Toronto Hamilton Condo Sales Hit Lowest Point Since 1991
Sales of condominiums in the Greater Toronto Hamilton Area have plummeted, reaching levels not seen since 1991. In 2025, new condo sales fell by 60 percent from the previous year, totaling just 1,599 units, according to a report by Urbanation.
Significant Decline in New Condo Sales
This downturn marks the fourth consecutive year of declining condo sales in the region. The figure is also 91 percent below the ten-year average, and it represents a staggering 95 percent drop since 2021. The news is alarming for a market that has experienced unprecedented cancellations.
Cancellation of Condo Projects
- 28 active condo projects were cancelled in 2025.
- A total of 7,243 units from new condominium projects were scrapped, more than doubling the previous year’s figures.
- This cancellation rate surpassed the previous record set in 2018.
Urbanation President Shaun Hildebrand expressed serious concerns regarding the implications of this prolonged correction phase on future supply. He emphasized that by the decade’s end, there will likely be no new condo completions, which raises questions about affordability if rental construction cannot meet demand.
Conversions and Rental Impacts
In 2025, eight cancelled condo projects, comprising 2,189 units, were repurposed into purpose-built rentals. This was in addition to 1,434 units that made a similar conversion in 2024. However, these shifts, along with a 24 percent increase in rental starts from 2024, could not mitigate the overall decline in new condo construction.
Condo Construction Starts at Historic Lows
New condo construction starts dropped a staggering 63 percent year-over-year, totaling only 3,272 units—an unprecedented low for several decades. Developers initiated merely ten new condo projects throughout the entire year. Notably, only 1,425 units launched during this period resulted in a sales rate of just 22 percent, down from 24 percent the previous year and significantly lower than 81 percent in 2021.
Impact on Pricing
The decline in sales and construction has contributed to a decrease in average selling prices for newly launched condos. These prices fell to $1,123 per square foot, reflecting an eight percent drop from 2024. Additionally, resale condo units completed within the past three years recorded average selling prices of $856 per square foot in the final quarter of 2025.
The current state of the condo market poses significant challenges and raises critical questions regarding future supply and pricing in the Greater Toronto Hamilton Area.
