30-year record low: New condo sales continue to decline in Toronto

A new condo construction site is seen in downtown Toronto on Thursday, May 25, 2023. THE CANADIAN PRESS/Chris Young

A new report says new condo sales in the Greater Toronto Hamilton Area (GTHA) have declined more than 60 per cent year-over-year to reach the “lowest quarterly total since 1995.”

Urbanation released its Q1-2025 Condominium Market Survey results earlier this month, which revealed that new GTHA sales have dipped 88 per cent below the 10-year average.

Just 215 new condo sales were made, resulting in the lowest first quarter total for the city of Toronto specifically since 1990.

“The new condo market is currently working through its most challenging period to date, which has become further impacted by the uncertainty and cost escalations caused by the trade conflict with the U.S.,” Shaun Hildebrand, President of Urbanation, said in the report.

The report also says the decline has led to plans for hundreds of new condo units to be shelved.

A total of 28 “presale projects” in the GTHA – which would have resulted in over 5,700 units – have either been put on hold, cancelled, or placed in receivership or converted to purpose-built rentals since 2024, according to Urbanation’s data.

Unsold new condominium inventory in the first quarter of 2025 totaled 23,918 units according to the report, which was an increase of six per cent and equal to 78 months of supply.

Of that unsold inventory, Urbanation says nearly 11,000 were pre-construction projects and another 11,000 were under construction units.

“With the Toronto region relying on condos for more than one-half of its total housing development, the magnitude of this slowdown will result in severe supply repercussions,” said Hildebrand.

In March, city staff suggested council defer development charges on thousands of condo units in order to spur housing development amid a climate of economic uncertainty.