{"id":229289,"date":"2025-10-29T12:35:09","date_gmt":"2025-10-29T16:35:09","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=229289"},"modified":"2025-10-29T13:38:25","modified_gmt":"2025-10-29T17:38:25","slug":"developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low","title":{"rendered":"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low"},"content":{"rendered":"<h4 id='pressboard-ad-sponsorship-tag' style='margin-bottom: 35px;'><\/h4>\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg\" rel=\"lightbox[229289]\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg\" alt=\"Toronto skyline - Best Toronto neighbourhoods\" class=\"wp-image-229052\" style=\"width:840px;height:auto\"\/><\/a><\/figure>\n\n\n\n<p>Is this the bottom of the <a href=\"https:\/\/www.livabl.com\/toronto-on-metro\/new-homes\">Greater Toronto <\/a>and<a href=\"https:\/\/www.livabl.com\/hamilton-on-metro\/new-homes\"> Hamilton\u2019s <\/a>(GTHA) housing market? No one wants to admit it, but the numbers reveal the stark reality of a generational low.<\/p>\n\n\n\n<p>New homebuyers in the Greater Toronto and Hamilton Area (GTHA) are facing a market that has slowed to its weakest point in more than 30 years. According to Zonda Urban\u2019s Q3-2025 report, sales of townhouses and condominium apartments plunged to their lowest level since the early 1990s. Only 633 sales occurred during the third quarter, including 360 townhouses and 273 condominium apartments, a wide contrast to the pandemic-era high of 6,605 apartment sales in Q3-2021.<\/p>\n\n\n\n<p>\u201cOut of all the major Canadian markets, the GTHA continues to fall behind its western counterparts with stronger sales in <a href=\"https:\/\/www.livabl.com\/calgary-ab\/new-homes\">Calgary<\/a> (663 sales) and <a href=\"https:\/\/www.livabl.com\/vancouver-bc\/new-homes\">Vancouver<\/a> (1,202 sales). Even the smaller <a href=\"https:\/\/www.livabl.com\/ottawa-on\/new-homes\">Ottawa <\/a>market challenged the GTHA figures with 570 sales during the third quarter,\u201d said Pauline Lierman, Zonda Urban\u2019s vice president of market research.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Slowing Sales Signal a Changing Market<\/h2>\n\n\n\n<p>The report shows the region\u2019s 12-month trend in sales dropping to 4,199 units, almost evenly split between apartments (1,926) and townhouses (2,273). Year-to-date, the market has recorded 1,225 apartment and 1,217 townhouse sales.<\/p>\n\n\n\n<p>Third quarter sales were down 41 per cent for new condominium apartments and 49 per cent for townhouses compared to last year. Still, townhouse sales have outpaced condominium apartments in four of the past five quarters, reflecting a shift in buyer preference toward more space and value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Price Cuts and Cancellations Reflect Buyer Hesitation<\/h2>\n\n\n\n<p>Developers launched nine new townhouse projects in the third quarter, mostly late in the season, selling 54 per cent of the 311 homes at an average price of $777,561. That marks a sharp drop from $1,222,535 a year ago, suggesting smaller and more affordable homes are finding traction.<\/p>\n\n\n\n<p>At the same time, eight condominium projects were cancelled in Q3-2025, totaling 1,824 units, a single-quarter record. Year-to-date, 3,173 apartment units have been cancelled, contributing to 6,898 cancellations since January 2024. That number surpasses the 6,365 cancelled during the 2017\u20132018 downturn.<\/p>\n\n\n\n<p>\u201cSummer is not unusual for market doldrums but Q3-2025 was a watershed period. Developers were willing to pull stalled projects and increasingly slash pricing with cuts now occurring at 20 per cent of active sites. Are we at market bottom? No one wants to be the first to put that marker down; however, we feel that the cycle of delivery has hit its peak and is expected to wane considerably through 2026,\u201d noted Lierman.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Looking Ahead: Fewer Starts, More Rentals<\/h2>\n\n\n\n<p>For the first time in over two decades, there were no condominium apartment construction starts in the GTHA during the quarter. Instead, builders shifted toward the construction of rentals, with 3,820 units getting underway.<\/p>\n\n\n\n<p>\u201cOur team does not expect a normal fall market to emerge. We are asking, \u2018In what ways does the market come back?\u2019 What we are seeing thus far is a tepid yet steady number of townhouse project openings and the re-emergence of boutique luxury apartment projects,\u201d said Lierman. \u201cThe latter represents premiere small unit buildings in the Yorkville and Lawrence Park neighbourhoods with large, highly customizable floorplans and price points around $2,000 per-square-foot.\u201d<\/p>\n\n\n\n<p>Four of this year\u2019s eight new condominium launches have been luxury developments averaging 58 suites each. Three launched in the third quarter, selling 20 per cent of released units at an average of $2,251 per square foot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Buyers Should Do Next<\/h2>\n\n\n\n<p>\u2022&nbsp; <strong>Be patient but watch closely.<\/strong> Falling prices and stalled projects suggest the market is still finding its footing, and buyers may benefit from waiting until pricing stabilizes.<\/p>\n\n\n\n<p>\u2022&nbsp; <strong>Explore townhouses.<\/strong> With average prices down sharply and smaller, more affordable homes slowly entering the market, townhomes offer first-time homebuyers a chance to get a foot in the door.<\/p>\n\n\n\n<p>\u2022 <strong>Consider completed or near-complete projects.<\/strong> These are less likely to face cancellation risks and may offer immediate occupancy at adjusted prices.<\/p>\n\n\n\n<p>\u2022 <strong>Watch the luxury niche.<\/strong> Boutique developments in Yorkville and Lawrence Park are setting a new tone for high-end offerings, though at premium prices.<\/p>\n\n\n\n<p>\u2022 \u00a0<strong>Evaluate long-term plans.<\/strong> With fewer condominium starts and more build-to-rent options available, the market\u2019s structure is changing. Buyers should make their decisions with lifestyle and investment goals in mind.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Bottom Line<\/h2>\n\n\n\n<p>The GTHA\u2019s new home market has hit a generational low, marked by cancelled projects, slower launches, and shifting priorities toward rentals and boutique luxury builds. While affordability has improved in some areas, the market still feels uncertain. It will take several more quarters to determine when it\u2019s the best time for buyers to strike.<\/p>\n<div id='pressboard-ad-sponsorship-msg'><\/div>","protected":false},"excerpt":{"rendered":"<p>The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low, marked by record cancellations, steep price cuts, and a shift toward rentals and boutique luxury projects. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.<\/p>\n","protected":false},"author":48,"featured_media":229052,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2025-10-29T16:35:12Z","apple_news_api_id":"10c233eb-c476-40d8-b35d-8a1c927087d6","apple_news_api_modified_at":"2025-10-29T16:35:12Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AEMIz68R2QNizXYocknCH1g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11132,11358,11163,11198,11359],"coauthors":[10278],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low | Livabl<\/title>\n<meta name=\"description\" content=\"The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low | Livabl\" \/>\n<meta property=\"og:description\" content=\"The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low\" \/>\n<meta property=\"og:site_name\" content=\"Livabl\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-29T16:35:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-29T17:38:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erin Nicks\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erin Nicks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low\",\"url\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low\",\"name\":\"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low | Livabl\",\"isPartOf\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg\",\"datePublished\":\"2025-10-29T16:35:09+00:00\",\"dateModified\":\"2025-10-29T17:38:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/0f24f0e894da889209092a46f427cccd\"},\"description\":\"The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#primaryimage\",\"url\":\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg\",\"contentUrl\":\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg\",\"width\":800,\"height\":533,\"caption\":\"Toronto neighbourhoods offer a wide variety of options and experiences. (Photo courtesy: Adobe Stock)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Articles\",\"item\":\"https:\/\/www.livabl.com\/articles\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News\",\"item\":\"https:\/\/www.livabl.com\/articles\/news\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.livabl.com\/articles\/#website\",\"url\":\"https:\/\/www.livabl.com\/articles\/\",\"name\":\"Livabl\",\"description\":\"Building New Home Dreams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.livabl.com\/articles\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/0f24f0e894da889209092a46f427cccd\",\"name\":\"Erin Nicks\",\"description\":\"Erin Nicks has been writing for 20 years and is the author of nearly 30 textbooks. She has written for outlets such as NHL.com, Yahoo!, and Red Line Editorial.\",\"url\":\"https:\/\/www.livabl.com\/articles\/author\/erinnicks\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low | Livabl","description":"The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low","og_locale":"en_US","og_type":"article","og_title":"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low | Livabl","og_description":"The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.","og_url":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low","og_site_name":"Livabl","article_published_time":"2025-10-29T16:35:09+00:00","article_modified_time":"2025-10-29T17:38:25+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg","type":"image\/jpeg"}],"author":"Erin Nicks","twitter_misc":{"Written by":"Erin Nicks","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low","url":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low","name":"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low | Livabl","isPartOf":{"@id":"https:\/\/www.livabl.com\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#primaryimage"},"image":{"@id":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#primaryimage"},"thumbnailUrl":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg","datePublished":"2025-10-29T16:35:09+00:00","dateModified":"2025-10-29T17:38:25+00:00","author":{"@id":"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/0f24f0e894da889209092a46f427cccd"},"description":"The Greater Toronto and Hamilton Area housing market has fallen to a 30-year low. Here\u2019s what today\u2019s slowdown means for tomorrow\u2019s homebuyers.","breadcrumb":{"@id":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#primaryimage","url":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg","contentUrl":"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2024\/09\/Toronto-skyline.jpg","width":800,"height":533,"caption":"Toronto neighbourhoods offer a wide variety of options and experiences. (Photo courtesy: Adobe Stock)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.livabl.com\/articles\/news\/developers-slash-prices-and-cancel-projects-as-gtha-new-home-sales-hit-30-year-low#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Articles","item":"https:\/\/www.livabl.com\/articles"},{"@type":"ListItem","position":2,"name":"News","item":"https:\/\/www.livabl.com\/articles\/news"},{"@type":"ListItem","position":3,"name":"Developers Slash Prices and Cancel Projects as GTHA New-Home Sales Hit 30-Year Low"}]},{"@type":"WebSite","@id":"https:\/\/www.livabl.com\/articles\/#website","url":"https:\/\/www.livabl.com\/articles\/","name":"Livabl","description":"Building New Home Dreams","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.livabl.com\/articles\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.livabl.com\/articles\/#\/schema\/person\/0f24f0e894da889209092a46f427cccd","name":"Erin Nicks","description":"Erin Nicks has been writing for 20 years and is the author of nearly 30 textbooks. She has written for outlets such as NHL.com, Yahoo!, and Red Line Editorial.","url":"https:\/\/www.livabl.com\/articles\/author\/erinnicks"}]}},"_links":{"self":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/posts\/229289"}],"collection":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/comments?post=229289"}],"version-history":[{"count":0,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/posts\/229289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/media\/229052"}],"wp:attachment":[{"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/media?parent=229289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/categories?post=229289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/tags?post=229289"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.livabl.com\/articles\/wp-json\/wp\/v2\/coauthors?post=229289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}