Toronto new condo sales rose year-over-year in June, yet remain 85% below the 10-year average
The Greater Toronto Area's condominium market posted a modest year-over-year improvement in June 2026, but the numbers tell a story of a sector still searching for its footing even as Ontario's expanded Harmonized Sales Tax (HST) rebate reshapes demand elsewhere in the new home market.
According to data released by the Building Industry and Land Development Association (BILD) and compiled by Altus Group, 273 condominium apartment units — encompassing low-, mid-, and high-rise buildings as well as stacked townhouses — changed hands in June.
While that represents a modest gain from June 2025's historic low, condo sales remain 85% below the 10-year average of approximately 1,792 units for the month.
"The condominium sector has started to show some small gains but continued to be hampered by inventory that has shown less flexibility for pricing changes," said Edward Jegg, research manager at Altus Group.
Total new home sales across the GTA reached 1,175 units in June 2026. That's roughly double last June's record low, according to the BILD report, though still 52% below the 10-year average of 2,456 units.
Single-family homes — detached, linked, semi-detached, and non-stacked townhouses — accounted for 902 of those sales, a result that came in 36% above their 10-year average.
The benchmark price for new single-family homes stood at $1,275,458 in June, down 15.5% year-over-year, according to Altus Group.
For mortgage brokers active in the pre-construction space, the condo picture is more complicated.
Micky Khaneka of MKG Mortgages in Toronto, who spoke to Canadian Mortgage Professional about the HST rebate's effect on buyer sentiment, previously noted that the removal of HST on new builds had attracted renewed buyer attention, but that the condo segment's recovery hinges on how flexibly developers can adjust pricing.
"If sales are higher and the prices are going down, that just shows that there is renewed interest and people are willing to purchase at more attractive offers and prices," he said.
New condominium apartment sales in the Greater Toronto Hamilton Area (GTHA) rose 52% year-over-year to 702 units in Q2-2026 — the first annual gain since Q3-2023, according to Urbanation Inc.'s Q2-2026 Condominium Market Survey.https://t.co/3FfnJ6Jz7Q
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 21, 2026
What's holding the condo market back
The benchmark price for new condominium apartments in the GTA held at $1,038,604 in June, an apparent price floor, according to BILD.
Total remaining new home inventory edged up to 18,888 units, of which 12,579 were condominium apartments.
That figure represents 36 months of supply based on the 12-month average sales pace, a level that continues to weigh on developer pricing flexibility.
Leah Zlatkin, licensed mortgage broker and expert at LowestRates.ca, has flagged the appraisal gap at closing as a concern that persists even with tax savings on the table.
The rebate reduces a buyer's tax burden; it does not affect the lender's independent property valuation, a gap that remains a live issue for pre-construction condo purchasers in today's market.
Justin Sherwood, chief operating officer at BILD, acknowledged the condo sector's lag while expressing optimism about the trajectory.
"The condominium market continues to lag behind single-family home sales, and while sales for this category appear to have come off the bottom, an adjustment to the HST rules around construction start and completion dates would allow condominiums to better participate in the HST rebate program," Sherwood said.
June 2026 GTA New Home Market Results
Greater Toronto Area — Data as of June 2026
| Home type | June 2026 sales | Year-to-date sales | Remaining inventory | Benchmark price |
|---|---|---|---|---|
| Single family | 90236% above 10-yr avg | 4,000 | 6,309 | $1,275,458↓ 15.5% year-over-year |
| Condominium apartment | 27385% below 10-yr avg | 1,409 | 12,579 | $1,038,604Steady from prior year |
| Total | 1,17552% below 10-yr avg | 5,409 | 18,888 | — |
Source: BILD / Altus Group, June 2026. Single-family includes detached, linked, semi-detached homes, and townhouses (excluding stacked townhouses). Condominium apartment includes low-, mid-, and high-rise units and stacked townhouses. Benchmark prices are gross figures and do not reflect HST rebate savings. 10-year average for total June sales: 2,456 units.
What the rebate still can't fix
The HST rebate — which removes 13% in combined provincial and federal tax for eligible buyers of new homes up to $1 million under purchase agreements signed between April 1 and March 31, 2027 — has driven outsized gains in the low-rise segment. But the condo market's structural constraints remain.
Mortgage brokers tracking the pre-construction landscape have pointed to elevated lender downpayment requirements, cautious investor sentiment, and negative equity concerns as factors keeping buyers on the sidelines.
Sherwood pointed to the broader conditions as historically favourable for new home buyers.
Prices have declined more than 15% over the past year, inventory is elevated, and HST implementation details are now finalized with legislation passed.
For condominiums, however, the window of opportunity remains narrower, and the sector's recovery, for now, is measured in small steps rather than strides.
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