GTHA new condo sales double, but only 60 are pre-construction

CP24 reported that Urbanation, a real estate consulting firm, said in its third-quarter report that new condo sales in the Greater Toronto and Hamilton Area (GTHA) doubled from a year earlier to 760 units. Urbanation has surveyed the Toronto-area condo market since 1981. But even after the doubling, sales were still 78% below the 10-year average for third quarters.

Its president, Shaun Hildebrand, warned that with construction starts at historic lows, a significant shortage is likely by the end of the decade. Most sales were in finished buildings: sales at completed buildings reached a record 648 units, 85% of the total. Investment groups bought 339 units in bulk deals, 45% of sales, and Mr Hildebrand said they pay heavily discounted prices for completed units.

That leaves little for new towers: only 60 sales were pre-construction, in towers not yet built. For the longer view, in 2025 sales fell 60% to 1,599 units, the lowest annual total since 1991.

Sources: CP24 · Urbanation