A paltry 53 condo units sold this past September
And only 155 units sold across the entire GTA. It really is the ’90s again
Only 53 condos sold in Toronto in September, according to a staggering new report from the Building Industry and Land Development Association. The paltry figure is down from the 145 sold in September of 2024 and the 449 sold in September of 2023. As for the entire GTA, a mere 155 units sold this past September, down 16 per cent from the year before and 90 per cent below the 10-year average.
Benchmark selling prices, though, have not caught up to the crash and remain steady.
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“The market downturn is historic and will have long-term consequences for housing affordability,” Justin Sherwood, COO at BILD, said in a statement. “Now is not the time for half measures,” he added, arguing that the federal government must reduce GST on all new homes.
Overall new home sales, which include both condos and single-family residences, stood at 438 in September in the GTA, down 29 per cent from a year ago and 80 per cent below the 10-year average. Only five single-family Toronto homes sold in September—but that was at least higher than the two that sold a year earlier or the one that sold in September of 2023.
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“New home sales across the GTA stumbled to another record low for the month of September,” says Edward Jegg, research manager at Altus Group, which provides BILD with data. “In fact, new home sales are down year-to-date across all the markets tracked by Altus Group, led by Toronto, Vancouver, Calgary, Hamilton and Kitchener-Waterloo, where sales have fallen by over half compared with last year.”
