Condominiums in Toronto, Ont. Photo by Cole Burston/Bloomberg files

The Greater Toronto Hamilton Area (GTHA) is on track to have its worst year for new condo sales in three and a half decades, with building projects being cancelled at a rate not seen since 1990, according to a recent survey by real estate consulting firm Urbanation .

The survey said condo unit sales in the GTHA were down 54 per cent from a year ago and have fallen 92 per cent below the 10-year average for third-quarter periods.

It also said that 18 projects, totalling 4040 condo units, have been cancelled so far this year, surpassing the record number of cancellations reported in 2018. In the third quarter of 2025 alone, 10 projects were cancelled, amounting to 2,499 units.

Additionally, 20 projects (4,187 units) a

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