It\u2019s a problem some condo buyers didn\u2019t foresee when they locked in their home purchase during the pandemic, hoping that 600-square-foot space in central Toronto would be a bridge to eventually buying a house.<\/p>\n
Mortgage rates have fallen and house prices in the Greater Toronto Area have been on the decline, but for now, a major drought in the condo market is keeping many of those owners from taking the leap they dreamed of.<\/p>\n
Unable to sell their current units, and with hopes of moving to a bigger space on hold, experts say condo owners are increasingly pivoting \u2014 opting to improve their existing living quarters for the time being.<\/p>\n
For those kick-starting a home renovation in today\u2019s economy, there\u2019s a sense that, \u201cOK, we need to make the space that we have work,\u2019\u201d said Colleen Mc Grory, group product manager at HomeStars, a Canadian company that connects homeowners with service professionals.<\/p>\n
\u201cPeople are definitely more inclined to want to renovate the space they\u2019re in rather than go out into the market and try to move up.\u201d<\/p>\n
Condo sales in the GTA have plunged in recent years amid a severe mismatch between available inventory and buyer demand.<\/p>\n
Consecutive years of high completion rates have meant a rush of new supply opening up. Meanwhile, falling rents have deterred real estate investors wary of potentially poor returns.<\/p>\n
These conditions have sunk property values in the condo segment, leaving many would-be move-up buyers on the sidelines.<\/p>\n
A report released last month by the Toronto Regional Real Estate Board said 3,880 condos changed hands throughout the region in the fourth quarter of 2025, down 15 per cent compared with the same three-month period of 2024. The number of new listings was also down year-over-year by 8.1 per cent and the average condo selling price fell 5.1 per cent to $652,945.<\/p>\n
A recent survey by HomeStars suggests Canadians are coming around to the idea of fixing up their current home \u2014 regardless of property type \u2014 rather than looking for a new place to live. The survey found 34 per cent of respondents were more likely to spend money on a renovation in 2026 compared with last year, a figure that jumps to 43 per cent for those between 18 and 34 years old.<\/p>\n
More than half of respondents said recent changes in house values made them more likely to extend or renovate their current home instead of pondering a move, including 59 per cent of 18 to 34-year-olds. More than two-fifths also cite current financial conditions, such as mortgage rates, making them more likely to stay put and start a home reno.<\/p>\n
For condo owners, Mc Grory said there\u2019s often a desire for a more personal touch on their living space relative to its original look.<\/p>\n
\u201cEvery condo is kind of the same when they\u2019re (constructing) the building. You finally got your own space, but it might not feel like you,\u201d she said.<\/p>\n
\u201cSo people might want to have a different countertop, a different fixture, different doorknobs even, little things that can make it feel a little bit more like your space that you live in and not exactly a cookie-cutter version like the rest of the building.\u201d<\/p>\n
Toronto-based condo renovation contractor Moose Condo Reno has seen an influx of inquiries lately about remodelling older units, said company CEO Mark Dayter.<\/p>\n
He said the longer that families go on living in one place, the more desire there tends to be for extra space within \u2014 especially for those whose families have expanded since they moved in.<\/p>\n
\u201cIn older units, they\u2019re very divided. The older units have the kitchen enclosed and a lot of walls,\u201d said Dayter.<\/p>\n
\u201cWe will mostly go in there, often opening up the walls, making them open concept.\u201d<\/p>\n
Dayter said working in a condo can be a challenge, as space constraints limit the type of makeover possible compared with a house.<\/p>\n
He also noted common \u201cno-gos\u201d outlined by condo management boards. Renovations are usually restricted to \u201ceverything inside the shell of the unit,\u201d which excludes common elements and structural support points.<\/p>\n
\u201cIf we don\u2019t interfere with the concrete walls, reinforced slabs or support columns, the rest can be redesigned,\u201d said Dayter.<\/p>\n
Linda Pinizzotto, founder and president of Ontario\u2019s Condo Owners Association, cautioned that it\u2019s important to check with your condo board or property manager before undertaking a project, especially if it\u2019s on a bigger scale. Often, those bodies must approve the renovation from the get-go.<\/p>\n
\u201cEven if they want to change flooring, for instance, regardless of what flooring is on there right now, they cannot just turn around and choose the vinyl flooring or laminates or hardwoods or whatever without getting approval from the board,\u201d she said.<\/p>\n
\u201cOtherwise they\u2019re going to be asked to remove it.\u201d<\/p>\n
She said those looking to refresh their homes in a cost-effective way often opt to repaint the unit, replace the baseboards or remove popcorn-style ceilings.<\/p>\n
A makeover to the bathrooms or kitchen can also be a way to give the home a new look, without breaking the bank on a fuller redesign to the main rooms.<\/p>\n
Despite the grim outlook for the resale market right now, Dayter said it\u2019s important when embarking on a project to consider the possibility that the condo unit won\u2019t always be yours.<\/p>\n
That means keeping the place as \u201cfunctional as possible\u201d rather than just \u201cgoing for a look\u201d \u2014 for instance, when it comes to maintaining adequate space for kitchen appliances.<\/p>\n
\u201cWhen we go in and do the renovation, we tell our clients, as much as you love the property and you want to make it yours, you have to always think about reselling the unit five to 10 years down the road,\u201d Dayter said.<\/p>\n
\u201cAll the changes that we\u2019re doing today should be appealing to potential clients that would purchase the unit after you.\u201d<\/p>\n
This report by The Canadian Press was first published March 15, 2026.<\/p>\n
Sammy Hudes, The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"It\u2019s a problem some condo buyers didn\u2019t foresee when they locked in their home purchase during the pandemic,…\n","protected":false},"author":2,"featured_media":538029,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,1007,890,968],"class_list":["post-538028","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-construction","tag-lifestyle","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/538028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=538028"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/538028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/538029"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=538028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=538028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=538028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}