Condo prices are down — what income do you actually need to buy one now?
With nearly half of Ontario condos reportedly worth under $500K, buying looks closer than it has in years. Here's how to figure out the income and down payment a Toronto condo really takes — and how to vet the specific building.
A softer condo market has people running the math again. If a chunk of Ontario condos are now changing hands under $500K, the buy-versus-rent question that felt hopeless a couple of years ago is suddenly worth a real look. Two parts to it: can I afford the payment — and is this specific building a good buy?
Start with the honest affordability math
The sticker price is only the start. What actually decides whether you can buy is the combination of:
- Income — what you bring home, and how lenders measure it against the payment.
- Down payment — how much you've saved, and how long it takes to get to the threshold.
- Carrying costs — mortgage, property tax, condo fees, and insurance. Fees are the line that quietly sinks condo budgets, so include them from the start.
Our sister site Metrestick runs these calculations on official Statistics Canada and CRA data — the income needed to buy a home, mortgage affordability, months to a down payment, and a full rent-vs-buy comparison. It's the cleanest way to turn a listing price into the income it actually requires.
Then vet the specific building
A cheap unit in a troubled building isn't a deal. Before you fall for a price, check:
- Open orders and violations — unresolved problems the City has flagged, which you can inherit on closing.
- Permit history — what's been done to the building, and whether anything is open.
- Nearby developments — what's planned next door that could change the view or the block.
- Property tax — the actual annual bill on the unit, which feeds straight into your carrying cost.
Why now is a good time to do the work
In a slower market, listings sit longer and you have time to do diligence instead of waving conditions to win a bidding war. That's exactly when checking a building's record pays off.
Check any address
Run the building's orders & violations, permit history, nearby developments, and property tax — or get them all at once in the property snapshot. Pair it with Metrestick's affordability calculators at metrestick.ca to size the income and down payment, and monitor the address while you decide.