Urbanation Inc. recently released its Q1 2024 Condominium Market Survey results which found the Greater Toronto and Hamilton Area new condominium market reported 1,461 sales in Q1 2024, the lowest quarterly total since the global financial crisis in Q1 2009 .
It states sales were down 71 per cent when compared to the latest 10-year average for Q1 periods , dropping 85 per cent from the Q1 high in 2022 . As of Q1 2024, the City of Toronto had unsold new condo inventory equal to 30.6 months of supply. In the 905 region, supply was equal to 16.8 months.
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