New home sales in the Greater Toronto Area remained extremely low in March, showing little change from earlier months and marking a sixth consecutive month of record all-time lows. The Building Industry and Land Development Association (BILD) released data alongside a call for action among all levels of government as year-over-year housing starts are down more than 50 per cent.
There were 385 new home sales in March, which was down 68 per cent from March 2024 and 87 per cent below the 10-year average, according to Altus Group. Historically, new home sales for a typical March in the GTA would be 3,311 units based on the previous 10-year average.
Total new home remaining inventory decreased slightly to 21,707 units. This includes 16,803 condominium apartment units and 4,904 single-family dwellings.
“Housing prices have stabilized, which is a reflection of the current cost to build and they are likely reaching their low point,” said Edward Jegg, research manager at Altus Group. “This, combined with economic uncertainty, driven largely by tariff concerns, is keeping buyers on the sidelines.”
Condominium apartments, including units in low, medium and high-rise buildings, accounted for 160 units sold in the GTA in last month, down 75 per cent from March 2024 and 92 per cent below the 10-year average. Meanwhile, there were 225 single-family home sales, down 61 per cent from last year and 75 per cent below the 10-year average.
Compared to the previous year, benchmark prices decreased in March for condos and single-family homes. The average price for new condos was $1,020,864 (down 3.2 per cent over the last 12 months), while new single-family homes were $1,532,279 (down 3.9 per cent over the last year).
“New home sales in the GTA have plummeted to catastrophic lows, and without urgent government action, we risk long-term damage not just to housing supply, but to the broader economy. If this were the auto sector, governments would be lining up with support,” said Justin Sherwood, senior vice president of communications, research, and stakeholder relations at BILD.
“Let’s not forget: the housing and development industry in the GTA directly employs 285,000 people, results in $16.9 billion in wages, and creates $60.8 billion in economic activity. This is not a fringe issue – it’s a cornerstone of our economy. And with the GTA recently recognized as the fastest-growing metropolitan region in North America, it’s critical that policy aligns to get home sales and construction moving again.”
He advises that addressing the 25 per cent of fees, taxes and charges that governments levy on a new home in the GTA would add hundreds of thousands of dollars to prices and slow industry activity.
