That condo number surprised many people, especially given how negative the condo narrative has been. But the hosts emphasized that this “only down 1.7%” stat can be misleading because it’s an average. What matters is which types of condos are selling and how that affects the overall mix.
The transaction volume also told a more honest story. Condo sales in November were down roughly -22% compared to the prior year, even as other segments were closer to flat.
Overall sales and new listings were down, but active listings remained elevated. That means fewer people are listing, yet more inventory is still sitting. In their discussion, Kori and Ralph also highlighted the days-on-market. Listings are taking much longer to sell.
The Media Problem: New Construction Headlines vs Resale Reality
Condo headlines in the media often confuse people by blending two separate markets:
- New construction (pre-construction) condo sales, and
- Resale condos are trading on MLS today
Ralph Fox and Kori Marin pointed out how headlines like “only 25 new condos sold” refer to new construction sales, not resale, and as a result, many of these headlines can be negative clickbait and not reflective of what is actually happening in the resale market, which may have seen over 800 transactions in the same time period.
While there is considerable pain being inflicted on the condo resale market, the real pain, they argued, is concentrated in the pre-construction pipeline. Buyers who committed $1,500 to $1,700 per square foot years ago are now facing a resale market where many comparable units trade closer to $800 to $1,000 per square foot, depending on the building and location.
Condo Inventory In Toronto: Big Numbers, But Not All Listings Are Equal
Moving on to the resale market, they pulled data from MLS, focused strictly on Toronto (not the 905). At the time of the recording of this conversation, Toronto had about 5,800 active condo listings.
The hosts added an important reality check: a meaningful portion of inventory is simply hard to sell in a big downturn. Bad layouts, awkward pillars, poor light, high maintenance fees, tenanted units that show badly, or buildings with weak reputations all contribute to why some condos “sit and sit and sit.”
Fox summed it up bluntly: in a strong market, people can make dumb real estate decisions and get away with it. In a softer market, the weaknesses get exposes, and as Warren Buffett once put it, “when the tide goes out, everyone can see who is not wearing a bathing suit.” As a result, many of these challenged condos will continue to remain unsellable until there is a considerable turnaround in the condo market, which could take years.
What’s For Sale By Unit Type:
The active listing mix leaned heavily toward one-bedroom and two-bedroom inventory:
- Studios were only about 3.4% of active listings
- One-bedrooms: about 18%
- One-bedroom plus dens were a large category (often with wide quality variation)
- Two-Bedrooms and “other” configurations rounded out the rest
What actually sold in the last 12 months: pricing corrected since 2022, but liquidity in the condo market still exists.
This was the heart of the episode: average sold prices over the last 12 months, compared to the peak condo market (which the hosts pegged as around Q3 2022).
Key Results:
- Studios: average sold around $417,000, down roughly 18.8% from peak
- One-bedrooms: average sold around $509,000l, down roughly 20% from peak
- One-plus-dens: average sold around $577,000, down roughly 18% from peak
- Two-bedrooms: average sold around $757,000, down only about 9.8% from peak
The key takeaway: Two-bedroom condos have been the most resilient segment, while studios have taken the biggest price hit.
Ralph and Kori also explained why condos can look “stable” on year-over-year averages. Two-bedroom and larger condos accounted for a larger share of sales volume, and their higher price point drives up the average.
Parking premiums: still valuable, but the gap is not what is used to be.
The hosts also tested whether parking meaningfully changed outcomes. Across Toronto-wide averages:
- One-bedrooms with parking sold for about $32,000 more than those without
- One-plus-dens showed about a $27,000 premium
- Two-bedrooms showed about a $54,000 premium
They cautioned that this varies by neighbourhood. A parking spot on King West is not the same as a parking spot in a less condo-dense area.
Still, their results suggested something important: parking remains a premium feature, but it may not deliver the return buyers paid for in the past. With rising living costs, the advent of Uber, and the potential for FSD, expect continued pressure on the value of parking, especially in condos.
What This Means For Toronto Condo Buyers And Sellers In 2026
Fox Marin’s message for 2026 was practical:
FOR SELLERS:
- The market is selective. Presentation, pricing, and layout matter more than ever.
- Pricing needs to be anchored to 2026 market reality, not 2022 peak expectations.
- Expect negotiation, longer timelines and more challenges to get deals across the line.
FOR BUYERS:
- There are opportunities, and this will continue to be a theme in 2026 for buyers.
- Focus on fundamentals: layout, light, location, building quality, maintenance fees, and long-term livability.
- Smaller units can be great purchases if the design is strong and the building is solid.
Ralph and Kori’s closing advice was simple: ignore the doom scroll. Headlines often compress multiple markets into one scary, self-serving clickbait narrative. The better approach is to zoom out, look at fundamentals, and make decisions based on the specific condo, not the general mood.
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This article was written by Ralph Fox, Broker of Record and Managing Partner here at Fox Marin Associates. Ralph is a Torontonian native who recognized from an early age that the most successful people in life apply long-term thinking to their investments, relationships, and life goals. It’s this philosophy, along with his lifelong entrepreneurial drive and exceptional business instincts, that help to establish Ralph as a top agent in the real estate market in downtown Toronto.
