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Condos for Sale

Added 10 minutes ago
For Sale
$488,800

1106 - 20 Thomas Riley Rd, Toronto

1 + 1 beds1 baths600–699 sq. ft.
Added 12 minutes ago
For Sale
$559,990

19 - 8169 Kipling Ave, Vaughan

2 beds2 baths1000–1199 sq. ft.
Added 12 minutes ago
For Sale
$569,900

306 - 28 Pemberton Ave, Toronto

2 beds2 baths900–999 sq. ft.
Added 13 minutes ago
For Sale
$190,000

308 - 330 Dixon Rd, Toronto

1 beds1 baths700–799 sq. ft.
Added 13 minutes ago
For Sale
$929,000

4705 - 8 The Esplanade Ave, Toronto

2 beds2 baths900–999 sq. ft.
Added 13 minutes ago
For Sale
$509,900

1224 - 2 Eva Rd, Toronto

2 beds2 baths700–799 sq. ft.
Added 18 minutes ago
For Sale
$1,139,000

523 - 57 St Joseph St, Toronto

2 + 1 beds2 baths800–899 sq. ft.
Added 18 minutes ago
For Sale
$429,900

12 - 405 Plains Rd E, Burlington

1 beds1 baths600–699 sq. ft.
Added 19 minutes ago
For Sale
$659,500

2 Stornwood Crt, Brampton

3 beds3 baths1800–1999 sq. ft.
Added 19 minutes ago
For Sale
$949,900

1206 - 25 Oxley St, Toronto

2 beds2 baths900–999 sq. ft.
Added 19 minutes ago
For Sale
$417,900

416 - 55 Speers Rd, Oakville

1 + 1 beds1 baths500–599 sq. ft.
Added 20 minutes ago
For Sale
$1,095,000

301 - 99 Avenue Rd, Toronto

2 beds2 baths1000–1199 sq. ft.
Added 20 minutes ago
For Sale
$475,000

313 - 2 Adam Sellers St, Markham

1 beds1 baths700–799 sq. ft.
Added 21 minutes ago
For Sale
$465,000

329 - 86 Woodbridge Ave, Vaughan

1 beds1 baths600–699 sq. ft.
Added 22 minutes ago
For Sale
$364,900

48 - 350 Dundas St, Cambridge

2 beds2 baths1000–1199 sq. ft.
Added 22 minutes ago
For Sale
$659,000

79 Sunset Blvd, New Tecumseth

2 beds4 baths1800–1999 sq. ft.
Added 24 minutes ago
For Sale
$519,900

412 - 325 Webb Dr E, Mississauga

2 + 1 beds2 baths1000–1199 sq. ft.
Added 33 minutes ago
For Sale
$958,000

3101 - 5883 Barker Avenue, Burnaby

2 beds2 baths935 sq. ft.
Added 33 minutes ago
For Sale
$489,000

504 - 306 6th Street, New Westminster

2 beds1 baths685 sq. ft.
Added 33 minutes ago
For Sale
$899,000

1180 PH3 1180 PINETREE WAY, Coquitlam

2 beds2 baths1442 sq. ft.
Added 38 minutes ago
For Sale
$748,800

602 - 2133 Douglas Road, Burnaby

2 beds2 baths977 sq. ft.
Added 38 minutes ago
For Sale
$198,000

46351 Yale Road, Chilliwack

1 beds1 baths706 sq. ft.
Added 40 minutes ago
For Sale
$545,000

2605 - 4688 Kingsway, Burnaby

1 beds1 baths431 sq. ft.
Added 42 minutes ago
For Sale
$149,900

1050 Braidwood Road, COURTENAY

1 beds1 baths652 sq. ft.
Showing Results 1–24 of 21072
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Saving a Down Payment for a Condo Purchase

When you’re thinking about buying a condo, one of the first things to consider is your down payment. Depending on the price of your home, you will have to pay a minimum of 5-20% upfront when purchasing a home – which is often a considerable amount of money. For more details on how to calculate your down payment, see our down payment guide.

The most common form of sourcing a down payment is personal savings. An efficient way to do this is to put money into a TFSA or an RRSP (if you’re a first-time home buyer). These registered accounts can allow you to make the most of your savings and choose what you want to invest in. Another common down payment source is gifts from family members.

Financing Your Condo

Getting a Mortgage Pre-Approval

Remember that before you make plans to purchase a home, you need to have a general idea of what you can afford. The size of your down payment, your household income, monthly expenses and expenses associated with owning a home, all affect your affordability.

The mortgage pre-approval process can help you find out valuable information, including:

  • The maximum mortgage amount you can afford
  • What your monthly mortgage payment would be
  • The current mortgage rates available on the market

When applying for a mortgage pre-approval, your lender will be able to calculate the maximum mortgage you can afford based on factors including your down payment, income, credit score and existing debt.

Fixed or Variable Mortgage Rates

Another thing to keep in mind is that you will have to choose a mortgage rate: fixed or variable.

A fixed mortgage rate means that your rate and monthly payment will stay the same for the entirety of your mortgage term. On the other hand, a variable interest rate changes with the prime lending rate, which is set by your lender. For example, your variable rate will be stated as “prime + or -“ a certain amount.

When deciding between a fixed and variable rate, you may want to consider that:

  • Fixed rates are easier to manage, and if interest rates are low and unlikely to fall further, you may want lock in your rate before an interest rate hike. Another reason to consider a fixed rate is if you are close to your maximum affordability and cannot afford to cover an interest rate hike during the period of your mortgage term.

  • Variable rates have proven to be less expensive over time, but fluctuations can also make the process more stressful for some home buyers. If you believe interest rates will fall, this is the ideal option, as you can benefit from lower rates during your term.

Closing Costs

Major costs to expect on the closing date of your home include:

  • Legal Fees: Depending on the complexity of the transaction as well as your lawyer’s expertise, you will have to pay a legal fee along with disbursements, and registration fees.

  • Land Transfer Tax (LTT): Buying property or taking the transfer of a property’s title means that you will have to pay a provincial tax depending on where you live and the value of your new home. For more information on the LTT by province, see our Land Tax Transfer page.

  • PST on CMHC Insurance: If you’re planning to purchase a home with a down payment of less than 20%, you will have to purchase mortgage default insurance, also called CMHC insurance. In Manitoba, Ontario and Quebec, the PST on default insurance must be paid with cash at closing.

Programs for First-Time Home Buyers

First-Time Home Buyers’ Plan

If you’re a first-time home buyer, you may qualify for the First-Time Home Buyers’ Plan. If eligible, you are allowed to withdraw up to $25,000 tax-free from your individual RRSP, or $50,000 for a couple, to use towards buying a home.

The Home Buyers’ Plan is considered a loan and will need to be repaid. One-fifteenth of the amount borrowed needs to be paid each year for 15 years, with the first payment due two years after you withdrew the money.

First-Time Home Buyers’ Tax Credit

The First-Time Home Buyers’ Tax Credit is a tax credit available to eligible first-time homebuyers purchasing qualified homes. At current taxation rates, the credit is the equivalent of a $750 rebate, which can be claimed when you file your personal income tax return.

Land Transfer Tax Rebate

If you’re a first-time home buyer buying a home in Ontario, British Columbia or Prince Edward Island, you may be eligible to receive a land transfer tax (LTT) rebate. Eligibility requirements and rebate amounts differ by region. For Ontario, you may be eligible for a LTT rebate equal to the full cost of your LTT, up to $4,000. For Toronto specifically, first-time home buyers are able to receive a refund of their municipal land transfer tax up to $4,475. If you’re a first-time home buyer in British Columbia or Prince Edward Island, you may be eligible for a LTT rebate as well.

Carrying Costs for Condos

Beyond the regular mortgage payments for your house, there are also on-going expenses associated with home ownership and maintaining your property. On-going costs to keep in mind include:

  • Home Insurance: If you have a mortgage, the lender will likely require you to have home insurance coverage to protect your property. For more information on, see our home insurance page.

  • Utility Bills: Bills to expect to pay as a house owner include hydro and heating.

  • Property Tax: Municipalities across each province will determine their individual property tax rates each year. The rate often falls between the 0.5-2.5% range, which is then multiplied by the assessed value of your property and is payable annually.

  • Condo Maintenance Fees: These monthly fees go towards building amenities, maintenance and the reserve fund. Building amenities may include a gym, pool, concierge and other facilities. Building maintenance includes items such as snow removal, window cleaners and general repairs. A reserve fund is meant for larger projects such as roof repairs.

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