Greater Toronto and Hamilton Area New Condo Projects

ongoing with cancellations and completions

Under Construction

A total of 21 condo projects have been cancelled across the Greater Toronto and Hamilton Area (GTHA) since the start of 2024, with completed condo inventory swelling to a record-high. The new condo apartment sales in the second quarter of 2025 declined 10% from the first quarter and dropped 69% year over year. Developers are pausing new condo launches, with only three projects launched for presales in the second quarter. A total of four projects were cancelled in the second quarter, bringing the total since the start of 2024 to 20 projects and 4,360 units cancelled. Nine cancelled projects are being converted to rental. Elevated construction and materials costs, labour shortages, and high interest rates have devastated the preconstruction homebuilding market. A total of 17,117 condos were scheduled for completion during the second half of 2025, bringing the total for 2025 to a record-high 31,422 units. Completions are projected to decline to a historically normal level of 18,037 units in 2026 and continue trending lower post-2026 due to the drop-off in construction, causing a significant supply shortage.

Canada

Ontario

Toronto Star

Project

Commercial, Residential