New condo sales in Greater Toronto Hamilton Area plunge to lowest level since 1991

Sales of newly completed condominiums in the Greater Toronto Hamilton Area fell last year to the lowest level since 1991, as a record 28 active condo projects were cancelled.

A new report from Urbanation says 2025 marked the fourth straight year of fewer new condo sales in the region, falling 60 per cent from the previous year to a total of 1,599 units.

New condo sales in 2025 were also 91 per cent below the 10-year average and have dropped 95 per cent since 2021.

Meanwhile, a total of 7,243 units in new condo projects were scrapped, more than doubling both the number of units cancelled the previous year and the previous record set in 2018.

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Urbanation president Shaun Hildebrand says the downturn in the sector should be “a significant cause for concern” as it relates to future housing supply and affordability, noting there likely won’t be any new condo completions in the GTHA by the end of the decade.

The report says condo construction starts sank 63 per cent year-over-year in 2025 to 3,272 units, a multi-decade low, and developers launched only 10 new condo projects throughout last year.