The condo market in Toronto is slowing down. New condo sales dropped 64% last year, reaching the lowest level since the 1990s. Prices for pre-construction condos have fallen about 15%. Right now, there are over 24,000 unsold pre-construction condo units available — that’s a record high and shows a big surplus.

Investors are stepping back due to higher mortgage rates and uncertainty, so developers are focusing more on buyers who will actually live in the condos. There’s growing demand for larger units with home office spaces and flexible layouts.

Looking ahead, fewer new projects are being launched, which could create a shortage of new condos starting around 2026 and potentially push prices up.

For now, buyers have a good opportunity to negotiate with more options and lower prices, but prices may start to stabilize soon.

If you want to discuss specific buildings or neighborhoods, just let me know!

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