Choosing between a house and a condominium in Toronto is one of the biggest decisions you’ll make in your real estate journey. With significant differences in purchase price, ongoing costs, lifestyle impacts, and long-term investment potential, it’s crucial to weigh the pros and cons in the context of today’s market. In 2025, Toronto homebuyers face shifting affordability, inventory levels, and financing environments that can sway the decision one way or the other. In this deep dive, we’ll explore the key factors—from pricing and carrying costs to location and resale dynamics—to help you determine which option aligns best with your goals and budget.
Purchase-Price Comparison
Average House Prices in the GTA
According to the Toronto Regional Real Estate Board’s May 2025 data, the average price for a detached home in the Greater Toronto Area (GTA) was $1,430,000, representing a 5.4% year-over-year decline. Freehold townhomes averaged $996,000, down 4.3% compared to May 2024. These figures highlight the premium attached to detached and townhome ownership, driven by land value and larger living spaces.
Average Condo Prices in Toronto
Condominium apartments in the GTA saw an average sale price of $683,413 in May 2025, a 6.5% decrease year-over-year. Within the City of Toronto proper, Q1 2025 averages were slightly higher at $710,501, down 1.5% from Q1 2024. Condos offer a lower barrier to entry on purchase price, making them an attractive option for first-time buyers or purchasers with tighter budgets.
Ongoing Carrying Costs
Mortgage Payments & Interest Rates
Current borrowing costs play a pivotal role in your monthly carrying costs. As of June 2025, the lowest advertised 5-year fixed mortgage rate in Toronto is approximately 3.94%. Based on a 25-year amortization, a $1,430,000 mortgage carries a monthly principal + interest payment of roughly $7,500, while a $683,413 mortgage (average condo price) equates to about $3,585 per month.
Condo Maintenance Fees
Condo ownership includes monthly maintenance fees that cover shared services and amenities. In the GTA, median maintenance fees for one-bedroom units range from $533 to $1,039 per month, depending on building age and amenity level. For example, a 700-sqft unit at $0.65/sqft results in a $455 monthly fee. These dues can cover utilities, concierge, fitness centres, and building insurance—expenses typically borne directly by single-family homeowners.
Lifestyle & Location Trade-offs
Space, Privacy & Outdoor Access
Houses typically offer more square footage—both indoors and outdoors—with private yards, driveways, and often multi-car garages. This additional space can translate to greater privacy and room for families, pets, and hobbies. In contrast, condos usually provide limited personal outdoor space (e.g., balconies), and communal areas like rooftop terraces or courtyards are shared among residents.
Amenities, Security & Maintenance
Condos often bundle amenities such as fitness centres, party rooms, concierge services, and security features into the monthly fees. This setup provides convenience and enhanced security without the homeowner needing to manage these services directly. For house owners, these amenities must be sourced and funded independently.
Learn how we help buyers navigate lifestyle priorities!
Resale & Investment Potential
Historical Appreciation—Houses vs. Condos
Over the past decade, detached homes in the GTA have appreciated at an average annual rate of approximately 5.8%, outpacing condominium apartments, which have averaged 4.1% per year since 2015. While both asset classes benefit from Toronto’s long-term growth, single-family homes have shown greater price resilience, particularly in lower-interest environments and low-inventory periods.
Liquidity & Demand in Resale Markets
Condominiums generally offer higher transaction volumes and faster time-on-market data, driven by broader affordability and investor appeal. In 2024, the average days on market (DOM) for GTA condos was 31 days, compared to 42 days for detached homes. However, detached homes have experienced tighter bid-landscape dynamics in sought-after neighbourhoods, sustaining strong demand despite slower turnover.
Toronto Real Estate Market Update for broader market context.
Financing & Affordability Programs
Down Payment Requirements & FHSA
Toronto homebuyers face varying down payment thresholds: 5% for purchase prices up to $500,000 and 10% on the portion above $500,000. For a $683,413 condo, the minimum down payment is $34,171, whereas for a $1,430,000 house, expect $71,500 at minimum. The new First Home Savings Account (FHSA) allows first-time buyers to save up to $40,000 tax-free, which can significantly offset these requirements. Learn more in our FHSA guide below:
First-Time Buyer Incentives
Several programs can sweeten the deal. The Canada Mortgage and Housing Corporation (CMHC) offers a 10% refund on mortgage default insurance for FHSA users, while the Land Transfer Tax rebate for first-time buyers can be up to $4,475 in Toronto. Additional municipal incentives, such as the City of Toronto’s rent-to-own pilot, may also apply.
Client Case Studies
When a House Was Best – Our Recent Success Story
Last spring, we guided a young family in Etobicoke toward purchasing a detached home that offered room for two growing children and a backyard for their dog. Despite slightly higher mortgage payments, they prioritized space and privacy. Within six months, their property value rose by 3.2%, outperforming local condo benchmarks.
When a Condo Made Sense – How We Guided Another Buyer
In downtown Toronto, a professional couple needed proximity to transit and a lock-and-leave residence. We negotiated a $680,000 condo purchase in Liberty Village with low maintenance fees and premium amenities. Their monthly costs were nearly 40% lower than a comparable semi-detached home nearby, freeing up budget for travel and savings.
Pros & Cons at a Glance
| Criterion | Houses | Condos |
|---|---|---|
| Purchase Price | High | Lower |
| Down Payment | $71,500+ | $34,171+ |
| Monthly Carrying Costs | Mortgage only ($7,500/mo example) | Mortgage + fees ($3,585 + $455/mo example) |
| Space & Privacy | Private yards, garages | Limited personal outdoor space |
| Amenities | – Add and maintain independently | Included (gym, concierge, security) |
| Resale Appreciation | ~5.8% annual average | ~4.1% annual average |
| Liquidity & Time on Market | Slower (~42 DOM) | Faster (~31 DOM) |
Conclusion & Next Steps
Toronto’s real estate market in 2025 offers solid opportunities in both houses and condos. If you value space, privacy, and long-term appreciation—and can meet higher down payments—a house may be your best bet. However, if affordability, convenience, and lower maintenance responsibilities rank higher, a condo could be the smarter choice.
Ready to explore your options? Contact us, or leave a comment below for a personalized consultation and discover which path aligns with your lifestyle and financial goals.
