Only 54 new condos were sold in Toronto last month as group warns of looming ‘industry-wide shutdown’

Nearly 35 per cent of Canadians believe that condos are no longer good investments, according to new data. Mortgage and real estate Expert Victor Tran weighs in

Just 25 new condos were sold in the old City of Toronto last month as new homes sales across the GTA sank to a new low for October.

According to a new Altus Group report for the GTA-based Building Industry and Land Development Association (BILD), across the GTA, 322 new single-family homes were sold last month, down 41 per cent year-over-year. Just 248 new condos were sold across the region, representing a two per cent decrease from October 2024.

“October 2025 new home sales across the GTA sank below last year’s record low for October,” Edward Jegg, research manager at Altus Group, said in a news release.

“Some product is moving, but only under very specific conditions and price points, underscoring the need to bring costs back in line to get customers off the sidelines.”

In all areas of Toronto, including North York, Scarborough, East York, Etobicoke, York, and Old Toronto, just 54 new condos were sold in October.

“As October 2024 set a record-breaking low for new home sales, this October’s year-over-year numbers are now being measured against already what was one of the weakest months on record,” the report noted.

According to the report, total new home remaining inventory in the GTA now sits at 21,241 units, a slight drop when compared to the previous month. This is due, in part, to the fact that “very little new inventory” was added, with just one new single-family project launched this month, the report notes.

“This includes 15,525 condominium apartment units and 5,716 single-family dwellings. This represents a combined inventory level of 23.5 months, based on average sales for the last 12 months — which is the highest inventory level seen to date,” the report states.

The benchmark price for a new condo hit $1,031,764, up 2.5 per cent compared to October 2024. For single-family homes, the benchmark price dipped to $1,434,447, down 7.4 per cent over the last 12 months.

“How many months of record-breaking lows must pass before we see governments taking concrete actions to reduce the costs added to new homes and support consumer confidence in order to avert an industry-wide shutdown that threatens thousands of jobs and the housing supply pipeline for years to come?” Justin Sherwood, chief operating officer at BILD, said in a written statement accompanying the report.

“The federal government’s approach, including HST relief only for first-time buyers, is far too limited. We welcome Premier Ford’s recent call for the HST exemption to apply to any purchaser of a new home, not only first-time buyers of homes up to $1 million. Broad action to reduce government added costs must be taken urgently.”