TORONTO & GTA MARKET UPDATE | OCTOBER 26, 2026
Toronto’s Condo Market Is Seeing More Sales — But There’s a Catch
A new report shows improvement in new condominium sales, but much of the activity is coming from large investment groups buying multiple units at discounted prices.
The Toronto condominium market has been getting plenty of attention lately, and a report released by Urbanation on October 19 provides some interesting insight into what’s actually happening.
New condominium sales across the Greater Toronto and Hamilton Area doubled compared with the same quarter last year. That sounds encouraging, but the numbers deserve a closer look before we start calling it a recovery.
THE CONDO MARKET AT A GLANCE
Source: Urbanation Q3 2026 Condominium Market Survey. GTHA new condominium market.
Who Is Buying Toronto’s New Condos?
One of the most surprising findings is that investment groups accounted for 339 of the 760 new condo sales in the third quarter, or approximately 45%.
These are bulk purchases involving groups acquiring multiple units, rather than individual buyers purchasing a condominium for themselves.
New Condo Sales by Buyer Type
Greater Toronto and Hamilton Area, Q3 2026
45% — Bulk purchases by investment groups (339 units)
55% — All other purchases (421 units)
Urbanation reports that these bulk transactions averaged $763 per square foot, approximately 40% below the original selling prices of units in the same buildings.
That’s a significant discount, but it’s important to understand what we’re comparing. These are negotiated bulk transactions, not typical individual resale purchases. It would be misleading to suggest that every Toronto condominium is suddenly available at a 40% discount.
What About Regular Condo Owners?
The report also looks at resale condominium activity. Across the GTHA, resale condo prices averaged $724 per square foot in the third quarter, down 5.7% from a year earlier.
However, location made a considerable difference. In the former City of Toronto, average resale prices declined 2.8%, compared with larger declines in the outer 416 and 905 areas.
For anyone who owns a downtown condominium, this is another reminder that the broader market doesn’t always reflect what’s happening with an individual property.
What Happens Next?
Although the number of completed and unsold new condos declined slightly in the third quarter, more than 5,000 units remain available.
Meanwhile, pre-construction sales fell 61% compared with the same period last year, with only 60 units sold. That is an indication of just how quiet the market remains for proposed developments.
We have an interesting combination: a substantial amount of available inventory today, but far fewer new developments moving forward. That could affect the supply of condominiums several years down the road, although future prices will still depend on demand, financing costs and economic conditions.
Jarrett’s Perspective
I’ve spent much of my real estate career working with Toronto condominium buyers and sellers, and I find these latest numbers particularly interesting.
If you only read the headline that new condo sales doubled, you might assume the market has turned a corner. But when almost half of those purchases involve investment groups buying multiple units at substantial discounts, that’s a very different story.
I think there are opportunities in today’s market, particularly for buyers who are financially prepared and planning to own their property for a number of years. However, I wouldn’t recommend making a purchase simply because something appears discounted.
For sellers, accurate pricing is more important than ever. What matters is how your condominium compares with the properties buyers can actually purchase today. Every building, floor plan, view and location can tell a different story.
Source: Urbanation — Q3 2026 Condominium Market Survey, October 19, 2026
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Subscribe to Jarrett’s Real Estate UpdateJarrett Hunter | Realtor® | RE/MAX Your Community Realty
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