Hamilton, VMC condo markets face oversupply as sales stall — SkimNews
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- Zonda Urban data shows downtown Hamilton had 1,127 unsold condos at the end of Q2, representing 34% of its new inventory, while Vaughan Metropolitan Centre had 966 unsold units, or 43% of its total new supply.
- Fengate Real Estate launched a rent-to-own program at its 75 James project in Hamilton, allowing tenants to apply up to 50% of rent paid—capped at $35,000—toward purchasing a condo, amid slow preconstruction sales.
- Rogers Real Estate Development Ltd. and Urban Capital cancelled their M6 condo project in Mississauga after failing to sell 70% of units required for construction financing, refunding all deposits.
- Menkes Developments Ltd. and QuadReal Property Group are co-developing Encore at Bravo, a 58-storey building in VMC with over 650 units, some still for sale, though neither developer disclosed sales figures.
- SmartCentres REIT is advertising units at its Park Place development in VMC, which includes two towers of 48 and 56 storeys, despite the area’s high vacancy and slowing demand.
- Urbanation Inc. data shows average rents in VMC dropped to $3.52 per sq ft in Q1 2025 from $4.06 in Q1 2024, reducing investor returns and dampening preconstruction interest.
Why it matters: Developers lose access to construction financing if they don’t hit 70% pre-sales, and with VMC and Hamilton each sitting on nearly 1,000 unsold units, projects stall or cancel—delaying supply absorption and increasing financial strain on builders and investors alike.
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