There were 438 new home sales in the Greater Toronto Area in September. This figure was down 29 per cent from September 2024 and 80 per cent below the 10-year average, according to Altus Group.
The Building Industry and Land Development Association (BILD) said that typically, this month would amount to 2,233 units based on the previous 10-year average and these historic lows are evident across all home types.
Condo apartments, including units in low, medium, and high-rise buildings and stacked townhouses, accounted for 155 units sold in the GTA in September, down 44 per cent from September 2024 and 90 per cent below the 10-year average.
Meanwhile, there were 283 single-family home sales, down 16 per cent from last September and 61 per cent below the 10-year average. These include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).
The benchmark price for new condo apartments was $1,033,317, flat versus 2025, and remaining at an apparent price floor. New single-family homes posted an average price of $1,437,447, which was down 8.2 per cent over the last 12 months.
“New home sales across the GTA stumbled to another record low for the month of September,” said Edward Jegg, research manager at Altus Group. “In fact, new home sales are down year-to-date across all the markets tracked by Altus Group led by Toronto, Vancouver, Calgary, Hamilton, and Kitchener-Waterloo where sales have fallen by over half compared to last year.”
For the first time, BILD and Altus Group have included Simcoe County in their sales reporting. In the latest figures, there were 18 single-family new home sales and one condominium apartment, with the weighted average price of single-family new homes at $1,153,415.
Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 21,749 units, as very little new inventory was added. BILD predicts this trend will continue as market conditions persist. This includes 15,875 condominium apartment units and 5,874 single-family dwellings, which represent a combined inventory level of 22 months, based on average sales for the last 12 months — which is the highest inventory level seen to date.
“The market downturn we are experiencing is historic and will have long-term consequences for housing affordability, the jobs that are provided by our sector, and the economic activity and revenue generated by the new residential construction sector across the country,” said Justin Sherwood, chief operating officer at BILD. “Now is not the time for half measures. We are at a moment in time where we have the opportunity to avoid the consequences of this historic national housing downturn through bold action.
“Our provincial and federal governments have a responsibility to those who work in the sector, and Canadians seeking to buy a new home at an affordable price, to take bold steps to reduce the GST on all new homes as part of the federal budget on November 4th, and upcoming Fall Economic Statement. To do otherwise is an admission of acceptance that the loss of almost 100,000 jobs nationwide and acute affordability challenges in the coming years are acceptable outcomes.”
