Greater Toronto Hamilton Condo Sales Hit 1991 Lows
The Greater Toronto Hamilton Area (GTHA) condo market is experiencing a significant downturn. Sales of newly completed condominiums dropped to their lowest levels since 1991. A recent Urbanation report highlights this alarming trend, revealing striking figures about the market’s performance in 2025.
Decline in Condo Sales
In 2025, new condo sales in GTHA plummeted by 60% compared to the previous year. The market only saw 1,599 units sold, which is a staggering 91% below the ten-year average. Since 2021, sales have dropped by an astonishing 95%.
Market Contraction and Cancellations
- Active condo projects cancelled in 2025: 28
- Total units cancelled: 7,243
- Previous record for cancellations: 2018
Urbanation reported that the number of cancelled projects more than doubled compared to last year. This raises concerns about the supply of new units in the coming years.
Future Implications
Urbanation president Shaun Hildebrand emphasized the potential impact of this downturn on future accommodation availability. As the market enters its fifth year of correction, the duration of this slump raises critical questions about upcoming supply shortages. “By the end of the decade, new condo completions will diminish. The long-term implications for affordability are significant if rental constructions cannot bridge the gap,” he stated.
Conversions and Rental Statistics
Despite the alarming cancellation rates, there were some positive developments. Eight condo projects converted to purpose-built rentals in 2025, adding 2,189 units to the rental market. This was in addition to 1,434 units switched to rentals in 2024.
Construction Starts at a Low
Condo construction starts in the region decreased by 63% year-over-year, reaching a multi-decade low of 3,272 units. Developers initiated only ten new projects throughout the year.
- Condo launches in 2025: 1,425 units
- Sales rate for new launches: 22%
- Sales rate drop from the previous year: 2%
- High sales rate in 2021: 81%
Price Trends
The average selling price for new launches fell to $1,123 per square foot, marking an eight percent decrease from 2024. Furthermore, resale condo units completed in the last three years averaged $856 per square foot during the fourth quarter of 2025.
This dramatic decline in the Greater Toronto Hamilton condo sales indicates a concerning trend for the region’s real estate market, raising questions about future affordability and availability.
