Toronto New Condo Sales Hit Record Low as City and Community Groups Advance Housing Plans

New condominium sales in Toronto fell to a record low in September despite an HST boost, according to a report by the Toronto Star. Lower sale prices have also appeared in house transactions, with blogTO reporting that a Toronto house described as a time capsule sold for almost $1 million below its asking price. Despite the recent slowdown in local sales activity, a Desjardins report covered by both CityNews Toronto and the Toronto Star indicates that the Ontario housing market is set for a modest rebound in 2027.

National housing reports point to ongoing pricing and supply challenges across the country. NOW Toronto reported on findings from CMHC showing that Canada's housing prices outpace those of other countries. At the same time, Storeys reported that the number of approved-but-unstarted homes in Canada is climbing as housing starts slide. Policy and industry groups are also releasing frameworks aimed at addressing the market. UrbanToronto reported that CivicAction's playbook provides a path toward housing affordability, while another initiative covered by UrbanToronto, titled Canada Builds Modern, charts priorities for faster housing delivery.

Within Toronto, municipal officials, builders and community organizations are moving ahead with new housing designs and local projects. Construction Canada reported that the City of Toronto is offering free pre-approved multiplex designs, and separately noted that a new rental tower has broken ground in a transit-friendly Toronto neighbourhood. Non-profit and grassroots efforts are also active across the city. Toronto Life reported that the Toronto Chinatown Land Trust is purchasing its first property, while Rabble.ca examined what Dunn House can teach residents about moving from a parking lot to purpose-built housing. Additionally, Frequency News reported that a community art initiative called Claim Our Corner is showcasing the fight for affordable housing at Sherbourne and Dundas.