Verified October 22, 2026 against Urbanation’s Q3-2026 Condominium Market Survey release (October 19, 2026).
Short answer: Investment groups bought 339 new condos in bulk deals across the Greater Toronto and Hamilton Area (GTHA) in the third quarter of 2026. That was 45% of the 760 new condos sold, according to condo research firm Urbanation. Sales doubled from a year earlier but were still 78% below the 10-year average for a third quarter. Bulk buyers paid an average of $763 per square foot, which Urbanation says was a 40% discount to the original prices in the same buildings.
The Q3 numbers
Urbanation released its Q3-2026 Condominium Market Survey on October 19, 2026. The figures cover new condo apartments across the GTHA, not just the City of Toronto.
| Measure | Q3 2026 | Change or context |
|---|---|---|
| New condo sales | 760 units | Double the year-ago level; second straight quarterly gain |
| Bulk sales to investment groups | 339 units | 45% of new condo sales |
| Sales in completed buildings | 648 units | Record; 85% of new condo sales |
| Pre-construction sales | 60 units | Down 61% from a year earlier; 12th straight quarter of annual declines |
| Sales vs 10-year Q3 average | 78% lower | Still very low by historical standards |
| Sales over the last two quarters | 1,531 units | Close to the 1,578 sold in all of 2025 |
Working from those figures: 339 of 760 is 44.6%, which rounds to the 45% Urbanation reports. If the last two quarters total 1,531 and Q3 was 760, then Q2 was 771 units (1,531 minus 760). Urbanation did not publish the exact year-ago figure in its release; “double” puts it at roughly 380.
What bulk buying means
A bulk sale is when one buyer, usually an investment group or a fund, buys a block of units from a builder in one deal. In this market the units are mostly in buildings that are finished or close to finished, where the builder still has unsold suites and is paying to carry them.
As CP24 reported it, Urbanation said bulk sales “continued to play a major role in the recovery.” The record 648 sales in completed buildings show where the activity is. Very few people are buying new condos from floor plans: only 60 pre-construction sales were recorded in the quarter across the whole region.
Urbanation also points to a rule in Ontario’s enhanced HST rebate. Units bought as rentals must be substantially completed by December 31, 2029, two years earlier than for owner-occupiers. Most high-rise projects take four to five years to build, so Urbanation says pre-construction investors are effectively shut out of that rebate. That pushes investor money toward finished units. For how the rebate works for a buyer, see our guide on whether a new-build price includes the HST rebate.
Prices and discounts
| Price measure | Per sq ft | Context |
|---|---|---|
| Asking price, completed unsold units | $1,157 | Down 4% from a year earlier; 20% below the Q2 2023 peak of $1,446 |
| Units sold in Q3, excluding bulk and luxury | $1,045 | What individual buyers paid on average |
| Bulk sales | $763 | 40% average discount to original prices in the same buildings |
What that looks like on a single unit, as an illustration only: for a 600 sq ft condo, $763 per sq ft is $457,800 and $1,045 per sq ft is $627,000, a gap of $169,200. Individual buyers and bulk buyers are not buying the same suites, so this is not a like-for-like comparison. It shows why investors buying dozens of units at once can negotiate prices an individual buyer usually cannot.
If $763 is a 40% discount, the original prices in those buildings averaged roughly $1,272 per sq ft ($763 divided by 0.6). Urbanation did not publish that figure; it is our arithmetic from its numbers.
The resale condo market
Resale condo prices across the GTHA averaged $724 per sq ft in Q3, down 5.7% from a year earlier, the smallest annual drop in six quarters. Resale sales fell 6% to 3,843 units and active listings fell 11% to 7,020. In the former City of Toronto, the average was $905 per sq ft, down 2.8%. Prices fell 7.9% in the rest of the 416 and 9.3% in the 905 regions.
Inventory and the supply pipeline
- Unsold finished units: 5,127, down 7% from a record 5,485 in Q2 (358 fewer). This is the first quarterly decline in four years, but the count is still 40% higher than a year ago and four times the 1,279 units of two years ago.
- Construction starts: 381 units in Q3, all in one project. Starts in the first nine months of 2026 total 2,696 units, 82% below the 10-year average for that period.
- Under construction: 35,920 units, down 38% from a year earlier and 66% below the 2023 peak of 104,796. That is the lowest level since early 2012. Of these, 7,685 are unsold.
- Completions: 2,578 units in Q3, the lowest quarter since Q4 2019.
| Year | Units |
|---|---|
| 2025 (actual) | 29,077 |
| 2026 (incl. 3,817 scheduled in Q4) | 20,868 |
| 2027 | 15,825 |
| 2028 | 12,065 |
| 2029 | 4,213 |
Urbanation president Shaun Hildebrand said “buyers will step in at the right price,” and warned that the supply pipeline is drying up, setting the market up for a significant shortage by the end of the decade.
What it means for buyers and owners
- If you are buying a new condo: finished buildings are where the deals are. Builders are cutting prices to move completed units, so ask what incentives are on offer and compare the price per square foot with resale units in the same area. Closing costs on a new unit are different from resale, so check our list of pre-construction closing costs and our guide to interim occupancy fees.
- If you live in a building with a bulk sale: a block of units owned by one investor usually means more rentals in the building. Ask the property manager or board how many units the investor holds, and check the status certificate if you plan to sell or buy in that building.
- If you own a resale condo: prices are still falling but more slowly, and Urbanation expects new supply to thin out sharply after 2027. That does not predict prices. It does mean fewer new units competing with yours in a few years.
- If you are a pre-construction buyer waiting to close: lower values can mean an appraisal gap at closing. Talk to your lender and lawyer early.
For earlier context, see our report on GTA new home sales in August 2026.
This article reports market data and is general information, not investment, legal or mortgage advice. Talk to a lawyer, lender or licensed professional before you buy or sell.
Thinking about a condo? We can compare new and resale prices per square foot in the building or area you are looking at. Start on our buy a home page, or ask for a free home evaluation if you own a condo and want to know where it stands.
Common questions
How many new condos did bulk buyers purchase in Q3 2026?
Investment groups bought 339 new condo units in bulk deals in the GTHA in the third quarter of 2026. That was 45% of the 760 new condos sold, according to Urbanation.
How much did bulk buyers pay?
Bulk sales averaged $763 per square foot, which Urbanation says was a 40% average discount to the original selling prices in the same buildings. Individual buyers paid an average of $1,045 per square foot, excluding bulk and luxury sales.
Are new condo sales recovering in Toronto?
Sales rose for a second straight quarter and doubled from a year earlier to 760 units, but they were still 78% below the 10-year average for a third quarter. Pre-construction sales fell to 60 units.
How many unsold new condos are there in the GTHA?
Urbanation counted 5,127 completed, unsold new condos in Q3 2026, down from a record 5,485 in Q2. Another 7,685 units under construction were unsold.
Why does Urbanation expect a shortage?
Construction starts are at historic lows and the number of units under construction has fallen to 35,920, the lowest since early 2012. Scheduled completions drop from 20,868 in 2026 to 4,213 in 2029.
Sources
- Urbanation, GTHA New Condo Sales Double from a Year Ago in Q3 (Q3-2026 Condominium Market Survey, October 19, 2026)
- CP24, Bulk new condo purchases boosting sales in GTHA (October 21, 2026)
- REMI Network, GTHA new condo sales double from a year ago (October 21, 2026)
- Connect CRE Canada, Nearly half of GTHA new condo sales are discounted bulk deals (October 20, 2026)
Featured photo: Toronto CityPlace in 2022 by Canmenwalker, Wikimedia Commons, CC BY 4.0. General photo of condo towers, not a building named in the report.
Local Toronto, HomeLife Landmark Realty Inc., Brokerage.