30-year record low: New condo sales continue to decline in Toronto

New condo sales in the Greater Toronto Hamilton Area have dropped over 60% year-over-year, hitting the lowest quarterly total since 1995. Q1-2025 sales fell 88% below the 10-year average, with only 215 new sales in Toronto, the lowest since 1990. This decline has led to shelving of over 5,700 units in 28 presale projects. Unsold inventory rose 6% to nearly 24,000 units, risking severe supply issues.