New condo sales in the Greater Toronto Hamilton Area (GTHA) declined for a fourth consecutive year amid buyer defaults and record high project cancellations. However, the conversion of some cancelled condo projects to purpose-rental was not enough to help offset a steep decline in condo starts. New condo sales have also pivoted away from pre-construction projects towards newly completed projects. Pre-construction projects have typically comprised more than 70 per cent of new condo sales, however, last year they represented less than half of sales for the first time. As well, developers are dealing with completed units that were pre-sold, but the purchaser failed to close.