GTA new home market collapse keeps getting worse as sales fall off cliff

Recent data reveals that just 53 new condos were sold in the City of Toronto last month, highlighting the depth of the city's home market slowdown, which has now fallen to historic lows across all housing types.

Across the GTA, there were only 438 new homes in September 2025, according to data from Altus Group shared by the Building Industry and Land Development Association (BILD). This figure is 29 per cent lower than September 2024, and a staggering 80 per cent below the 10-year average.

For comparison, a typical September in the GTA would see around 2,233 new home sales based on the historical average.

"New home sales across the GTA stumbled to another record low for the month of September," said Edward Jegg, Research Manager at Altus Group. "In fact, new home sales are down year-to-date across all the markets tracked by Altus Group led by Toronto, Vancouver, Calgary, Hamilton, and Kitchener-Waterloo where sales have fallen by over half compared to last year."

Condominium apartments, which include low, medium, and high-rise units, as well as stacked townhouses, made up just 155 sales in total, which is 44 per cent below last September and 90 per cent below the 10-year average.

GTA new home market results in September 2025. Source: Altus Group.

Across the GTA in September, there were 15 new condo sales in Durham, 35 sales in Halton, 43 sales in Peel, and 53 sales in Toronto, including 10 sales in Etobicoke, 10 sales in North York, and 28 sales in Old Toronto.

Data shows that the single-family home market is also struggling, with just 283 sales recorded in the GTA in September, down 16 per cent from last year and 61 per cent below the 10-year average.

Despite the sharp drop in demand, total new home inventory fell slightly to 21,749 units, including 15,875 condominium apartment units and 5,874 single-family homes. This represents a total inventory level of 22 months (based on average sales for the last year), which is the highest inventory level seen to date, according to the Altus Group.

"The market downturn we are experiencing is historic and will have long-term consequences for housing affordability, the jobs that are provided by our sector, and the economic activity and revenue generated by the new residential construction sector across the country," said Justin Sherwood, COO at BILD.

"Now is not the time for half measures. We are at a moment in time where we have the opportunity to avoid the consequences of this historic national housing downturn through bold action," Sherwood added. 

"Our provincial and federal governments have a responsibility to those who work in the sector, and Canadians seeking to buy a new home at an affordable price, to take bold steps to reduce the GST on all new homes as part of the federal budget on November 4th, and upcoming Fall Economic Statement. To do otherwise is an admission of acceptance that the loss of almost 100,000 jobs nationwide and acute affordability challenges in the coming years are acceptable outcomes."

According to the data, the benchmark price for new condo apartments last month in the GTA was $1,033,317, and $1,437,447 for single-family homes, which was down 8.2 per cent over the last year.