Toronto’s once-hot condo market has cratered. Developers are putting their ambitious projects on ice, leaving sites in limbo from Etobicoke to Eglinton West to downtown.
In just the third quarter of this year (July through September), 10 projects expected to create 2,499 condo units were cancelled, according to condo market analyst Urbanation. That brings the total number of condo developments cancelled in 2025 to 18 projects and 4,040 units, which is a record.
“The condo market has clearly become depressed as it undergoes a difficult correction following excessive growth that emerged during the COVID-19 pandemic,” said Urbanation president Shaun Hildebrand in a press release.
Another report from CivicAction found that in the second quarter of 2025 (April to June), there were four times more stalled housing projects than projects under active construction. More than 1.2 million rental and condo units slated for construction in the Greater Toronto and Hamilton area (GTHA) are in buildings that haven’t seen any progress.
But isn’t there a housing crisis?
Renters and prospective buyers have been saying for years that there’s a lack of reasonably priced, high-quality homes. And politicians like Premier Doug Ford holler that high prices are caused by a lack of supply.
The reality is that a lack of supply doesn’t seem to be the problem. CivicAction’s report found that only half of new rental units in the GTHA are occupied. The number suggests that plenty of newly built rentals exist — but people can’t afford to live in them.
As for condos, experts say the market has become dictated by investors instead of residents who actually want to live in their units. In 2022, Statistics Canada found that investors owned 65 per cent of smaller Toronto condos built after 2016.
So, yes, the free market has produced housing. Well, housing units, anyway. There are rentals that are too expensive and condos that are so small that only investors want to buy them.
Until investors can make money again just from buying and holding empty condo units, projects are going to be in limbo.
Here’s a look at what’s left standing in the meantime.
Cloverdale Mall
Address: 2–10 The East Mall Cr., Etobicoke
Who owns it: QuadReal Property Group, an investment firm with $94 billion in assets that is owned by the British Columbia Investment Management Corporation, which manages pensions for B.C. public-service employees
Was going to be: A $6-billion redevelopment to turn the Cloverdale Mall at Dundas and Highway 427 into two adjoining condo buildings, one a 33-storey tower and the other a nine-storey building, with 600 condos in total
What’s there instead: The same mall that’s been standing for decades
Moss Park Consumption and Treatment Service
Address: 120–134 Sherbourne St., Moss Park
Who owns it: Dash Developments, a private luxury developer that has built an “upscale boutique” building in Yorkville and has other projects in development
Was going to be: A 34- to 37-storey condo building with 450 units plus retail space
What’s there instead: Moss Park Consumption and Treatment Service, the city’s original safe consumption site, where more than 3,000 potentially fatal overdoses have been reversed
A half-finished construction site
Address: 248 and 260 High Park Avenue, The Junction
Who owns it: Developers TRAC Developments and Medallion Capital Group have sold this site to a numbered company, 1001136742 Ontario Inc., which may have other plans for the site because it’s not retaining the condo buyers’ agreements
Was going to be: 70 condo units built on the site of a converted church
What’s there instead: An unfinished construction site. After months of no activity, construction workers were seen on site in November.
This article appeared in the 2025 Dec – 2026 Jan issue.
