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New condo sales in the Greater Toronto and Hamilton Area more than doubled in the third quarter, according to Urbanation's latest survey, released October 21. But the buyers weren't returning to pre-construction. Nearly half the sales were bulk purchases by investment groups, and most were in completed buildings. Here's what the numbers show, and what they can and can't tell you about a SkyTower purchase.
760 GTHA new condo sales in Q3 2026, more than double Q3 2025 | 45% Share of sales from bulk purchases (339 units) |
85% Share of sales in completed buildings (648 units, a record) | 60 Pre-construction sales in Q3, the 12th straight annual decline |
Q3 2026 at a Glance (GTHA New Condos)
| Measure | Q3 2026 |
|---|---|
| New condo sales | 760 units, more than double the 319 sold in Q3 2025 |
| Versus the 10-year Q3 average | 78% below |
| Bulk purchases by investment groups | 339 units, 45% of sales |
| Sales in completed buildings | 648 units, a record and 85% of sales |
| Pre-construction sales | 60 units, the 12th straight quarter of annual declines |
Urbanation credited HST relief and bulk sales for the rebound. It also said construction starts remain at historic lows and expects a significant shortage of new supply by the end of the decade. Canadian Mortgage Professional, reporting on the same survey, put Q3 starts at 381 units and units under construction at 35,920, the lowest since early 2012.
What Stands Out
- The doubling comes from a very low base. Sales are still 78% below the 10-year average for a third quarter.
- Investors drove it. Bulk buyers took 45% of sales. Canadian Mortgage Professional reported they bought at about 40% below original selling prices in the same buildings, and John Pasalis of Move Smartly Realty told CP24 that builders have to cut prices considerably to sell completed inventory.
- Pre-construction is still weak. Just 60 sales in the quarter shows few individual buyers are committing to buildings that aren't finished.
- Supply is thinning. Low starts mean fewer new suites arriving in the next few years. That's an Urbanation forecast, not a guarantee of how any one building will perform.
Where SkyTower Fits
SkyTower isn't the typical deal in these numbers. Public reports describe a 106-storey Pinnacle International tower with 958 condominium suites that topped out in March 2026, with first occupancy planned for fall 2026, starting with floors up to the 56th. The developer called the project "well-sold" in July, and Propmodo reported that a final block of upper-floor suites was being released, with no incentives offered at that time. Check what is available and what is offered now, because that can change.
The bulk discounts in Urbanation's survey relate to unsold, completed buildings across the region. You can't assume the same terms apply to SkyTower. What the survey does show is that buyers have more room to negotiate in parts of the new-condo market, so it pays to compare.
Questions to Ask Before You Buy
- What is available today, and at what price? Ask for the current price list for your floor and collection, and whether anything has changed since you first looked.
- Are there incentives, and what do they include? See what's included across the four collections.
- What is the occupancy date for my floor? Occupancy is phased, so confirm the date for your suite.
- How does the price per square foot compare? Compare against resale suites and completed new suites downtown, not just other pre-construction projects.
- What will I pay before closing? Review interim occupancy fees and the deposit structure.
- Do I need flexibility? Read how assignment sales work before you sign.
- Is this an investment? Work through the rental yield breakdown with current rents, and see our buying versus renting framework.
Browse the Collections
Compare floor plans for the Signature (floors 14 to 82), Landmark (83 to 88), Vista (89 to 99) and SkyVilla (100 to 104) collections. For a full list of what's confirmed about the project, read SkyTower at 1 Yonge: What's Confirmed.
Sources: CP24, bulk new condo purchases boosting sales in the GTHA (October 21, 2026), Canadian Mortgage Professional, condo sales double in the GTHA (October 21, 2026), Urbanation, Q3 2025 results and Propmodo, Canada's first 106-storey residential tower prepares for occupancy this fall.
Considering SkyTower? Register for the pricelist, submit your worksheet or call 647-259-8806 and we'll show you what's available and how it compares.
This article is for general information only and is not investment, financial or legal advice. Market figures are Urbanation's Q3 2026 results as reported by CP24 and Canadian Mortgage Professional. Project details reflect public reports and developer statements as of November 2026 and may change. Have a lawyer review any agreement of purchase and sale.