In the Greater Toronto and Hamilton Area (GTHA), the new condominium market remains slow due to developers scaling back as buyers hesitate to commit. Only four new condo projects were launched in Q1-2024, with 60 projects totaling 21,505 units put on hold. Pre-construction projects saw mediocre results, with just 50% of units pre-sold, down from previous years. Unsold inventory reached 23,815 units, with prices dropping 3% annually to $1,373 per sqft. Developers offered incentives like free parking and reduced deposits, but sales plummeted to 1,461 units, the lowest since 2009. This represents a 71% drop from the 10-year average. Construction also decreased by 52% annually, indicating a significant slowdown.

Despite anticipated interest rate reductions, market activity is expected to remain subdued. Looking forward, 17,076 units across 56 projects are set for launch, with 70% in the 905 region.