GTHA Slowest Major Multi-Family Market Behind Calgary and Metro Vancouver

Multi-family Sales Tumble 67% in the First Half of 2025

TORONTO, July 22, 2025 /CNW/ -- Zonda Urban's Q2-2025 Greater Toronto and Hamilton Area (GTHA) report shows that the first half of 2025 saw sales of townhouses and condominium apartments fell 67 per cent year-over-year. Multi-family sales in the GTHA lagged their major market counterparts in Calgary (830) and Metro Vancouver (2,215) in Q2-2025.

"The dire reports on the state of the new condominium apartment market are accurate. The industry is at an inflection point; grappling with constructive ways to pull itself out of a now three-year downturn," says Pauline Lierman, Zonda Urban's vice president, market research.

Key highlights from the second quarter: 

• 1,817 units, including 952 new condominium apartments and 865 townhouses sold during the first half of the year, including 778 units in the second quarter, a 25% decline from Q1-2025
• New condominium apartment sales have dropped successively for the past three quarters, hitting a market low of 354 in Q2-2025, a decline of 78% from a year ago and a precipitous 96% drop from the market peak of Q2-2021, when 8,622 new condominium apartments sold
• Townhouse activity began to shake off the brunt of the tariff impact by late second quarter with launches returning to the market by late May. Although the 424 townhouses sales in Q2-2025 were down 45% year-over-year, this represented just a 4% decline from the first quarter.

"Is it a shift to rental? In select cases, yes, and we have tracked more than 7,100 units moved to rental tenure since September 2024. But that is not an option for everyone, nor does it address issues with multi-decade highs in deliveries and mounting unsold built inventory that reached 1,198 units in newer buildings in our Q2 survey," adds Lierman.

• Four new condominium apartment projects launched in Q2-2025 selling 18% of their 953 units at an average $992 /square foot (average $681,829 for 701 square feet)
• Thirteen new townhouse projects launched in the second quarter, with 53% of 374 released units sold at an average end price of $867,305 ($580 /square foot for 1,742 square feet)

"More sites are willing to address the fundamental issue of price with 52 apartment and townhouse developments reducing their asking prices since the start of 2025. Our team is seeing some limited response to this so far, especially where parking is also included in the purchase price," says Lierman.

Deliveries of new condominium apartments soared during the first half of 2025 with 15,060 units beginning occupancy; however, the long-term outlook is a freefall in supply beyond 2026.

• 31,257 units are expected to begin occupancy by the end of 2025, yet, estimated occupancies are expected to fall to 20,506 units in 50 projects in 2028. Just 13 of these sites are under construction with remaining pre-construction sites at 47% sold.
• In 2029, expected occupancies fall to 4,599 units, none of which are under construction.
• Zonda Urban tracked 1,489 new condominium apartment starts (revised) during Q2-2025 and 7,126 units reaching completion.

The full Q2-2025 Zonda Urban GTHA multi-family take will be released soon.

Visit ZondaUrban.com or follow us on LinkedIn for more information.

About Zonda
Zonda provides data-driven housing market solutions to the homebuilding industry. From builders to building product manufacturers, mortgage clients, and multifamily executives, we work hand-in-hand with our customers to streamline access to housing data to empower smarter decisions. As a leading brand in residential construction, our mission is to advance the home building industry, because we believe better homes mean better lives and stronger communities. Together, we are building the future of housing.

Media Contact: Diane Begin
[email protected] | [phone]

SOURCE Zonda