![\"Toronto](\"https:\/\/www.europesays.com\/canada\/wp-content\/uploads\/2026\/04\/59a609c0bd0a344b0150b702bd553b0c.jpeg\")
The CN Tower is seen past condominiums in Toronto, Ont. (Credit: Cole Burston\/Bloomberg files) <\/p>\n The CN Tower is seen past condominiums in Toronto, Ont. (Credit: Cole Burston\/Bloomberg files) <\/p>\n
Canada\u2019s largest condominium market<\/a> has \u201chit bottom\u201d as first-quarter sales for new projects in Toronto fell 52 per cent from a year ago to a 35-year low, according to an Urbanation Inc. report, and no projects were launched for the first time in three decades in the period.<\/p>\n \u201cWhat stood out here was that there was for the first time in decades zero new project launches; the market basically came to a standstill,\u201d Shuan Hildebrand, president of Urbanation, said. \u201cIt\u2019s probably safe to say that we\u2019ve hit the bottom.\u201d<\/p>\n The city\u2019s condominium market has suffered a five-year slump during which completions have swelled while sales have collapsed due to higher interest rates<\/a>, a sluggish economy and economic uncertainty.<\/p>\n Urbanation\u2019s report, which covers the markets in the Greater Toronto and Hamilton areas, said 4,295 condos were completed \u2014\u00a0 a record high \u2014 and unsold in the first quarter.<\/p>\n \u201cThere were 92 months of completed new condo supply on the market,\u201d the report said, adding that didn\u2019t account for pre-sold units where the buyer didn\u2019t complete the deal.<\/p>\n It also said 8,629 unsold new condos were under construction and slated for completion in the next couple years.<\/p>\n Hildebrand said some developers are taking steps to lower prices to even the point of losing money to move some inventory.<\/p>\n The average cost per square foot of a new condo was $1,189 in the first quarter compared with an average resale price of $859, a 38 per cent difference.<\/p>\n