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More GTA Projects Are Getting Axed
Toronto's housing market faces significant turbulence: canceled projects, stalled builds, fraud cases, and falling prices signal a shifting real estate landscape.

Today, we’re covering
❌ Record 32 Condo Projects Canceled
🚧 Why 1.2M Homes Are Stuck in A Construction Backlog
💻 Mortgage Agents Caught Running Off-Book Deals
⏳ New Rentals Sitting Empty Longer Than Ever
📉 GTA Home Prices Expected to Fall 3% by 2026
😲 WTF of The Week
Read Time: 5 minutes
❌ Record 32 Condo Projects Canceled
Source: Toronto Star
The 411: Toronto and Hamilton are seeing record-high condo cancellations, with over 4,000 units scrapped in 2025 alone. Developers can’t sell at profitable prices, and construction has nearly ground to a halt. The slowdown could worsen supply down the line, possibly driving a future market rebound.
18 condo projects and 4,040 units have been canceled so far in 2025
Since 2024, 32 projects and nearly 7,000 units have been scrapped
20 more projects are on hold or in receivership and at high risk
New condo sales are set to hit a 35-year low in Toronto and Hamilton
Unsold completed units surged 142% to 2,944 units
Q3 saw just 614 units start construction, down 77% from last year
Why This Matters: Condo projects are dropping like flies in Toronto and Hamilton. With 4,000 units cancelled and more at risk, developers are slamming the brakes on construction. Rising costs and weak sales are crushing the new condo market — and future supply might take a major hit.

🚧 Why 1.2M Homes Are Stuck in A Construction Backlog
Source: Toronto Star
The 411: Toronto-Hamilton has 1.2M homes approved but remain unbuilt, as construction struggles under high costs, red tape, and labor shortages. Canada must double its housing output to meet demand over the next decade, but building starts are falling. The backlog is worsening the crisis, hurting affordability, growth, and job creation.
1.2 million approved homes in Toronto-Hamilton aren’t being built yet
For every home built, 12 are stuck waiting despite approvals
Canada needs to double housing output to 500,000 units/year by mid-2030s
Construction starts are declining, with only 237,800 expected this year
Top barriers include outdated planning, high taxes, labour shortages
Taxes now make up 35.6% of a new home’s price
Why This Matters: A 1.2M-unit backlog means tighter supply ahead. For investors and owners, fewer new builds could support resale values and rents long-term. But stalled projects and construction slowdowns also signal risks for pre-con buyers.
💻 Mortgage Agents Caught Running Off-Book Deals
Source: CityNews
Two GTA mortgage agents were fined $230K for facilitating mortgage fraud that cost an investor $624K. Regulators say they falsified documents, took kickbacks, and ignored red flags. The case exposes growing risks in private mortgage deals and tighter oversight from Ontario regulators.
The two GTA mortgage agents were fined a total of $230,000 for fraud-related misconduct.
An investor lost $624,000 in a fake mortgage deal involving a gas station property.
Agents took kickbacks, falsified documents, and operated outside their brokerages.
Trivedi, the main agent, received over $140,000 in off-book commissions
FSRA imposed 22 penalties on Trivedi worth $210,000 and five on Soma totaling $50,000
Trivedi admitted to ignoring red flags and failing to verify borrower info
Regulators say proper brokerage oversight would have prevented the fraud
Why This Matters: This case is a wake-up call for investors and brokers alike. With regulators tightening oversight, anyone investing in or lending through private deals must double-check every document and work only with licensed professionals.