Toronto’s condo market hit a new low in September, with just 53 new condo units sold across the city, according to new data from the Building Industry and Land Development Association (BILD) and Altus Group.
Across the Greater Toronto Area (GTA), only 155 new condo units sold during the month, a 44% drop compared to September 2024 and a staggering 90% below the 10-year average.
GTA Condo Sales Plummet
BILD’s latest report highlights a broader slowdown across the region.
“The September numbers are reinforcing a trend we’ve seen for almost two years,” said David Wilkes, BILD CEO, in an interview with CBC News. “We’re 85% below the 10-year average for both condo and single-family home sales across the region.”
The high cost of construction, government fees, and taxes are being cited as major factors driving down new home sales.
Single-Family Home Sales Also Decline
The GTA saw 283 single-family home sales in September 2025, down 16% year-over-year and 61% below the 10-year average.
This figure includes detached, semi-detached, linked, and townhouse units.
The benchmark price for new condominium apartments across the GTA was $1,033,317, while new single-family homes averaged $1,437,447, representing an 8.2% decline over the past 12 months.
Regional Breakdown of Condo Sales
According to BILD, September’s new condo sales by region included:
- Toronto: 53 units
- Durham: 15 units
- Halton: 35 units
- Peel: 43 units
- York: 9 units
BILD COO Justin Sherwood described the downturn as “historic” and warned of long-term consequences for housing affordability.
“Our provincial and federal governments have a responsibility to take bold steps,” Sherwood said, calling for GST reductions on all new homes in the upcoming federal budget and fall economic statement.
Ontario Proposes Tax Rebate for First-Time Homebuyers
On the same day, the Ontario government announced a proposal aimed at helping first-time homebuyers.
The plan would rebate the provincial 8% portion of the HST on new homes priced up to $1 million, reducing the cost for entry-level buyers.
“This is a step in the right direction,” said Richard Lyall, CEO of the Residential Construction Council of Ontario. “First-time buyers have been particularly hard hit, and this measure could help ease the pressure.”
Market Outlook
BILD’s CEO compared the current slowdown to the 1990s housing downturn, warning that the GTA market is “in the depths of a correction.”
Despite this, many industry experts believe that government action on taxes, combined with easing interest rates, could help stabilize the market in 2026.
Source: CBC News, BILD / Altus Group Data
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