GTHA condo market falls to 35-year low, report shows
GTHA condo market falls to 35-year low, report shows
Once the country’s hottest real estate region, the Greater Toronto and Hamilton Area condo market hit a 35-year low this year, according to a new report by real estate research firm Urbanation.
Only 319 units were sold in the third quarter of 2025, down 54 per cent compared with the same period last year and 92 per cent below the 10-year average for this time of year.
“The condo market has clearly become depressed as it undergoes a difficult correction following excessive growth that emerged during the COVID-19 pandemic,” Shaun Hildebrand, president of Urbanation, said.
While the number of sales is the lowest it has been in 35 years, the number of condo projects that were cancelled after starting construction was at a record high.
According to the report, 10 projects with a total of 2,499 units were cancelled in these three months, bringing the total number of cancellations this year to 18 projects and 4,040 units.
Some experts say this will constrict supply in the future.
“The lack of activity occurring today will surely lead to a lack of supply in a couple years, helping to restart the engine for the market,” Hildebrand said.
However, the cancellation of projects and a lack of new supply has meant that the number of unsold new units declined two per cent compared with last year’s high of 22,602 unsold condo units in July, August and September.
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