Greater Toronto Area’s smallest condos are taking the biggest hit in the market downturn, with micro units losing value at roughly twice the rate of larger condos.
“Without investor demand to support the market, condos have become a tougher sell across the GTA, particularly for the smallest units,” says RPS-Wahi Economist Ryan McLaughlin.
Wahi, a leading Canadian real estate platform, and Real Property Solutions (RPS), well-known Canadian provider of property valuations services, looked at appraised condo values per square foot across five unit-size categories over the past five years in the Greater Toronto Area (GTA) and the Greater Vancouver Area.
Key findings include:
- GTA condos under 500 sq. ft. declined 12.2 per cent in value between 2020 and 2025, while Vancouver micro condos gained 4.9 per cent.
- GTA units between 500 and 700 sq. ft. fell 6.2 per cent, compared with a 19.4 per cent increase in Vancouver.
- In 2025 alone, GTA micro condos lost an average of $152 per square foot year over year — the steepest decline of the five-year period.
- Vancouver’s smaller condos (units with one or no bedrooms) remained above water until 2025, when micro units also began depreciating year over year.
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