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Toronto Condo Market Plummets: 64% Drop, 24,277 Unsold Units

1/17/2025

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Summary

Story summary

Toronto's condo market is facing a historic downturn, with transactions plummeting 64% in 2024—the worst in 30 years. Soaring interest rates and declining rents have left a staggering 24,277 unsold units. This sharp decline in presale activity signals a looming housing supply crisis, set to hit construction efforts in 2026-2027.

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Story summary

Toronto's condo market is facing a historic downturn, with transactions plummeting 64% in 2024—the worst in 30 years. Soaring interest rates and declining rents have left a staggering 24,277 unsold units. This sharp decline in presale activity signals a looming housing supply crisis, set to hit construction efforts in 2026-2027.