Though condominium construction across the Greater Toronto Area (GTA) is at a record high, highrise sales fell 34 per cent below the 10-year average in July, reports the Building Industry and Land Development Association (BILD).

According to data from RealNet Canada Inc., new home sales hit a 10-year low last month, with year-to-date sales at the second-lowest point in a decade.

Currently, 256 highrise developments – representing 66,126 new homes – are under construction. Part of the sales decline has been attributed to a reduction in new inventory. Only two new projects were introduced to the GTA market in July.

“It’s important to understand that while we are experiencing record high construction, these homes have been sold two to three years ago and are not an accurate representation of today’s new homes market,” says BILD president and CEO, Bryan Tuckey. “Sales activity in 2013 has been low and we will start to see the effect of that in two to three years.”

Meanwhile, in the GTA’s lowrise sector, RealNet’s new home price index hit a new record, with the average price reaching $645,854. The highrise price index saw a small decline, settling at $430,930.