Behind the GTA's $1 Million Average: 893 Condos Sold Under $600,000
The busiest price band for GTA condo apartments in September 2026 was $400,000 to $499,999. According to the Toronto Regional Real Estate Board's Market Watch report, 390 units changed hands in that band alone, more than in any other price range that month.
That number sits inside a larger picture. TRREB recorded 1,316 condo apartment sales across the GTA in September. Of those, 893 sold for less than $600,000, which works out to 67.9% of the month's condo sales. Another way to read it: 594 units, or 45.1%, sold for under half a million. These are closed deals between real buyers and real sellers, and they look very different from the $1,006,409 average price for all home types that tends to lead the headlines.
Why the average points too high
An average adds every sale together and divides by the count. That method is sensitive to the top end. A handful of large detached homes in the priciest neighbourhoods can pull the figure up far more than hundreds of modest condo sales can pull it down. So the $1 million number is accurate as arithmetic, but it describes a blend of property types that most first-time buyers aren't shopping in.
Line up September's 1,316 condo sales from cheapest to most expensive and look at the one in the middle. It lands somewhere between $500,000 and $600,000, because 594 sales came in below $500,000 and 893 came in below $600,000. Roughly 200 condos sold for under $400,000. For a buyer trying to judge whether ownership is realistic, those figures are a much more honest starting point.
What the gap means for a down payment
The difference shows up quickly once you apply the down payment rules. For an insured mortgage, CMHC requires 5% on the first $500,000 of the purchase price and 10% on the portion above that, for homes priced up to $1.5 million (rules as of December 2024).
On a $450,000 condo, the minimum down payment is $22,500. On a home at the $1,006,409 average, it's about $75,641. That's more than three times as much cash before closing costs. A buyer who measures themselves against the average can easily conclude they're years away, when the price band where most condo sales actually happen asks for a far smaller first step.
Costs the sticker price leaves out
A lower price doesn't mean a lower total cost, and a few things deserve attention before anyone gets excited.
Closing costs typically run around 1.5% to 4% of the purchase price, which on a $500,000 condo is roughly $7,500 to $20,000 for legal fees, taxes and adjustments.
Land transfer tax is higher inside the City of Toronto. Buyers in the 416 pay both the provincial and the municipal tax, so a $500,000 condo in Toronto carries about double the land transfer tax of the same price in Mississauga or Vaughan.
Condo fees count in your Total Debt Service ratio, the share of income lenders allow for housing costs and other debts. High monthly fees can shrink the mortgage you qualify for, even on a cheaper unit.
Size matters. Many units under $500,000 are studios or small one-bedrooms, which may suit a single buyer or an investor better than a growing family.
None of this cancels out the opportunity. It just means the real budget is the price plus everything attached to it.
A market that is moving
High interest rates in recent years let condo inventory build up, and that has given buyers more room to negotiate. September's numbers show what that room looks like in practice. Nearly 900 buyers closed below $600,000 in a single month, which tells you sellers are accepting these prices. If you're preparing an offer, those sales are evidence you can point to.
The same data has uses beyond first purchases. Investors can see where rental-sized units are actually trading. Owners of detached homes thinking about downsizing can see a busy $500,000 to $600,000 bracket waiting for them.
The $1 million figure describes the GTA housing market as a whole. September's condo sales describe where most people buying a condo actually ended up, and for many first-time buyers that is a price and a down payment much closer to what they had in mind.
The busiest price band for GTA condo apartments in September 2026 was $400,000 to $499,999. According to the Toronto Regional Real Estate Board's Market Watch report, 390 units changed hands in that band alone, more than in any other price range that month.
That number sits inside a larger picture. TRREB recorded 1,316 condo apartment sales across the GTA in September. Of those, 893 sold for less than $600,000, which works out to 67.9% of the month's condo sales. Another way to read it: 594 units, or 45.1%, sold for under half a million. These are closed deals between real buyers and real sellers, and they look very different from the $1,006,409 average price for all home types that tends to lead the headlines.
Why the average points too high
An average adds every sale together and divides by the count. That method is sensitive to the top end. A handful of large detached homes in the priciest neighbourhoods can pull the figure up far more than hundreds of modest condo sales can pull it down. So the $1 million number is accurate as arithmetic, but it describes a blend of property types that most first-time buyers aren't shopping in.
Line up September's 1,316 condo sales from cheapest to most expensive and look at the one in the middle. It lands somewhere between $500,000 and $600,000, because 594 sales came in below $500,000 and 893 came in below $600,000. Roughly 200 condos sold for under $400,000. For a buyer trying to judge whether ownership is realistic, those figures are a much more honest starting point.
What the gap means for a down payment
The difference shows up quickly once you apply the down payment rules. For an insured mortgage, CMHC requires 5% on the first $500,000 of the purchase price and 10% on the portion above that, for homes priced up to $1.5 million (rules as of December 2024).
On a $450,000 condo, the minimum down payment is $22,500. On a home at the $1,006,409 average, it's about $75,641. That's more than three times as much cash before closing costs. A buyer who measures themselves against the average can easily conclude they're years away, when the price band where most condo sales actually happen asks for a far smaller first step.
Costs the sticker price leaves out
A lower price doesn't mean a lower total cost, and a few things deserve attention before anyone gets excited.
None of this cancels out the opportunity. It just means the real budget is the price plus everything attached to it.
A market that is moving
High interest rates in recent years let condo inventory build up, and that has given buyers more room to negotiate. September's numbers show what that room looks like in practice. Nearly 900 buyers closed below $600,000 in a single month, which tells you sellers are accepting these prices. If you're preparing an offer, those sales are evidence you can point to.
The same data has uses beyond first purchases. Investors can see where rental-sized units are actually trading. Owners of detached homes thinking about downsizing can see a busy $500,000 to $600,000 bracket waiting for them.
The $1 million figure describes the GTA housing market as a whole. September's condo sales describe where most people buying a condo actually ended up, and for many first-time buyers that is a price and a down payment much closer to what they had in mind.
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