Condo Sales in GTHA Hit Record Low in 2024

GTHA Market Offers Affordable Condos Under $400K

A view of Toronto Condo's and Construction. Shutterstock

By Lester Bronzon Catarbas

The GTHA (Greater Toronto Hamilton Area) Condo Market has seen a record low in condominium apartment sales since 1996. According to the latest Condominium Market Survey Results released by Urbanation Inc., a leading source of information and analysis on condominium market in the GTA, only 4,590 new condominium units were sold in 2024 marking a 64% decrease from 2023 and a 78% decline compared to the 10-year average.

Data provided by Urbanation Inc. on GTHA Sales Photo Courtesy: Urbanation Inc.

 

The substantial drop in sales has led to a record-high of unsold inventory totaling 24,277 units by the end of 2024. The abundance of available units coupled with declining prices, has shifted market dynamics, creating favorable conditions for buyers. Developers are now offering incentives such as price reductions, upgraded features, and flexible financing options to attract purchasers.

 

More opportunities for young buyers

Shaun Hilderbrand, President of Urbanation, noted, "The new condo market just experienced its toughest year in three decades. [Investors] continue to deal with negative cash flow, difficulties arranging financing, and declining prices and rents."

In an article by realtor David Silverberg for his blog The Real Estate Insider, he says that with lower borrowing costs and an increase in the inventory of properties, more opportunities are being made for new and potential buyers. "With the right approach, first time buyers can capitalize on current conditions and secure a foothold in one of Canada's most competitive real estate markets," he said.

What's Available Under $400K?

In the website realtor.ca, Canada's most popular and trusted real estate website, several listings of condominium apartments under $400K are currently available.

Here are some standout deals for young buyers:

1. Boutique Condo at Adelaide St. W and University Ave.

  • Price: $249,000
  • Description: 1 bedroom luxurious south facing condo in the heart of entertainment district.
  • Perks: Close to subway stations, CN Tower, Rogers Centre. Air Canada Centre and Financial District

2. Fully Furnished Open Suite at King & Yonge

  • Price: $349,900
  • Description: Stunning, Fully-Furnished open concept suite in the prestigious One King St. West Hotel and Residence
  • Perks: Offers direct indoor access to the underground P.A.T.H and TTC King subway station, with a 10-minute walk to Union Station and the UP Express to Pearson Airport

3. Retirement condo at Lakeshore and Palace Pier

  • Price: $375,000
  • Size: 600-699 sqft.
  • Description: A retirement condo at Heartstone By the Bay
  • Perks: 1 bedroom unit that offers cozy space and luxury living for seniors that comes with a premium club service package which includes housekeeping, access to 24-hour nurse on duty, and a variety of activities and fitness classes

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