TORONTO- 15 JAN 2026 | LAURA HANRAHAN
After a record-high 2025, completions are expected to fall off a cliff over the next few years.
It was a banner year for condominium completions in 2025, with markets across the country experiencing record levels of new product coming online.
In the Greater Toronto Area alone, roughly 31,000 condo units were delivered throughout the year, according to Urbanation data. This followed the 25,000
units completed in 2024.
This was the endgame for many programs that got started right in the middle of that Covid fever pitch,” Jake Cohen, president at Daniels, told Green Street News.
Daniels was one of those active companies, delivering a sizable 2,877 units across eight projects in 2025.
But as market conditions began to shift a few years ago – construction prices climbed, interest rates jumped up and buyer demand tapered – developers
began to delay, or even cancel, condo projects, the ramifications of which will start to play out this year.
In the GTA, Urbanation estimates that condo completions will fall to roughly 18,000 in 2026, and are expected to plummet further in 2027.
With Canada’s condo market inextricably linked to multifamily performance, making up the bulk of the country’s rental apartment supply, the effects of limited new condo inventory will undoubtedly be felt by the commercial sector.
But the questions are “when” and “how much?”