If your dreams are buying a condo in Toronto in 2021 with a resolution to stop paying rent, we can help #NewYearNewYou. Get ready to effectively take the leap into homeownership with these four essential tips to help you buy a Toronto condo in 2020.

Get your finances in order
Why buying in the winter could save you money
Why you should consider buying a condo assignment
Why your dollar can lose value the longer you wait
Start searching Toronto condos and homes under $900k


When buying a condo in Toronto it’s important to ensure that your wish-list is aligned with your budget. Since August 2019, Toronto Downtown prices have already increased by roughly 9%.* So with that in mind, especially if you’ve been shopping for a Toronto condo for some time now, the first thing you should do is recalculate your budget.

The same product that went for $500,000 in the summer may be trading for closer to $550,000 today. When you pair the continuing price growth of Toronto condos with our rising interest rates you can expect your carrying costs to be higher than they were a few months ago. So, when buying a condo in Toronto in 2021 make sure you’re starting off on the right financial foot.

Related: How to buy a condo in Toronto on budget

If you’re just starting the Toronto condo search, we highly recommend getting the proper paperwork and your downpayment together. Start off by getting pre-approved for a mortgage from a lender. Getting a mortgage pre-approval will let you know how much money you can borrow, how much you can pay back per month, and what your interest rate will be. When you go to get a pre-approval, your lender will ask for the following:

  • Your credit check
  • An employment letter that states your status, employment start date, your position and your salary
  • A T4 from the previous year that verifies your income
  • A Notice of Assessment (NOI) that confirms your income taxes were paid

Once you have gotten pre-approved for a mortgage, get your downpayment together. You’ll need at least 5% of the purchase price to use as a downpayment if the condo is under $1 million, and 20% if the condo is priced over $1 million. Make sure this money is easily accessible. If it isn’t, put a plan to liquidate it so that you will have access to it when the property closes. If you are an international investor and your downpayment will be coming from outside of Canada, make sure the money is in your bank account for at least 90 days before the closing. 

There are also many government programs and rebates available for buyers:


The peak seasons for real estate are spring and fall where most sellers wait to list their property to take advantage of the inevitable price surge that comes with it. What that means is that there’s more choice for you as a buyer but there’s also more buyers competing, giving sellers the upper hand. As a buyer the best time to buy a condo in Toronto might just be in during the winter when there is a little less competition.

Winter is a great time for buyers to make their move. Stay active on your home search December through February as you may be able to get a good deal. Sellers who aren’t waiting until spring to list are typically motivated to sell now. The Toronto condo market is slower and listings will be on the market for longer than they normally would compared to the spring or fall markets. With fewer home buyers perusing in the winter months, sellers will get antsy and become more flexible with their sale price.


While we always advice our investors not to buy a pre-construction condo with the intention of selling it on assignment; for the very reasons we tell them not to sell are the reasons why you may be inclined to buy a Toronto condo on assignment.

An assignment is when the purchaser of a pre-construction condo chooses to sell their Agreement of Purchase and Sale with the builder to a new buyer before they officially take possession of the condo. So if you’re looking at buying a Toronto condo that is a new, never-been-lived-in condo, talk to your realtor about which Toronto pre-construction condos are nearing completion that may have available assignments for sale.

As a home buyer, you have leverage with your price because the building’s amenities and common spaces are not completely finished. This means you are able to buy a new Toronto condo for less than fair market value and have some potential equity built in as well. Your realtor will be your best advocate in sourcing good assignment deals. Trust their guidance.

Six Toronto condos taking occupancy in 2020 that you may be able to buy on assignment


The biggest thing to keep in mind when it comes to buying real estate in Toronto is timing. The sooner you can buy, the further your money will go. Since Toronto’s real estate market has been experiencing incredible price growth, the money you have today is worth more than tomorrow.

Read “The Best Day to Buy is Yesterday” for more on this topic

So if you’re waiting for the right deal, remember that prices will continue to climb, so try to get into the Toronto condo market soon so you can start capitalizing on the equity gains properties in Toronto have been earning. Need help getting started? Book a call with us here and we can help you find your dream home within your budget.


Use our search tool to easily search all Toronto condos and homes. Search Toronto condos under $900k here. Search Toronto homes under $900k.

*Determined by calculating the combined average increase in condo prices for W01, C01, C08, and E01 for November compared to August 2018. (W01: 11%; C01: 2%; C08: 5%; E01: 17%.)