Headlines in late August 2025 shouted that Toronto condos had collapsed, pointing to “only 118 sales.” The figure is eye-catching—and also incomplete. It refers to new, pre-construction condos across the Greater Toronto Area (GTA), not the resale market within the actual City of Toronto. When you separate those two worlds and focus on geography correctly, the picture changes fast.
Where the headline came from
A widely shared article summarized an Altus Group report prepared for the Building Industry and Land Development Association (BILD). The report counted 300 new-home sales across the GTA in August: 182 single-family homes and 118 condos or stacked towns. It also noted benchmark prices: roughly $1.46M for new single-family and about $1.03M for new condos.
Those are new-build numbers. They do not include resale activity.
GTA vs City of Toronto isn’t a small detail
“Toronto” often gets used as shorthand for the entire GTA—a huge area stretching west toward Burlington, north toward Innisfil, and east through Durham. Market conditions vary widely across that map. Using GTA new-construction results to describe the City of Toronto’s resale condo market leads to confusion.
Why pre-construction slowed
Price is the simplest answer. In August, average resale condos transacted well under $700,000, while the benchmark for new condos hovered around $1.03M. On a 500 sq.ft. unit, downtown resale pricing around $900–$1,000 per sq.ft. puts you near $450,000–$500,000. Comparable new product at roughly $1,400–$1,500 per sq.ft. lands near $700,000–$750,000. That spread—often about 40%—is enough to stall many new-build purchases in the current rate environment.
What resale data shows
Urbanation’s resale reporting (prepared at a granular level for brokerages) paints a fuller picture. In August, Toronto Central alone recorded roughly 600 resale condo sales—about five times the “118” figure cited for all GTA new condos. Year over year, Toronto Central sales were up modestly and prices were only slightly lower, underscoring the relative resilience of the core.
Outside the core, performance varied. Parts of the west held up reasonably well with small price slippage, while segments of the east saw a larger pullback in sales and a mid-single-digit price decline. Across the 905 belt, both sales and prices fell more sharply, highlighting the ongoing 416 vs 905 divide.
What you actually buy with a condo: location
Condos are largely a location trade. In central neighborhoods, a typical condo around $700,000 sits in the same geography where a detached house can be $2.3M and a semi well north of $1.2M. For many buyers, the condo is the only practical way to secure that specific location, commute, and amenity set.
Layouts matter more than the sheen
An older five- to ten-year-old building can offer better floor plans than some of today’s micro-optimized layouts. If the goal is livability rather than just newness, a well-designed resale unit may offer stronger value without sacrificing modern finishes.
Are we still in a buyers’ market?
Months of supply remains elevated, so conditions favor buyers on paper. But listings that present well and are priced for September 2025—not for last year—are moving quickly. With one in seven properties selling, the strategy is straightforward: make it look great, make it feel great, and price it where the market is today. When those boxes are checked, showings and offers follow.
Bottom line
The “118 sales” headline is true for a narrow slice of the market—GTA pre-construction in August—but it isn’t the full story. Resale activity inside the City of Toronto, especially in the core, remains active and price-sensitive rather than frozen. For buyers, the current spread between resale and new offers real opportunities. For sellers, realistic pricing and strong presentation are the difference between lingering and sold.
Where the headline came from
A widely shared article summarized an Altus Group report prepared for the Building Industry and Land Development Association (BILD). The report counted 300 new-home sales across the GTA in August: 182 single-family homes and 118 condos or stacked towns. It also noted benchmark prices: roughly $1.46M for new single-family and about $1.03M for new condos.
Those are new-build numbers. They do not include resale activity.
GTA vs City of Toronto isn’t a small detail
“Toronto” often gets used as shorthand for the entire GTA—a huge area stretching west toward Burlington, north toward Innisfil, and east through Durham. Market conditions vary widely across that map. Using GTA new-construction results to describe the City of Toronto’s resale condo market leads to confusion.
Why pre-construction slowed
Price is the simplest answer. In August, average resale condos transacted well under $700,000, while the benchmark for new condos hovered around $1.03M. On a 500 sq.ft. unit, downtown resale pricing around $900–$1,000 per sq.ft. puts you near $450,000–$500,000. Comparable new product at roughly $1,400–$1,500 per sq.ft. lands near $700,000–$750,000. That spread—often about 40%—is enough to stall many new-build purchases in the current rate environment.
What resale data shows
Urbanation’s resale reporting (prepared at a granular level for brokerages) paints a fuller picture. In August, Toronto Central alone recorded roughly 600 resale condo sales—about five times the “118” figure cited for all GTA new condos. Year over year, Toronto Central sales were up modestly and prices were only slightly lower, underscoring the relative resilience of the core.
Outside the core, performance varied. Parts of the west held up reasonably well with small price slippage, while segments of the east saw a larger pullback in sales and a mid-single-digit price decline. Across the 905 belt, both sales and prices fell more sharply, highlighting the ongoing 416 vs 905 divide.
What you actually buy with a condo: location
Condos are largely a location trade. In central neighborhoods, a typical condo around $700,000 sits in the same geography where a detached house can be $2.3M and a semi well north of $1.2M. For many buyers, the condo is the only practical way to secure that specific location, commute, and amenity set.
Layouts matter more than the sheen
An older five- to ten-year-old building can offer better floor plans than some of today’s micro-optimized layouts. If the goal is livability rather than just newness, a well-designed resale unit may offer stronger value without sacrificing modern finishes.
Are we still in a buyers’ market?
Months of supply remains elevated, so conditions favor buyers on paper. But listings that present well and are priced for September 2025—not for last year—are moving quickly. With one in seven properties selling, the strategy is straightforward: make it look great, make it feel great, and price it where the market is today. When those boxes are checked, showings and offers follow.
Bottom line
The “118 sales” headline is true for a narrow slice of the market—GTA pre-construction in August—but it isn’t the full story. Resale activity inside the City of Toronto, especially in the core, remains active and price-sensitive rather than frozen. For buyers, the current spread between resale and new offers real opportunities. For sellers, realistic pricing and strong presentation are the difference between lingering and sold.
