Nobody buys Toronto homes anymore as market disintegration continues

The Greater Toronto Area (GTA) new home market has completely fallen off a cliff, and practically nobody is willing to risk investing in real estate as sales figures continue their race to the bottom.

October marked the 13th consecutive month of record-breaking lows for home sales, and if last year's historic lows had sellers biting their nails, the latest figures from the Building Industry and Land Development Association (BILD) look even more menacing for anyone hoping to sell their property.

According to BILD's October GTA sales figures released on Tuesday, the 570 homes sold region-wide last month marked a 29 per cent dip from the previous historic low recorded the year before, and a staggering 81 per cent lower than the ten-year average for October sales.

The shift in demand has hit the condo market hardest, with sales figures dropping to laughably low levels last month.

A record-low of just 54 condos were sold in Toronto last month. This figure represents just about one-third of the 145 condos sold in the city the previous October, and a mere fraction of the 457 sold in October 2023.

Altus Group

Region-wide, only 248 condos and townhomes sold last month, representing a two per cent decline from last October's record-setting lows and sitting 88 per cent below the ten-year average. October 2025 now stands as the worst October on record for home sales in this subcategory.

Altus Group

Single-family home sales also suffered in October, with just 322 sales region-wide wide marking a 41 per cent drop year-over-year.

In Toronto, just one single-family home was sold in the entire month of October. 

Year-to-date, 714 Toronto condos have sold this year, compared to 1,851 at this time in 2024 and 4,985 by the end of October 2023.

Justin Sherwood, Chief Operating Officer at BILD, sounds the alarm about the worsening situation, asking, "How many months of record-breaking lows must pass before we see governments taking concrete actions to reduce the costs added to new homes and support consumer confidence in order to avert an industry-wide shutdown that threatens thousands of jobs and the housing supply pipeline for years to come?"

Sherwood calls federal measures to cut home prices "far too limited," and welcomes Ontario Premier Doug Ford's push to exempt all home sales from HST, saying, "Broad action to reduce government added costs must be taken urgently."