Overview
- Developers sold 1,599 new units in 2025, down 60% from 2024 and marking a fourth straight annual decline.
- A record 28 projects were cancelled, scrapping 7,243 units and more than doubling the previous record.
- Condo starts tumbled 63% year over year to 3,272 units, while only 10 projects launched and just 22% of 1,425 launch units sold.
- Conversions to purpose-built rentals reached 2,189 units in 2025 after 1,434 in 2024, yet rental growth did not offset the shrinking condo pipeline.
- Pricing reset continued, with new-launch averages at $1,123 per sq. ft. (down 8% year over year) and recently completed resales averaging $856 per sq. ft. in Q4 2025.