Greater Toronto real estate’s bad year ended even worse. Altus Group data showed Greater Toronto Area (GTA) developers saw demand slip further in December, as new home buyer incentives failed to stimulate new demand. As a result, the market accumulated the most year-end inventory in nearly a decade—nearly 2.5x the amount available in 2021’s tight market, but that isn’t the banger. Last year the market saw the fewest new home sales since 1990, when Toronto’s last real estate bubble popped.

Greater Toronto developers wrapped up the year with the worst sales in decades. Just 9,816 new homes sold in 2024, down 47.3% from the previous year and 69% below the 10-year average. Sales haven’t been this weak since 1990, a year which previously marked the start of an extended downturn for the region.