ASHWIN RANINGA

Toronto’s new condo market has slowed to levels not seen in more than three decades. Sales of newly built condos dropped 60% in 2025 to just 1,599 units, according to Urbanation — the lowest annual total since 1991.

The decline marks a dramatic shift from the peak years of the market. New condo sales are now down about 95% compared to 2021, when demand for pre-construction units was at its height.