In a stunning new report from Altus Group for BILD (Building Industry and Land Development Association), only 54 new condos were sold across all of Toronto in October.
Yes — 54 total sales across Canada’s largest city.
This is not a slow market.
This is a freeze.
📉 GTA New-Construction Sales Hit Record Lows — Again
The GTA’s October 2025 new-home sales numbers are worse than last year’s record-breaking low:
248 new condos sold across the entire GTA (down 2% YoY)
322 new single-family homes sold (down 41% YoY)
Only one new low-rise project launched across the region
Total new-home inventory: 21,241 units
A record 23.5 months of inventory based on 12-month absorption
Edward Jegg of Altus Group summarized it bluntly:
“October 2025 new home sales sank below last year’s record low… Some product is moving, but only under very specific conditions and price points.”
This means developers are increasingly unable to launch, pre-sell, or finance projects — because buyers have simply stepped away.
🏙 Toronto Proper Saw the Worst Numbers: Only 54 New Condos Sold
Across:
Old Toronto
North York
Scarborough
Etobicoke
East York
York
Only 54 new condominium units sold. Total.
To put that into context:
A single downtown project in 2019 could sell 54 units in one hour
Today, the entire city sold 54 units in 30 days
This is the deepest freeze in modern GTA condo history.
📈 Prices Aren’t Falling Enough to Bring Buyers Back
Despite the slowdown:
New condo benchmark price: $1,031,764 (up 2.5% YoY)
Single-family benchmark: $1,434,447 (down 7.4% YoY)
Developers are not slashing prices, because construction costs, financing costs, and development charges make deep discounts impossible without operating at a loss.
So buyers wait. Developers wait. Projects stall.
🚨 Industry Leaders Warn of a Coming “Shutdown”
Justin Sherwood of BILD issued the strongest warning yet:
“How many months of record-breaking lows must pass before we see governments take action?
We are on the verge of an industry-wide shutdown that threatens thousands of jobs and the housing supply pipeline for years to come.”
Sherwood criticized the federal government’s limited HST relief for first-time buyers, praising Premier Ford’s call to expand exemptions for all new-home purchasers.
Without broad cost reduction, the GTA’s construction engine — one of the region’s largest employers — is at risk of stalling out entirely.
🔥 What This Means for Homeowners Right Now (The Lendworth Angle)
This collapse in new sales has immediate consequences for existing homeowners:
1️⃣ Pre-construction buyers may struggle to close
As projects stall or get delayed:
Assignments increase
Buyers can’t secure financing
Appraisals come in lower
Lenders pull back
Private financing often becomes the ONLY option to close.
2️⃣ Developers may need fast capital to survive delays
Landowners and builders face:
Carrying costs
Extension fees
Balloon payments
Partner buyouts
Construction slowdowns
They’re turning to private lenders for bridge financing.
3️⃣ Homeowners in the resale market face downward pressure
Record inventory + stalled new launches = downward pressure on resale.
Owners tapping equity for:
Debt consolidation
Renovations
Arrears solutions
Emergency liquidity
…are increasingly relying on equity-based lenders like Lendworth.
4️⃣ Power-of-sale risk increases as renewals spike
The affordability crisis is pushing more homeowners into arrears — especially those renewing at much higher rates.
Private lenders become the safety valve.
🟦 Lendworth’s Take: The Market Is Resetting — Not Collapsing
When the “new build” segment freezes:
Investors reallocate into existing homes
Homeowners turn to equity solutions
Borrowers need faster, more flexible approvals
This is when responsible private lenders play their most critical role.
Lendworth’s approach:
Sub-60% conservative LTVs
Same-day approvals
Transparent underwriting
Risk-managed mortgage investment
Real people, not algorithms
The GTA doesn’t stop growing.
People still need liquidity.
Homeowners still need solutions.
The market is resetting — and Lendworth is positioned at the centre of that shift.