maximum.
Suppose your financing allows you to buy around $600K.
That does not automatically mean your ideal purchase price is:
$599,999.
Before deciding on a target, calculate your broader monthly costs:
- mortgage;
- condo fees;
- property tax;
- insurance;
- utilities;
- parking;
- commuting;
- and the amount you still want available for savings and normal life.
A mortgage approval tells you what financing may be available.
It does not tell you:
what monthly lifestyle you will be comfortable with.
Resale Condo or Pre-Construction?
A buyer with a $500K–$600K budget may also wonder whether to look at resale or pre-construction.
The answer depends heavily on the individual project and your goals.
Resale
With resale, you can usually see:
- the actual unit;
- the actual view;
- the building condition;
- current maintenance fees;
- recent comparable sales;
- and the surrounding neighbourhood as it exists today.
Pre-construction
Pre-construction may offer:
- a future closing date;
- different deposit structures;
- new finishes;
- and access to projects not yet completed.
But buyers also need to consider:
- occupancy timing;
- closing adjustments;
- HST implications;
- development risk;
- future market conditions;
- and whether the final product suits their plans.
A lower advertised starting price does not automatically make a pre-con unit a better deal.
And a resale property being older does not automatically make it worse.
Compare the whole transaction.
The Real Opportunity Right Now Is Not “Cheap Condos”
This distinction matters.
The takeaway from September’s numbers should not be:
“GTA condos are cheap now.”
That is too simplistic.
The more useful takeaway is:
buyers have a wider range of entry points than the $1 million GTA headline suggests.
For the right buyer, today’s market may offer an opportunity to compare:
- more buildings;
- more neighbourhoods;
- more unit types;
- and more price points
- without the same level of urgency that defined some previous markets.
But that makes property selection even more important.
When you have 20 options instead of three, the challenge changes.
The question is no longer:
“Can I get anything?”
It becomes:
“Which one is actually worth buying?”
Before Buying a Condo Under $600K, Ask These 8 Questions
Before making an offer, we would want a buyer to understand:
1. Why is this unit priced where it is?
Is it simply the normal market value for the area?
Or is there something affecting the price?
2. What have comparable units actually sold for?
Not just what sellers are asking.
3. How much are the maintenance fees?
And what do they include?
4. What is the building’s financial situation?
The Status Certificate review is important.
5. Is parking included?
And do you actually need it?
6. How functional is the layout?
Do not buy square footage that you cannot effectively use.
7. How long could this property realistically work for you?
One year?
Five years?
Longer?
8. What is your real monthly ownership cost?
Purchase price is only one part of affordability.
So, Is $500K–$600K Enough to Buy in the GTA?
For some buyers:
yes.
September’s actual transactions make that very clear.
Nearly 68% of GTA condo apartments sold below $600K, and approximately 45% sold below $500K.
But that does not mean every buyer with $500K should rush out and buy the first condo they see.
Your options depend on:
- location;
- size;
- building;
- parking;
- maintenance fees;
- condition;
- financing;
- and your personal plans.
The most important thing is not comparing your budget to the:
$1,006,409 GTA average.
Compare your budget to:
the segment of the market you are actually shopping in.
Those are two completely different things.
JDL Realty Perspective
The GTA is not one housing market.
It is thousands of smaller markets operating at the same time.
A buyer looking for:
- a $500K condo in Scarborough,
- a $600K condo in North York,
- a $600K unit in Vaughan,
- or a larger older condo elsewhere in the GTA
should not make decisions based only on a GTA-wide headline.
The better approach is to start with three numbers:
- Your comfortable total budget
- Your comfortable monthly housing cost
- The areas where you are genuinely willing to live
Then compare what those numbers can actually buy today.
You may discover that:
your budget goes farther than you expected.
Or you may discover that the compromise required to stay under a certain price is not worth it for you.
Either result is useful.
Because the goal is not simply:
“buy something under $600K.”
The goal is:
buy the right property within a budget you can comfortably manage.
Wondering What Your Budget Can Buy Right Now?
If you have been sitting on the sidelines because you keep seeing:
“GTA average home price: $1 million+”
it may be worth looking at the market more closely.
Tell us:
your budget + preferred area + property type
and JDL Realty can help you understand what is actually available in today’s GTA market — including recent comparable sales, current listings and the trade-offs between different neighbourhoods and buildings.
Source: Storeys
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