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Market Insight for July 18
The Greater Toronto Hamilton Area (GTHA) new condo apartment sector recorded502 sales in Q2-2025, extending its streak of 30-year lows with a 10% drop from Q1-2025 and a 69% decrease year-over-year. Although the second quarter is typically the most active season for new condo purchases, activity this year was 91% below the 10-year average.
At the same time, unsold inventory at all stages of construction reached 24,045 units in Q2-2025, 3% lower than the peak one year earlier, marking the first annual reduction in unsold supply in more than three years.
This came as developers continued to delay new condo releases, with just three developments comprising 891 units launched for presale in Q2. Additionally, four developments, totalling 719 units, were cancelled in Q2-2025. That brings the running total to 21 cancelled projects and 4,412 units since the beginning of 2024. Of those, nine cancelled developments (including three from Q2-2025) are being repurposed as rental properties.
As of Q2-2025, the GTHA had a record 2,478 new condo units completed and available directly from developers, 102% more than a year ago and more than five times the number from two years earlier. Keep in mind, this number excludes units that were pre-sold but have not yet closed.
During the same quarter, developers sold 131 units in completed buildings, equating to 60 months of supply on the market. The average asking price for finished, developer-held inventory stood at $1,212 per square foot (psf) in Q2- 2025, down 6% year-over-year and 16% below the market’s peak two years prior.
Of the 4,918 new units that reached occupancy in Q2-2025, 88% had already been sold at an average price of $1,187 psf. Meanwhile, resale prices in recently completed buildings (registered within the past year) averaged $903 psf in Q2, showing a $284 psf gap between original pre-sale pricing and today’s market value.
Looking ahead, 17,117 condo units are expected to finish construction in the second half of 2025, pushing the total for the year to a record-breaking 31,422 units. In contrast, completions are expected to fall to a more typical 18,037 units in 2026.
The downward trend is anticipated to continue beyond 2026, driven by reduced construction activity. Condo starts in Q2-2025 amounting to just 1,276 units, a 57% decrease from a year ago and an 84% drop compared to two years back. As of Q2-2025, there were 64,623 units under construction, down 41,241 units from the record 105,864 under construction in Q2-2023.