Prices for These GTA Condos Are Still Well-Above Pre-Pandemic Levels

As the Greater Toronto Area’s condo market takes a beating, larger units hold value better, in some cases climbing significantly between 2020 and 2026, according to Wahi research. 

By Josh Sherman | 4 minute read

Size matters when it comes to the pricing performance of Greater Toronto Area condos.

There’s no sugar-coating it: the Greater Toronto Area’s condo market is undergoing a generational correction: the number of unsold units that are languishing on the market remains near historic highs; overall prices haven’t found bottom and continue to fall; and sales activity is heavily muted.

Yet even amid a seismic shift in the Greater Toronto Area’s condo market, some unit types are performing better than others. In fact, buyers who purchased units on the larger end of the spectrum early in the pandemic are still ahead — at least for now.

So suggests new analysis by Wahi. The Canadian digital real estate platform and brokerage compared median sale prices and transactions for condos between Q1 2020 — ahead of the unprecedented price run during Covid — and the first quarter of this year. According to the analysis, only one-bedroom units are down in price over the six-year period.

In Q1 of this year, the median price of a one-bedroom GTA condo was $480,000, a decrease of 14% from Q1 2020 and the result of a sustained downward trend; one-bedroom pricing has been flat or down in every consecutive quarter since Q1 2022. “In today’s GTA condo market, the end user is the main source of anything resembling demand,” says Wahi Economist Ryan McLaughlin. “There simply isn’t much appetite among buyers for smaller units, which have historically been geared primarily towards investors looking to flip them and/or rent them out,” he continues.

The sales figures for the smallest units are telling. Some 1,574 one-bedroom condos changed hands in the GTA in Q1 of this year. This represents a decrease of 39% compared to Q1 2020. It’s also down a jaw-dropping 66% from the peak recorded in Q1 2021. Meanwhile, just seven studio condos changed hands during this year’s first quarter, unchanged from a year ago but dramatically below the peak of 230 transactions in Q1 2022.

From a pricing perspective, units with two bedrooms have held up considerably better than their one-bedroom counterparts, although this segment is well shy of its Q2 2022 pricing peak.

For two-bedroom units in Q1 2026, the median sale price was $630,000. That was up from the start of 2020, but only marginally (+2%). “Although this is likely not the kind of appreciation condo owners are hoping for, these numbers demonstrate something important about the GTA real estate market in general,” says McLaughlin. “Even in the harshest environment in decades, buyers who purchase the right type of unit and are able to hold on for the longer term are insulated from the worst effects of a correction.”

This has been especially true for buyers of three-bedroom and four-plus-bedroom condos, which make up a considerably smaller share of the overall market. At a Q1 2026 median price of $700,000, three-bedroom units have appreciated by 13% since the early days of the pandemic. Gains were largest for units with four or more bedrooms. To start this year, the median price for a four-plus-bedroom condo reached $715,000, an increase of 15% over the six-year study period.

“What’s striking is these units have maintained pricing even as sales volumes have collapsed across the board,” notes McLaughlin. For example, between Q1 2020 and Q1 2026, two-bedroom sales have fallen 35%, three-bedroom activity is down 43%, and four-plus-bedroom transaction volume declined 33%. “However, it seems that buyers of larger three- and four-bedroom units have less room for price negotiation,” he adds.