New condo sales across the Greater Toronto and Hamilton Area doubled from a year ago in the third quarter. That sounds like a recovery, but the details tell a more specific story. Here's what Urbanation's Q3 survey shows and what it means if you're buying, selling or investing in a condo.
760 new condo sales in Q3, double a year ago | 45% of sales were bulk purchases by investment groups |
5,127 completed and unsold units, down 7% from Q2 | $763 per sq. ft. average bulk sale price, about 40% below original prices |
Q3 2026 at a Glance
Urbanation reported 760 new condo apartment sales in the third quarter, double last year's level and the second straight quarter of growth. That's still 78% below the 10-year average for the third quarter.
| Measure | Q3 2026 |
|---|---|
| New condo sales | 760 units (about double a year ago) |
| Bulk purchases by investment groups | 339 units (45% of sales) |
| Sales in completed buildings | 648 units (85% of sales, a record share) |
| Pre-construction sales | 60 units (down 61%; 12th straight annual decline) |
| Other sales (balance of the 760) | 52 units |
| Average asking price, completed and unsold units | $1,157 per sq. ft. (down 4% year over year) |
| Average bulk sale price | $763 per sq. ft. (about 40% below original prices in the same buildings) |
| Completed and unsold inventory | 5,127 units (down 7% from Q2) |
What's Behind the Numbers
- Bulk deals are driving the headline. Nearly half of Q3 sales were investment groups buying several units at once, at deep discounts.
- Almost all activity is in finished buildings. Buyers are choosing completed units over pre-construction projects, where sales continue to fall.
- Inventory eased, but it is still high. The 5,127 completed and unsold units are the first quarterly decline in four years, but still about 40% higher than a year ago.
Urbanation's Shaun Hildebrand said, "Two straight quarters of higher sales show that buyers will step in at the right price." Urbanation also expects "a significant shortage by the end of the decade," as construction starts remain at historic lows, according to CP24.
What This Means for Buyers
- Pricing power sits with buyers in completed buildings, especially for units builders still need to sell. Ask what the builder is offering and compare it with resale units in the same building.
- Check whether the HST rebate applies. Eligible new-home buyers can qualify for rebates of up to $130,000 combined, depending on the buyer and the home price, if their agreement is signed between April 1, 2026 and March 31, 2027. See our HST rebate guide and our October market report.
- Do the building homework. Read the status certificate before you commit. Here's how to read a condo status certificate.
What This Means for Sellers and Owners
If you own a resale condo, you may be competing with builder inventory in your own building. Realistic pricing and good presentation matter more than they did when inventory was tighter. The long-term picture, with fewer new projects launching, may change the balance in future years. That's a longer-term view and not a guarantee for any one building.
Where to Look
Browse Toronto homes for sale, or see how downtown buildings compare in our waterfront guide to 1 Yonge Street.
Sources: Urbanation Q3 2026 survey via REMI Network and CP24.
Thinking of buying or selling a condo in the GTA? Contact our team for a look at your building and your numbers.
This article is for general information only and is not financial or legal advice. Figures are from Urbanation's Q3 2026 survey as reported in October 2026. Confirm rebate eligibility with your lawyer and the CRA.
