Owning an average Toronto condo in 2026 costs roughly $3,600 to $3,900 a month once you add up the mortgage payment, maintenance fees, property tax, insurance and utilities. The full cost to own a condo in Toronto depends on your purchase price, your down payment and the building itself, but that range is a realistic picture for an average one-bedroom in the core.
The mortgage is the biggest piece
The average condo apartment in the City of Toronto sold for $672,807 in July 2026, according to the Toronto Regional Real Estate Board. Put 20 per cent down and you are carrying a mortgage of about $538,000. At the roughly 4 per cent five-year fixed rates available in August 2026, that works out to a payment near $2,850 a month on a 25-year amortization. A bigger down payment or a smaller unit pulls that number down quickly.
Then come the carrying costs
Maintenance fees in Toronto generally run between $0.65 and $0.95 per square foot per month, so a typical 600 square foot one-bedroom lands somewhere between $400 and $570. What that money actually pays for varies by building, and it matters. Our guide to condo maintenance fees in Toronto breaks down what is usually included and why fees climb three to five per cent most years.
Property tax is smaller than most first-time owners expect. Toronto's 2026 budget raised residential property taxes by 2.2 per cent, and because tax is charged on your MPAC assessed value rather than your purchase price, most downtown one-bedroom owners pay somewhere between $2,000 and $3,000 a year. That is roughly $170 to $250 a month. The mechanics are covered in our article on how property taxes are calculated in Toronto.
Two smaller lines round it out. A personal condo insurance policy usually costs $30 to $50 a month, and your lender will require one. Hydro is separately metered in most newer buildings and tends to run $60 to $100, with internet adding another $60 or so.
Add it together and the average one-bedroom owner in the core is paying about $3,700 a month. Budgeting closer to $4,000 leaves room for fee increases and the occasional surprise, which is the honest way to plan.
Related reading: How Much Does It Cost to Buy a Condo in Toronto?, How Much Income Do You Need to Buy a Home in Toronto?, and Is It Better to Rent or Buy in Toronto?.
