Toronto New Condo Sales Hit Record Low Despite Recovery in Overall Housing Market

New condominium sales in the Greater Toronto Area (GTA) fell to a record low for September, even as overall new-home sales increased by more than 60 per cent compared with the same period last year. Data prepared by Altus Group for the Building Industry and Land Development Association (BILD) showed that fewer than 130 newly built condo apartments were sold across the region during the month.

Condo Sales Fall Below Historical Average

September's condo sales declined by 40 per cent compared with the same month last year and were 90 per cent below the 10-year average. The figures highlight the continuing weakness in the GTA's new condominium market, despite signs of improvement in other parts of the housing sector.

Single-Family Home Sales Show Strength

While condominium sales remained weak, single-family home sales climbed above historical levels for the sixth consecutive month. The increase helped drive overall new-home sales up by more than 60 per cent year over year, indicating that market activity differed significantly between housing types. The contrasting figures underline the uneven performance of the Toronto region's new-home market, with single-family homes recording stronger sales while newly built condominiums continued to struggle.

Toronto Star