‘It’s worse than the 1990s:’ Just 28 new condos sold in the old city of Toronto in September, new data shows

A total of 155 new condo units sold across the Greater Toronto Area, with 53 in amalgamated Toronto, in September, according to BILD numbers, with prices hitting a possible bottom.

>Just 28 new condo units sold in the old city of Toronto in September, and 155 across the Greater Toronto Area, as the market continues to hit historic lows, with prices hitting a possible bottom.

>That’s according to monthly data, compiled by Altus Group on behalf of the Building Industry and Land Development Association (BILD).

>“It’s worse than the 1990s,” said BILD spokesperson Justin Sherwood. “We have a serious issue on our hands relative to being able to produce housing at a rate that people can afford to buy.”

>The numbers are way less than what’s expected in a normal September at 90 per cent below the 10-year average.

>Fifty-three new condos were sold in the city of Toronto in total, 15 in Durham, 35 in Halton, 43 in Peel, and nine in York, last month.

>These sputtering sales are not just confined to new condos. 

>There were 283 single-family home sales in the region, down 16 per cent from last September and 61 per cent below the 10-year average.

>[…]

>BILD, along with other industry groups, has been calling for a tax break on new homes from the federal and provincial governments, as well as reductions on development charges — fees developers pay for infrastructure.

>Given the cost of land, labour and materials, “the only levers that you have left are government taxes and development charges,” Sherwood said.

>Sherwood added that the province’s [Bill 60 “Fighting Delays, Building Faster Act”](https://archive.fo/o/cwVsV/https://www.ola.org/en/legislative-business/bills/parliament-44/session-1/bill-60/status) contains some proposed changes on development charges. 

>There aren’t a lot of details yet. But a[ technical briefing document on the bill](https://archive.fo/o/cwVsV/https://news.ontario.ca/assets/files/20251023/56f8ae306aaed7abc089126aecdeaffa.pdf) mentions wanting to “standardize and streamline” development charges, including: ensuring land costs don’t inflate them; reducing disputes between municipalities and builders over who should pay for infrastructure for new housing; and improving accountability and transparency on development charge reporting. 

>“We really need to see the government move or expedite the development of those regulations, because that will take time to work its way through the system,” Sherwood said. 

!ping Can-ON