Toronto broke ground on just 156 condos in the first half of 2026. The decade average is about 7,000 a year. From the founders: Toronto has almost stopped building condos Condos took the biggest hit of any home type across the Toronto area in September. The average condo sold for 7.7% less than a year earlier, and 8,226 were still for sale at the end of the month, according to Toronto's real estate board. Behind all those listings, almost nothing new is being built. Developers broke ground on just 156 condos in the City of Toronto in the first half of 2026, the Canada Mortgage and Housing Corporation found. The yearly average over the past decade is about 7,000. If you're shopping for a condo, that means plenty of choice right now and very little coming behind it. Use it: compare more units, and read each building's status certificate before you commit. It shows the fees, the reserve fund and any special assessment coming, things you can't see when you buy a condo that hasn't been built yet. Joel Fox COO The library: new explainers on the Ownright blog Three new explainers on the Ownright blog. Read whichever one matches where you are in your move. Vendor take-back mortgage in Ontario: how it works. The seller lends you part of the price and registers a charge on title, usually behind the bank. You own the home from closing day, and land transfer tax still applies to the full price. Extending a closing date in Ontario: how it works. Both sides have to sign an amendment, so neither party can move the date alone. Check your mortgage rate hold, which typically runs 90 to 120 days. Gifted down payments in Ontario: the gift letter. Your lender will not release the mortgage without a signed gift letter, and it generally has to come from a parent, grandparent, sibling or spouse. Expect to show about 90 days of bank statements. Hot off the press: tariffs and the housing market Tariffs ran the news cycle this month, so that is what we wrote about. RENX: A month of tariff news, and what it means for the housing market. No single tariff headline moves the market, but a year of them has kept buyers on the sidelines, and new builds and renovations are likely to feel the higher material costs first. Market snapshot: fewer homes for sale, and a weak jobs month cooled the case for a rate increase Toronto's real estate board: fewer homes came up for sale in September Across the Greater Toronto Area, 5,040 homes sold in September, down 9% on last year, while new listings fell 14.4% to 16,500. The benchmark price, which tracks a typical home rather than an average, fell 4.7% on last year, and the average price of $1,006,409 fell 5.1%. Statistics Canada: a second straight month of job losses Employment fell by 68,000 in September and the unemployment rate rose to 6.5%, a second month of losses after August's drop of 42,000. The share of people working or looking for work slipped to 64.8%, its lowest outside the pandemic in 29 years. Our take: Last issue we said the market was loosening, because more homes were coming up for sale nationally while sales held flat. The Greater Toronto Area went the other way in September, with new listings down 14.4% against a 9% fall in sales. The bigger shift landed on October 9, when a second month of job losses cut the odds of a Bank of Canada rate increase on October 28 to roughly one in four, from about half in late September. Client spotlight: in their words Ownright made our property closing completely seamless. Their digital platform is excellent—we were able to track our milestones and sign everything remotely without any delays. The team was professional, extremely quick to reply, and provided clear guidance every step of the way. Love the transparent flat-rate pricing too! Will absolutely use them again. C Cristina Buyer · Google review · October 2026 The Ownright advantage Buying or selling this year? Get a clear, fixed-fee quote for your closing in minutes. Get a quote About Us Contact Us Privacy Policy Ownright Inc. 545 King Street West, Toronto, ON M5V 1M1 You're receiving this because you subscribed to Realty Check. Unsubscribe