New condo sales in the Greater Toronto and Hamilton Area (GTHA) are climbing back from a historic low, but slowly, and almost none of the recovery is in pre-construction. Here is where the numbers stand as of September 2026, from the latest Urbanation and Altus Group/BILD reports, and what they mean if you are weighing a pre-construction purchase.
2025: the weakest year since 1991
According to Urbanation, 1,599 new condo units sold across the GTHA in 2025. That was down 60% from 2024, the fourth straight annual decline, and the lowest annual total since 1991. Developers cancelled a record 28 projects (7,243 units) during the year, and eight of those projects (2,189 units) switched to purpose-built rental instead.
2026 so far: a rebound off the bottom, led by finished units
- First quarter: 246 units sold, with no new project launches at all in the quarter (Urbanation, April 2026).
- Second quarter: 702 units sold, up 52% from a year earlier and the first year-over-year gain since the third quarter of 2023. It was still 86% below the 10-year average for the quarter, and 535 of those sales were units in already-completed buildings. Pre-construction sales fell 80% to just 50 units (Urbanation, July 2026). Urbanation credited the removal of HST on new homes and bulk purchases by investors.
- August: 215 new condo apartments sold in the GTA, up 50% from August 2025 but 78% below the 10-year average, according to Altus Group data released by BILD on September 22. New single-family homes are doing far better: 692 sold in August, 47% above their 10-year average.
Supply: record unsold inventory now, a thinner pipeline later
Two trends are running in opposite directions. Completed but unsold condo units in the GTHA reached a record 5,001 in the second quarter, up 68% from a year earlier. At the same time, there were no new launches for a second straight quarter, and Urbanation put the development pipeline at 48,710 units, down 37% from a year earlier and far below the roughly 127,000 units of 2022. Altus Group/BILD counted 12,734 new condo apartments available for sale across the GTA in August.
Prices and rates
The benchmark price for a new GTA condo apartment was $1,041,918 in August, up 1.3% from a year earlier, before any HST rebate (Altus Group/BILD). Urbanation reported that completed unsold units were listed at an average of $1,186 per square foot in the second quarter, a record 43% premium over resale condos at $830 per square foot. The Bank of Canada held its policy rate at 2.25% on September 2; its next decision is October 28.
What this means for pre-construction buyers
- Compare with finished units. With a record number of completed condos unsold, a move-in-ready unit may be available near the project you are considering. Compare price per square foot and timing before committing a pre-construction deposit.
- Check that the project is really going ahead. Record cancellations and rental conversions, such as The Riv in Toronto's east downtown, mean it is worth asking where a project stands on financing and construction, and how your deposit is held and returned if it does not proceed.
- Plan for the appraisal. CBC reported in February on a Vaughan buyer whose unit, bought for $675,000, appraised at $590,000, leaving him unable to get a mortgage to close. Ask your lender early how an appraisal below the purchase price would be handled.
- Watch the next data. Urbanation's next quarterly report, covering July to September, should show whether the rebound held, and the Bank of Canada decides on rates on October 28.
To see how asking prices compare across the region, use our GTA Pre-Construction Price Index, or browse new condos in Toronto.
Thinking about a purchase in this market? Contact Royale Realty Brokerage for Platinum VIP access to GTA pre-construction launches, and a straight comparison with finished units nearby.