Data logged only 510 new Greater Toronto Area home sales in June, a collapse of 60% year-over-year and 82% beneath the decade norm of 2,801 transactions, according to information gathered by Altus Group. The slide caps eight straight months of what the Building Industry and Land Development Association calls “the worst downturn on record.”
Condominium demand has evaporated fastest. Buyers only picked up 217 units, down 67% from last June and 89% below the 10-year average.
Single-family sales fared little better at 293 units, a 53% decline and 62% under the norm.
“Consumers are lacking the confidence to enter one of their largest purchases,” said Altus research manager Edward Jegg, citing economic angst tied to US trade policy.
Altus warns the slump could erase up to 41,000 construction jobs and vaporize billions in housing-pipeline investment if sales fail to rebound.
BILD president David Wilkes added that high development costs have bred “an unhealthy, unsustainable environment.” He urged “bold, immediate action from all levels of government,” including major GST relief.
The benchmark condo sat at $1.03 million, essentially flat YoY, while the single-family benchmark slipped 6.4% to $1.51 million. Meanwhile, unsold inventory ballooned to 22,254 units—a record 19-month supply.
Yet Wilkes argues the gridlock has flipped bargaining power. “If you are in the market, conditions are favouring purchasers right now. Builders need to move product.”
GTA’s housing market is under acute stress: May saw builders unload 64% fewer new homes than a year earlier and the weakest showing since the 1991 crash—while June inventory ballooned to a record 31,603 active listings, up 30.8% YoY. Simultaneously, mortgage delinquencies have quietly tripled from pandemic lows, hitting a 12-year peak of roughly 0.22% in early 2025.
Information for this story was found via Toronto Star and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
