New GTA condo sales fell by 44% in September compared to 2024
Global News
A report released by the Building Industry and Land Development Association showed 155 new condos were sold in the GTA in September, a drop of 44 per cent compared to a year ago.
Newly-built condos in the Greater Toronto Area continued to be a difficult sell in September, with a 44 per cent drop in sales compared to the same month a year ago.
A report released by the Building Industry and Land Development Association (BILD) on Tuesday showed just 155 new condos were sold.
In the City of Toronto, only 53 new properties had a buyer.
“The trend that we saw in September really has been a trend we’ve been seeing over the last couple years, where we have been seeing sales both from a condominium apartment point of view, but also from a single-family perspective, trending downward,” said Dave Wilkes, president and CEO of BILD.
“It is a very serious problem, it is a problem that will result in a lack of housing supply in the next two to three years as sales don’t turn into starts, and it is a problem where we’re going to see serious job losses.”
Wilkes told Global News that the issue is not just a condo problem but a “housing problem” of all types, and that it’s happening across all markets in Canada.
“The challenge we’re facing is the cost of building has really gotten too high for the market to absorb,” he said.
A total of 1,538 condos were sold in the GTA up to September, which is down 60 per cent from 2024. It’s also 90 per cent below the 10-year average for the region.
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