New Construction Condos in Toronto
Are you considering new construction condos in Toronto? Or are you just curious about what’s shaking in the new builds market? With shifting trends, increased inventory, and shifting demand, 2025 is setting the stage for savvy condo buyers. Here’s your in‑depth, neighbourhood guide to New Construction Condos in Toronto, including what’s available, market context, and whether now is the right time to build your dream at the top.
Why New Construction Condos in Toronto Deserve Attention
Following the housing boom, Toronto’s new condo market is experiencing what industry experts call the sharpest slowdown in 30 years. Sales have dropped dramatically:
- Only 533 new condo units sold in Q1 2025, the lowest since 1995
- Transaction volume plunged 62 percent compared to Q1 2024
- Average selling price in Q1 fell 7 percent year-over-year to $1,151 per sq ft
Developers are moving cautiously: pre-sales are down, and many projects are delayed or converted to rental to manage risk
What This Means for Buyers and Investors
Supply Outpaces Demand
New listings and unsold units are piling up:
- GTA active inventory nearly doubled from ~6,300 to 12,000 units in 2024
- In Q1 2025, 23,918 new condo units were on the market, enough for 78 months of inventory
That leaves more bargaining power for buyers. Developers are offering incentives like deposit schedules, rental guarantees, and cash-back deals, just to close sales
Price Concessions
The average asking price remains ~$1,339 psf, but sold prices are closer to $1,151 psf. That means serious downward movement is underway in final sales, which is great news for buyers.
Top Toronto Neighbourhoods for New Condos
While data applies to the GTA at large, here are some key Toronto neighbourhood hot spots to consider:
Liberty Village
- Recent Liberty Village condo projects are priced between $1,200–$1,500 psf, but deal hunters may find offers near $1,100 psf with incentives.
- High walkability, young demographics, and creative repurposed-buildings make it a perennial favourite for buyers and local residents alike.
King West
- Premium resale prices for King West hover around $1,000 psf, while new builds range $1,200 psf and up.
- Buyers looking early in a launch can still land ~$1,100 psf with developer perks.
Yonge & Eglinton / Midtown
- In-demand transit corridor with new mid‑rise and tall buildings.
- Expected asking prices range $1,100–$1,300 psf, with closing prices likely 5–15 percent under, especially on deeper floors or slower-selling phases.
Each of these Toronto neighbourhoods feature strong amenities, transit access, and resale value long-term.
Buyer Considerations: What to Watch
Timing and Deposit Risk
Many new builds are delayed or postponed indefinitely. The slow pre-sales mean projects may not begin on time, or worse, at all.
Incentives and Net Cost
A seemingly healthy $1,200 psf might really cost $1,050 psf after deep deposit incentives or cash-back offers, so make sure to always ask what’s included in the fine print.
Financing and Appraisal Risk
Banks appraise based on comparables. With prices still falling, appraisals may come in low, meaning you’ll need more cash or you may not be able close .
5 Smart Buying Tips for New Construction Condos in Toronto
- Track supply trends: Q1 inventory far exceeds demand—this means leverage for you.
- Ask about incentives: developer offers vary—get them in writing.
- Understand delays: build timelines may slip, so plan accordingly.
- Evaluate market value: know where comparable units are priced per square foot.
- Include soft costs: don’t forget closing fees, development charges, and extras like parking or locker space.
Is 2025 a Smart Year to Buy New?
The slowdown in new construction can make 2025 the best time to buy at launch, or at a nearly-finished building ready to offer move-in incentives. Prices appear to have peaked, and with the Bank of Canada (BoC) heading toward rate cuts, the overall market looks ripe for buyer action .
Comparison: New vs Resale Condos
| Feature | New Construction | Resale Condo |
|---|---|---|
| Price per sq ft | $1,100–$1,300 psf (post-incentive) | $950–$1,100 psf in key areas |
| Amenities | Brand new gyms, lounges, pet rooms | Depending on building age |
| Maintenance needs | Warranties, minimal upkeep | Variable (roofs, systems, updates) |
| Move‑in timing | Delays likely | Possible quick possession |
Some Added Thoughts
Toronto’s new construction condo market is offering an unusual mix in 2025: high supply, rising incentives, and buyer leverage. Buyers who stay sharp can score top-tier suites at or below historic pricing levels, provided you’re ready for the challenges of buying new.
Ready to Build Your Future?
If you are thinking about launching into new construction condos in Toronto, or exploring resale options, contact Sean Mayers Real Estate and get personalized help to compare launches and resale options. Let’s build your future instead of buying someone else’s.
