Median price of GTA one-bedroom condos falls 14% since 2020

Small condos in the Greater Toronto Area (GTA) have lost value, while big ones have gained. Wahi, a Toronto real estate platform and brokerage, compared median condo sale prices across the GTA in early 2020 and early 2026. Mortgage Professional America reported that the one-bedroom median fell 14%, to $480,000.

Two-bedroom units fared better: their median was $630,000, up only 2%. NOW Toronto reported that three-bedroom prices rose 13% to $700,000, and units with four or more bedrooms rose 15% to $715,000. Sales of larger units still fell by 33% to 43% since early 2020.

Ryan McLaughlin, Wahi’s economist, said buyers have little appetite for smaller units, long geared toward investors who flip or rent them out. He tied weaker demand to the end of the 2022-2024 immigration boom: newcomers tend to rent first, then buy smaller units. Wahi recorded only seven studio sales in early 2026, against 230 in early 2022.

Builders have pulled back too. Statistics Canada counted 9,885 new condo apartments started in Toronto in 2025, down 55% from 21,855 in 2024 and the lowest since 2007. The peak was 28,091 in 2022.

Mr McLaughlin said developers may need to diversify the units they build, but they are not starting condo projects of any size, so change may be slow.

Sources: Mortgage Professional America (MPA) · NOW Toronto · Wahi · Statistics Canada