Toronto’s condo market has a surprising new divide. Smaller condos have lost significant value since before the pandemic, while larger units have actually become more expensive. That means the type of condo someone buys may now matter much more than simply whether they buy a condo at all.
According to new GTA analysis, the median price of a one-bedroom condo fell about 14% between early 2020 and early 2026, to roughly $480,000. But two-bedroom units rose about 2%, three-bedroom units increased 13%, and condos with four or more bedrooms rose roughly 15%.
The reason may be changing buyer behaviour. During the investor boom, developers built huge numbers of small units that worked well as investments but were less practical for families. Today, end users appear to be playing a bigger role in the condo market — and many of them want more space.
For buyers, this creates two very different opportunities. Someone focused purely on affordability may find better deals among smaller condos. But buyers who want to stay for many years may find that larger units hold their value better because there is less supply and stronger demand from people who actually want to live in them.
For Realtors, this is a much more useful conversation than simply saying “condos are down.” Some condos are struggling while others are proving surprisingly resilient. Buyers should think about layout, size, usability, and long-term demand — not just price per square foot.
Source: Wahi GTA condo analysis, October 21, 2026; additional reporting October 30, 2026.