If you’ve been dreaming of homeownership, now might be your moment. The Greater Toronto
Area (GTA) is officially in a buyer’s market, and first-time buyers—especially condo
shoppers—have more leverage than they’ve had in years.
According to the Toronto Regional Real Estate Board (TRREB), August 2025 saw a 5.2% year-
over-year drop in average home prices, with condos leading the way in affordability. The
average price for a condo across the GTA was approximately $642,195, while one-bedroom
units in Toronto hovered around $585,100 to $577,600, depending on location.
With prices softening and inventory rising, condos now make up nearly half of active listings in
Toronto, buyers can take their time, negotiate terms, and avoid the bidding wars of years past.
What You’ll Need to Get Started
To purchase a one-bedroom condo priced around $580,000, you’ll need a minimum 5% down
payment, which comes to $29,000. Keep in mind that if your down payment is under 20%,
you’ll need mortgage insurance, which adds to your monthly costs.
Tips to Save for Your Down Payment
Open a First Home Savings Account (FHSA): This new registered account lets you save
up to $8,000 per year tax-free, up to a lifetime max of $40,000.
Automate Your Savings: Set up monthly transfers to a high-interest savings account
dedicated to your home fund.
Cut Back Strategically: Trim subscriptions, reduce dining out, and redirect bonuses or
tax refunds toward your goal.
Consider Co-buying: Partnering with a friend or family member can make ownership
more attainable and split costs.
The condo market is offering more choice, less competition, and room to negotiate. If you’re
ready to take the leap, Brick & Bloom is here to guide you every step of the way.