New condo sales in the Greater Toronto Area plunged again in November, with just 165 units sold across the region — including only 18 in the old city of Toronto — signalling what industry leaders say will be the worst year on record for new home sales.
According to a report by Altus Group for the Building Industry and Land Development Association (BILD), new condo sales are down 55 per cent this year, while new single-family home sales have fallen 38 per cent compared to already-weak 2024 levels. From January to November, only 1,965 new condos and 3,067 single-family homes were sold across the GTA, a sharp drop from more than 30,000 condos and 13,000 homes sold in 2021.
BILD expects total new-home sales to finish around 5,500 units in 2025 — the lowest since records began in 1981. Affordability remains the biggest obstacle, with the benchmark price of a new condo now exceeding $1 million, requiring an estimated household income of nearly $195,000 to qualify under standard lending rules.
While builders face pressure to lower prices, industry leaders say high land, labour, and material costs leave little room to cut. BILD is urging governments to introduce stronger cost-reduction measures, including a full HST exemption on new builds, warning that stalled projects today could lead to severe housing shortages later in the decade.