Toronto’s condo market is facing a tough year, with nine projects already cancelled and more expected to follow, according to real estate consulting firm Urbanation.
At the corner of High Park Avenue and Annette Street, a church-conversion condo development sits unfinished, a visible reminder of growing challenges in the sector. Construction on the 70-unit project began in 2019, but has stalled since 2023. The development went into receivership last year, leaving buyers like Phil Earnshaw, who placed a $280,000 deposit in 2018, waiting to recover their funds.
Urbanation’s latest report shows the trend is part of a wider slowdown. So far in 2025, nine Toronto condo projects have been cancelled, close to last year’s total of 11, which represented 2,581 units. Analysts say the combination of fewer buyers, higher construction costs, and tighter financing requirements has made many developments unviable.
The Canada Mortgage and Housing Corporation (CMHC) also reports that condo starts in Toronto “plummeted” in the first half of the year, contributing heavily to the city’s lowest housing-start numbers since 2009.
Developers typically need to sell about 70 per cent of units before securing financing, but Urbanation is tracking 16 projects that have sold less than 40 per cent more than a year after launch. Many investors who once fuelled pre-construction sales have stepped back, as rental income no longer offsets high borrowing costs.
While some buyers are disappointed to lose their future homes, others may find relief. Real estate lawyer Bob Aaron notes that those who signed contracts at peak pandemic prices might be spared steep losses. “For contracts signed during and after COVID, values have gone down,” he explains. “Buyers should be quite happy to get out of the deal.”
Market experts agree the current slowdown won’t last forever, but for now, Toronto’s condo market appears firmly in correction mode.
Toronto Condo Cancellations or Conversions in 2024–2025
1. Grand Central Mimico – 23 Buckingham St.
Planned beside the Mimico GO Station, this large transit-oriented project by Vandyk went into receivership in early 2024. The site remains abandoned, with no buyer found. Three other Vandyk projects in the same development are also in receivership.
2. Birchley Park Condos – 411 Victoria Park Ave.
Diamond Kilmer Developments cancelled its 665-unit project this spring, citing “ongoing challenges” in the market. Deposits were returned with interest as the developer re-evaluates future plans.
3. The King’s Mill / Backyard Queensview – 15 Neighbourhood Ln.
Another Vandyk development was placed under receivership in January 2024. The Etobicoke site was sold in August, with pre-construction buyers refunded. Empire Communities has since taken over construction.
4. The View Beach Residences – 507 Kingston Rd.
This eight-storey, 30-unit building was cancelled after Condoman Developments faced financial difficulties. The site has been sold to another developer.
5. Randolph Theatre Project – 736 Bathurst St.
One Development’s 49-storey tower incorporating the Randolph Theatre was ordered into receivership in April after failing to secure a partner or buyer.
6. 3803 DSW – 3775–4005 Dundas St. W.
TAS Developments’ 13-storey mixed-use proposal went into receivership in March 2024 after financing fell through, with $17.5 million owed to creditors. The site is now for sale.
7. High Park Alhambra Church – 260 High Park Ave.
Work on this 70-unit church conversion halted in 2023. Ernst & Young was appointed receiver in May 2024, and the property has since been sold to a new developer.
8. 1079 Bathurst St.
Approved for a small three-storey condo, this site went into receivership in January 2024 and is now listed for sale under court supervision.
9. The Cliffton – 2450 Kingston Rd.
Beachco Real Estate Holdings pivoted from condo to rental, citing market changes. The 43-unit building will now feature large family-sized apartments, 20% of them affordable.
10. Centricity Condos – 241 Church St.
Graywood Developments cancelled this 53-storey downtown tower after weak sales and will now build market-rate rentals, slated for completion in 2028.
11. Quayside Development – Queens Quay E. & Parliament St.
Once planned as a mixed condo and “smart city” site, Quayside has fully transitioned to rental housing, including 550 affordable and 1,267 market units.
12. Daniels Keelesdale – 2175 Keele St.
Daniels Corporation converted unsold condo units in its 12-acre community into rentals temporarily until market conditions improve.
What This Means for Buyers and Investors
For those affected by Toronto’s growing wave of condo cancellations, the experience can feel frustrating and uncertain, especially after years of waiting or investing deposits into what was meant to be a future home. Whether you’re now reconsidering your options, exploring re-investment opportunities, or simply looking for clarity on next steps, you don’t have to navigate it alone.
Our team has helped many buyers and investors through complex market changes like this, offering guidance, local insight, and practical solutions tailored to your situation. If your pre-construction purchase has been cancelled or delayed, reach out to us anytime, we’re here to help you understand your options and move forward with confidence.
