Urbanation just released its Q2-2025 condominium market survey results for the Greater Toronto & Hamilton Area. The results are as expected: new home sales are slow (like, 91% below the 10-year average) and unsold inventory is rising. But what I'm most interested in is trying to guess the future.

Urbanation expects a total of 17,117 condominium homes to complete in the second half of this year, which would bring total completions for 2025 to 31,422 homes (which is an elevated number). Completions in 2026 are then expected to drop to a more "historically normal level" of 18,037 units.

At the same time, there are 64,623 condominium homes under construction as of Q2-2025. I take this to mean that, once the above 17,117 homes complete in the second half of this year, there will be at least 47,506 new homes still under construction as we start 2026.

If we do end up completing 18,037 units next year, and ignoring any new starts, that will leave just under 30k units under construction into 2027. If completions remain at a similar level after this, we could then be close to building our way through this condominium pipeline by the end of 2027.

Of course, this says nothing about actual absorption. It's one thing to build a new home, but it has to ultimately get filled. And right now, there are almost 2,500 unsold condominium apartments in newly completed projects across the region. This is a record high going back as far as 2005.

So it's hard to say. But my view continues to be that, by 2028, we should be on the other side of this market. In the meantime, if you're looking for a place to live in Toronto, I think you'd be hard pressed to find a better time to buy. Most people will be too scared, and that's the point.

Cover photo by

Here's some unsurprising but important news via Urbanation:

• New condominium apartment sales last year totalled 4,590 homes. This is a 78% decline compared to the latest 10-year average of 20,835 homes, and the slowest year for new condo sales in the Greater Toronto and Hamilton Area (GHTA) since 1996. See above chart.

• Only 802 new condominium apartments were sold in Q4-2024.

• Six projects launched in Q4-2024, totalling 1,829 homes, of which only 10% were sold. A total of 1,506 new condominium apartments started construction during this same quarter.

• A total of 29,800 condominium homes were completed in 2024 -- a record. This year, 30,793 homes are expected to complete, which if it happens, will create another new record.

• In total, 78,742 new condominium homes are currently under construction across the GTHA, as of Q4-2024.

This may seem like a lot. But 30k of these homes are expected to complete and occupy this year. That leaves around 48k under construction, plus whatever new starts end up happening in 2025. So as Shaun Hildebrand points out in the above release, at some point around 2026-2027, we are going to see a dramatic fall off in completions and new housing supply.

Even if starts magically ramped up this year (which would be unexpected), there would still be a period of relatively low completions that would need to work its way through the system. Development is, by nature, excruciatingly slow to respond to changes in demand. There's always a lag. So overall housing supply is something we're paying close attention to right now as we execute on our real estate strategies.

Chart via Urbanation

Urbanation just released its Q2-2025 condominium market survey results for the Greater Toronto & Hamilton Area. The results are as expected: new home sales are slow (like, 91% below the 10-year average) and unsold inventory is rising. But what I'm most interested in is trying to guess the future.

Urbanation expects a total of 17,117 condominium homes to complete in the second half of this year, which would bring total completions for 2025 to 31,422 homes (which is an elevated number). Completions in 2026 are then expected to drop to a more "historically normal level" of 18,037 units.

At the same time, there are 64,623 condominium homes under construction as of Q2-2025. I take this to mean that, once the above 17,117 homes complete in the second half of this year, there will be at least 47,506 new homes still under construction as we start 2026.

If we do end up completing 18,037 units next year, and ignoring any new starts, that will leave just under 30k units under construction into 2027. If completions remain at a similar level after this, we could then be close to building our way through this condominium pipeline by the end of 2027.

Of course, this says nothing about actual absorption. It's one thing to build a new home, but it has to ultimately get filled. And right now, there are almost 2,500 unsold condominium apartments in newly completed projects across the region. This is a record high going back as far as 2005.

So it's hard to say. But my view continues to be that, by 2028, we should be on the other side of this market. In the meantime, if you're looking for a place to live in Toronto, I think you'd be hard pressed to find a better time to buy. Most people will be too scared, and that's the point.

Cover photo by

Here's some unsurprising but important news via Urbanation:

• New condominium apartment sales last year totalled 4,590 homes. This is a 78% decline compared to the latest 10-year average of 20,835 homes, and the slowest year for new condo sales in the Greater Toronto and Hamilton Area (GHTA) since 1996. See above chart.

• Only 802 new condominium apartments were sold in Q4-2024.

• Six projects launched in Q4-2024, totalling 1,829 homes, of which only 10% were sold. A total of 1,506 new condominium apartments started construction during this same quarter.

• A total of 29,800 condominium homes were completed in 2024 -- a record. This year, 30,793 homes are expected to complete, which if it happens, will create another new record.

• In total, 78,742 new condominium homes are currently under construction across the GTHA, as of Q4-2024.

This may seem like a lot. But 30k of these homes are expected to complete and occupy this year. That leaves around 48k under construction, plus whatever new starts end up happening in 2025. So as Shaun Hildebrand points out in the above release, at some point around 2026-2027, we are going to see a dramatic fall off in completions and new housing supply.

Even if starts magically ramped up this year (which would be unexpected), there would still be a period of relatively low completions that would need to work its way through the system. Development is, by nature, excruciatingly slow to respond to changes in demand. There's always a lag. So overall housing supply is something we're paying close attention to right now as we execute on our real estate strategies.

Chart via Urbanation