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Only Forty-Two Sold. Seriously?
Toronto’s real estate cool-down could trigger a full-blown employment crisis.
Today, we’re covering
👷🏻Toronto Housing Slump Threatens 41K Jobs
🫣 Just 42 Condos Sold in Toronto in May
🧐 Canada’s Rental Market Under Watch for Price Fixing
📝 GST Relief for First-Time Buyers: What You Need to Know
🤔 WTF of The Week: "But My Building Allows Airbnb!"
Read Time: 4 minutes
👷🏻Toronto Housing Slump Threatens 41,000 Jobs
New home sales have collapsed in the GTA, and 2025 is on track for the lowest levels in decades.
If sales remain this low, construction activity could fall by over 70% by 2029
Ontario’s construction unemployment rate hit 10% in April, and job vacancies dropped from 8% to just 2.6%
Toronto’s homebuilding sector currently supports ~87,500 jobs, including:
40,000 direct construction jobs
30,000 jobs in related industries
17,500 consumer-spending-driven jobs
If sales don’t recover, up to 41,000 jobs could vanish, including:
18,500 construction jobs lost
22,500 spin-off jobs lost
Why This Matters: This isn’t just a housing slowdown — it’s a looming economic crisis. If sales don’t rebound, Toronto could lose tens of thousands of jobs and hollow out one of its most important economic engines (source)
