New condo sales dropped to a record low for the month of September with just 53 units sold in Toronto last month, according to new data from the Building Industry and Land Development Association.

Citing data from Altus Group, BILD said just 155 condo units were sold across the GTA last month, down 44 per cent from September 2024 and 90 per cent below the 10-year average.

“New home sales across the GTA stumbled to another record low for the month of September,” Edward Jegg, research manager at Altus Group, said in a statement accompanying the report.

“In fact, new home sales are down year-to-date across all the markets tracked by Altus Group led by Toronto, Vancouver, Calgary, Hamilton, and Kitchener-Waterloo where sales have fallen by over half compared to last year.”

The report notes that across all segments, including condos and single-family homes, there were just 438 new home sales in the GTA last month, down 29 per cent from September and 80 per cent below the 10-year average.

Of the sales last month, 283 were single-family homes, down 16 per cent from the previous year and 61 per cent below the average over the last decade.

“The market downturn we are experiencing is historic and will have long-term consequences for housing affordability, the jobs that are provided by our sector, and the economic activity and revenue generated by the new residential construction sector across the country,” Justin Sherwood, chief operating officer of BILD, said in a written statement.

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