The latest report shedding light on the situation comes from real estate consulting firm Urbanation, which says that the GTA has hit a record high for newly-completed condo units on the market. Even worse, sales activity has meanwhile hit an appalling low point, coming in at 91 per cent below the 10-year average in Q2 2025, which is usually the strongest quarter of the year for the industry. "The market has entered a phase of the downturn that is really starting to wreak havoc. Project cancellations are mounting, construction starts are collapsing, jobs are being lost, buyers are losing a lot of money, and developers are facing difficulties with closings," he stated. "While a reduction to deliveries next year should help to alleviate some pressure, the near-term will remain very challenging."