As sale prices dive, inventory of unsold newly-built Toronto-area condos grows

Condominium developers in the Toronto-area have seen an explosion in the number of unsold units in recently completed buildings, driven largely by people who are defaulting on purchase contracts.

“Standing inventory, meaning unsold units in built and occupied buildings, is a growing concern,” said Pauline Lierman, vice-president of market research at real estate analysts Zonda Urban. According to her, among buildings that started selling in 2020 and after, there were 46 units of standing inventory in the fourth quarter of 2023, but in the same quarter in 2024 the number had ballooned to 364, a 691-per-cent increase.