The Greater Toronto and Hamilton Area condo market hit its weakest quarter in over 30 years, with new sales down 62% year-over-year to 533 units in Q1 2025. High interest rates, oversupply, and trade tensions contribute to the decline. Prices dropped 7% to $1,151 psf, while unsold inventory rose 6% to 23,918 units, equating to 78 months of supply. New construction starts fell 79%, and many projects were shelved or converted to rentals.
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