Drive along the north lot of Bayview Village Shopping Centre this month and you will find parking rerouted to the south side, accessible off Sheppard Avenue, Hawksbury Drive, and Bayview Mews. The mall and its professional offices stay open through the disruption. Behind the fencing, excavation has given way to vertical construction on a 23-storey residential tower, the first piece of a redevelopment that will eventually touch almost every corner of the 22-acre site.
If you're comparing condos in Bayview Village against other North Toronto neighbourhoods right now, that construction site is not background noise. It's the reason the math here looks different than the headlines about Toronto's condo market suggest.
The story everyone's telling about condo prices
Toronto's condo market has had a rough year by most measures. Sales across the Greater Toronto Area fell 11.3 percent year over year in the first quarter of 2026, down to 3,361 transactions from 3,791 a year earlier. The average condo selling price dropped 9.1 percent over the same period, landing at $618,484 across the GTA and $649,330 within the City of Toronto, itself down from $711,258 a year prior. New listings actually fell faster than sales did, down 19.4 percent, while active inventory held roughly flat.
That's the citywide story: fewer buyers, fewer new listings, prices adjusting downward, and a market where choice still favors whoever is writing the offer. It's a real trend and it applies everywhere condos trade hands in this city, Bayview Village included.
But it doesn't explain everything happening in Bayview Village specifically. A citywide dip in condo pricing is one thing. A neighbourhood where the entire existing condo inventory is about to be dwarfed by a single developer's pipeline is a different, more local problem, and it's the one that actually matters if you're deciding whether to buy resale here this year.
What's rising a few hundred metres from the mall entrance
QuadReal's master plan for the Bayview Village site is not a single building. It's a two-phase district, split into what the developer calls North Village and South Village, and the numbers involved have grown considerably since the concept first surfaced.
The North Village phase, the one currently under construction, includes a 23-storey residential tower plus two boutique mid-rise buildings, wrapped around a 40,000 square foot public park and an open-air retail promenade. QuadReal has stated that construction of the north development will take approximately four years from where it stands now.
The South Village phase is still in planning, but it's not modest. In January 2026, QuadReal filed applications for two towers on the south block at 44 and 52 storeys, sitting on a shared retail podium. For comparison, earlier iterations of the redevelopment concept, filed back in 2017, described a five-building plan topping out closer to 30 storeys with roughly 1,130 units total. The 2026 filing is a meaningfully taller, denser version of that original idea, which tells you something about how much the developer's ambitions for this site have grown as the surrounding market has changed.
Put those two phases together and Bayview Village is not adding a building. It's adding a district, on land that used to be a shopping centre parking lot, over a construction window measured in years rather than months.
Why the comparison to existing stock matters
Bayview Village's current condo inventory is not large by Toronto standards. The best-known example is ARC Condos at 2885 Bayview Avenue, a 15-storey building completed in 2009 by Daniels Corporation with 443 units, an indoor pool, and direct pedestrian access to the shopping centre across the street. Buildings like ARC represent the bulk of what current resale buyers are actually looking at when they search this neighbourhood.
Here's the comparison that explains the soft pricing:
| Existing stock | Incoming supply | |
|---|---|---|
| Example | ARC Condos, 2885 Bayview Ave | QuadReal North + South Village |
| Units | 443 | Well over 1,000 across both phases |
| Built | 2009 | North Village under construction now; South Village still in planning as of 2026 |
| Status | Resale only | Pre-construction, phased over multiple years |
A 443-unit building absorbed gradually over 15 years is a manageable amount of supply for a neighbourhood. A single developer adding a comparable or larger unit count within a single master-planned site, with a second even taller phase behind it, is not. Even spread across a four-year construction window and a South Village timeline that hasn't broken ground, that is a lot of future inventory for buyers to weigh against what's already sitting on MLS.
This is the part that a citywide condo report can't tell you. Toronto's broader condo softness is about buyers pulling back. Bayview Village's is about buyers pulling back at the exact moment a known, sizable new supply wave has been publicly announced next door. Those are two different pressures on the same price, and only one of them is unique to this postal code.
The part that isn't in the condo numbers
It's worth pausing on the broader Toronto market for a moment, because it's moving in the opposite direction from condos and that contrast is instructive. In July 2026, TRREB reported that GTA-wide resale conditions had actually tightened compared to a year earlier. Overall home sales dipped only slightly, down 0.9 percent year over year to 5,995, while new listings fell 17.8 percent, a much steeper drop. That combination, fewer new listings against roughly stable sales, is usually what precedes prices leveling off or firming, and TRREB's own leadership noted as much in that report.
Average selling prices across all property types were still down 4.5 percent year over year in July 2026, at $1,003,956, so this isn't a market that's roaring back. But it is a market where the low-rise side is tightening while the condo side, especially in neighbourhoods with active new supply pipelines like Bayview Village, stays loose. If you're comparing a detached home purchase to a condo purchase in the same neighbourhood right now, you are not comparing two versions of the same market. You're comparing a market that's quietly firming to one that's still working through a supply overhang.
There's a second data point worth knowing if you're thinking about this as a long-term hold rather than a place to live. TRREB's Q1 2026 rental report noted that rental conditions are expected to keep favoring renters in the near term specifically because additional condominium and purpose-built rental supply is due to reach completion and enter the market. Average one-bedroom rent across the GTA already sat at $2,246 in Q1 2026, down 4.1 percent year over year. If you're an investor weighing a Bayview Village unit against something in a neighbourhood without a major development pipeline, that's a second place the same supply story shows up, not just on the sale side but on what you can expect to charge a tenant while you wait it out.
What this actually means if you're comparing resale to pre-construction
The practical takeaway isn't that Bayview Village is a bad place to buy a condo. It's that resale and pre-construction here are not competing on the same timeline, and pretending they are is where buyers get it wrong.
A resale unit at a building like ARC Condos closes now, at a price that reflects a market absorbing the news of a much larger project next door. A pre-construction unit in QuadReal's North Village won't close for years, and a South Village unit is still working through municipal approvals. If your plan is to live in Bayview Village in the next twelve months, the resale side is where the negotiating room actually exists today. If your plan is a five-to-ten-year hold and you're comparing resale value against what a freshly built unit might eventually command once the promenade, park, and retail upgrades are finished, that's a different calculation, and it depends heavily on how well the finished product delivers on what's currently just a rendering and a construction schedule.
Either way, the number that matters isn't the citywide condo average. It's what's happening within a few hundred metres of Bayview and Sheppard, where the supply story is bigger, more specific, and more time-sensitive than the general Toronto narrative lets on.
A few questions we hear often
Will the new towers make my existing Bayview Village condo harder to sell? Not necessarily harder to sell, but likely priced with more competition in mind for the next several years, particularly while the North Village phase is under construction and South Village works through approvals.
Is now a good time to buy resale in Bayview Village? If your timeline is a purchase you want to close on soon, the current pricing environment gives buyers more room to negotiate than the neighbourhood has offered in some time. That's worth weighing against your own timeline, not treating as a universal signal.
Does the mall stay open during all of this? Yes. QuadReal has stated that both the shopping centre and the professional offices remain fully operational throughout construction, with parking rerouted to the site's south lot during the north lot work.
If you're weighing a Bayview Village condo against another North Toronto option, or trying to figure out what a specific building's resale pattern looks like against this pipeline, that's exactly the kind of comparison worth doing with someone who tracks this market closely. Jamie Dempster and the team can walk you through what's actually for sale here right now, what it's realistically worth, and how the next few years of construction are likely to shape it. Request a Free Home Evaluation to start that conversation.
