ºÃÉ«tv

Meanwhile, a total of 7,243 units in new condo projects were scrapped, more than doubling both the number of units cancelled the previous year and the previous record set in 2018.

“As the condo market enters the fifth year of its largest ever correction, the duration of this downturn should be a significant cause for concern as it relates to future supply," said Urbanation president Shaun Hildebrand in a news release.

"By the end of the decade, we know with certainty that there won’t be any new condo completions. What we don’t know is how far into the 2030s the supply crunch will last. If rental construction can’t fill the void, this raises serious questions around the impact on affordability."

The report said eight cancelled condo projects totalling 2,189 units were converted to purpose-built rentals in 2025, on top of 1,434 cancelled condo units that were switched to rentals in 2024.

But those conversions — along with a 24 per cent gain from 2024 in purpose-built rental starts — weren't enough to offset a decline in condo starts across the region.

The report said condo construction starts sank 63 per cent year-over-year in 2025 to 3,272 units, a multi-decade low, and developers launched only 10 new condo projects throughout last year.

The 1,425 units launched last year were 22 per cent sold, down from a 24 per cent sales rate for new launches in the previous year and a high of 81 per cent for new launches in 2021.

Condo starts have decreased 88 per cent over the past three years, bringing the total inventory under construction to a 10-year low.

Average selling prices within new launches fell to a five-year low of $1,123 per square foot, which was down eight per cent from 2024.

The report said resale condo units completed in the past three years averaged selling prices of $856 per square foot in the fourth quarter of 2025.

This report by ºÃÉ«tvwas first published Jan. 21, 2026.