I had to laugh. If only it worked that way.
Yes, by the numbers, we’re sitting in buyer’s-market territory. There’s more inventory on the market, especially condos, and sellers are competing harder for attention. Prices for condos in the Greater Toronto area are down 5% compared to last year, and in many buildings you’ll find units sitting unsold for months. On paper, this should be the moment buyers have been waiting for.
But here’s the twist: the buyers aren’t showing up.
Why the hesitation?
I see it at open houses all the time. People wander through, they like what they see, but when it comes time to take the leap, they pause. Why?
- Affordability still feels crushing. Even with prices sliding, mortgage rates are high. Add in maintenance fees, property taxes, and the cost of living in Toronto right now, and the math doesn’t feel like a deal to many buyers.
- Everyone’s waiting for the “next shoe to drop.” Some buyers think prices will fall further. Others are holding out for an interest rate cut. It’s a classic waiting game, and it keeps people on the sidelines.
- Too much choice dulls urgency. When a buyer walks into one condo and knows three more in the same building are listed, it’s easy to walk away and say, “We’ll think about it.”
- Investors are pulling back. Condos used to be investor candy, but rental returns aren’t keeping pace with costs. Without investors, demand thins out fast.
The human side of it
A young couple I know has been condo-shopping since last year. Every time they find a place they like, something gets in the way. One unit had beautiful light but sky-high fees. Another was priced well but needed a full renovation. They keep saying, “Maybe next month will be better.”
And that’s the mood of the market right now. Buyers are circling, but many are hesitant to land.
What this means if you’re buying or selling
If you’re buying: You actually have leverage. You can negotiate. You can take your time to compare options. But don’t forget that the best units — well-managed buildings, updated finishes, good layouts — still move quickly. If you find “the one,” this is a rare window to make it yours without the bidding wars of years past.
If you’re selling: Presentation and pricing are everything. The days of tossing a condo on the market and watching offers roll in are behind us, at least for now. Staging, strategy, and realistic expectations make all the difference.
Looking ahead
Markets are emotional as much as they are financial. Right now, the emotion is caution. But that won’t last forever. The question is: who’s willing to step in while everyone else waits on the sidelines? Don’t let hesitation keep you from finding a home that actually works for you.
Sometimes the best deals happen when it feels hardest to act.