Toronto 
New condominium sales in the Greater Toronto-Hamilton Area showed their first annual increase in nearly three years, though the market is still operating at historically weak levels.
Urbanation reported 702 new condo apartment sales in the second quarter of 2026, up 52% from a year earlier. It was the first year-over-year gain since the third quarter of 2023.
The rebound came largely from completed projects. Sales in that category more than tripled to 535 units, helped by bulk purchases from investment groups and HST relief. Pre-construction activity remained subdued, falling 80% to just 50 sales.
Despite the increase, total sales were still 86% below the 10-year average for second quarters. Urbanation said uncertainty and the delayed confirmation of Ontario’s enhanced HST rebate rules continued to hold buyers back.
Asking prices for completed, unsold condos slipped 2% annually to an average of $1,186 per square foot. That was 43% above the $830 average resale price for units in projects registered during the past three years. Some completed units, however, sold below asking, with bulk transactions closing at prices below resale levels.
Combined new and resale condo inventory reached 12,106 units. Developer-held completed inventory climbed to a record 5,001 units, while active resale listings fell 21% to 7,105.
The future supply pipeline also narrowed sharply. Pre-construction and under-construction inventory dropped 37% to 48,710 units, down 62% from roughly 127,000 in 2022. Another 1,022 units were cancelled during the quarter, while construction starts fell to 448 units.
Urbanation president Shaun Hildebrand called the sales increase “an important signal,” but noted that demand remains weak.
“With virtually no new units being added to the pipeline, condo supply is set to see its largest ever decline in the coming years,” he said.
