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.
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“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.
The crash of the condo market has led to a construction glut in the GTHA, the report added. In these three months, only two projects totalling 614 units started construction, a 77 per cent decline from a year earlier and 88 per cent below the 10-year average.
The overall housing market also saw lower sales last month, with home sales in Canada declining by 1.7 per cent from August to September, the Canadian Real Estate Association (CREA) said Thursday.
The decline came largely because of falling sales in five major markets — Greater Vancouver, Calgary, Edmonton, Ottawa and Montreal — CREA said.
Another report, released by Royal LePage, said the housing market could find “balance” in the fall, which means Canada’s falling home prices could plateau by year’s end.
Nationally, the average home price in Canada is expected to be $827,796 by the end of the year, a modest increase of one per cent compared with $819,600 at the same time last year, Royal LePage said.
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