Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
“It’s difficult to put a number to it, but there are likely more cancellations coming in 2025,” Urbanation's Shaun Hildebrand tells STOREYS.2024 was a remarkably tough year for new condos in the Greater Toronto and Hamilton Area — and anyone invested in them.
Looking at just the fourth quarter, Urbanation reports that 802 units were presold, up 12% from the quarter prior but down 71% year over year — and representing the lowest fourth quarter for sales since 1993. Meanwhile, there were 24,277 unsold condo units in various stages of development in 2024, including those in pre-construction, under construction, and recently completed. That figure was up 6% from the “previous year-end high” of 22,978 units in 2023, and 50% above the 10-year average of 16,154 units. Thursday’s report says that it would take 64 months toat the 2024 level of sales — “a record high that is nearly six times higher than a balanced level of inventory at 10-12 months of supply.
We’re already seeing starts drop off, it seems. Urbanation reports that 1,506 new condos started construction in the fourth quarter, representing a 59% decrease year over year. Over the entirety of 2024, just 9,258 new units were started, down 51% from the 18,950 units started in 2023, and 56% off the 10-year average of 21,213 units. The last year that the level of condo starts were this low was 2002.
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