Average Condo Insurance Cost in Ontario (2026) — by city, by building age, by coverage
Average condo insurance cost in Ontario for 2026: typically $28–$58/month. See Toronto, Mississauga, Oakville, Burlington and Milton ranges and what moves your price.
Short answer: the average condo insurance cost in Ontario in 2026 is roughly $28–$58 per month ($340–$700/year) for a typical GTA unit with $50k contents, $2M liability and $50k loss assessment. Here's how that average breaks down — and how to land at the low end without under-insuring.
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Average condo insurance cost by Ontario city (2026 ranges)
- Toronto: $32–$75/mo (older midtown buildings at the top)
- Mississauga: $28–$52/mo
- Oakville: $30–$55/mo
- Burlington: $32–$60/mo
- Milton: $26–$48/mo
These are typical ranges I see with clients, not guarantees — your postal code, claims history and building all change the number.
5 things that push your condo premium above average
- Building age and water-claim history — the #1 driver in Ontario.
- High loss-assessment limit — needed if your building's deductible is large.
- Low personal deductible ($500 vs $2,500).
- Prior claims in the last 5 years.
- Upgraded finishes (improvements & betterments coverage).
How to pay below average (without getting burned)
- Read your status certificate and match loss assessment to the master water deductible.
- Pick a $2,500 deductible — often saves $6–$10/month.
- Quote online direct — Square One lets you adjust each coverage and see the price change live.
- Bundle if you also need tenant or home insurance on another property.
Related reading
Frequently asked questions
What is the average cost of condo insurance in Ontario?
About $28–$58 per month ($340–$700/year) in 2026 for a typical GTA condo with $50k contents, $2M liability and $50k loss assessment. Older Toronto buildings can reach $75/month.
Is condo insurance mandatory in Ontario?
Not by provincial law, but most condo declarations and every mortgage lender expect it, and without it you are personally exposed to loss assessments and liability claims.