New home sales in the Greater Toronto Area (GTA) climbed modestly in February 2026, but vastly trail historical averages, according to the Building Industry and Land Development Association (BILD).
There were 531 new home sales in February, which was up 16 per cent from February 2025 but 76 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. Historically, new home sales for a typical February in the GTA would be 2,251 units based on the previous 10-year average.
Condominium apartments, including units in low, medium, and high-rise buildings and stacked townhouses, accounted for 171 units sold, down 2 per cent from last February and 88 per cent below the 10-year average.
There were 360 single-family home sales, up 27 per cent but 57 per cent below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).
“New home sales in February 2026 continued to fall well short of historic norms with only a modest increase from the previous year’s record low for the month,” said Edward Jegg, research manager at Altus Group. “A stable interest rate environment coupled with elevated inventory levels present potential buyers with plenty of opportunity to buy a new home. However, persistent concerns around affordability and geopolitical tensions continue to weigh on buyers’ minds.”
Total new home remaining inventory in the GTA changed little compared to the previous month, at 20,291 for February. This includes 14,291 condominium apartment units and 6,000 single-family dwellings. This represents a combined inventory level of 27 months, based on average sales for the last 12 months.
The benchmark price for new condominium apartments in the GTA held steady at $1,022,063, suggesting a price floor. In contrast, the benchmark for new single-family homes fell 7.4 per cent over the past year to $1,423,219.
BILD anticipates certain conditions will boost sales over the balance of the year, such as the temporary harmonized sales tax cut for all new home buyers.
“The suspension of the harmonized sales tax on new homes under $1 million and further HST reductions on homes from $1 million to $1.85 million, combined with housing prices having moderated over 20% on average since 2022, and unparalleled product choice due to high inventory level – homebuyers have a historic opportunity to enter the market,” said Justin Sherwood, chief operating officer at BILD. “Now really is the time for those wishing to buy a new home to take advantage of current market conditions and the time-bound tax relief.”
