A downturn continues as new home sales in the Greater Toronto Area (GTA) remained extremely low in June. The Building Industry and Land Development Association (BILD) said condominium apartments, including units in low, medium and high-rise buildings, accounted for 217 units sold last month, down 67 per cent from June 2024 and 89 per cent below the 10-year average, according to Altus Group.
There were 293 single-family home sales in the GTA, down 53 per cent from June 2024 and 62 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses).
Overall, the new home market had 510 sales in total last month, which was down 60 per cent from June 2024 and 82 per cent also below the 10-year average. Historically, new home sales for a typical June in the GTA would be 2,801 units based on the previous 10-year average.
“Consumers are lacking the confidence to enter into one of their largest purchases as the economic uncertainty centered largely on U.S. tariff policies weighs heavily on potential homebuyers,” said Edward Jegg, research manager at Altus Group.
Total new home remaining inventory in the GTA increased slightly compared to the previous month, to 22,254 units, which includes16,696 condominium apartment units and 5,558 single-family dwellings. This represents a combined inventory level of 19 months, based on average sales for the last 12 months – which is the highest inventory level seen to date.
“The new home market in the GTA remains deeply challenged and June’s sales and inventory numbers show that it is essentially bumping along at rock bottom,” said Dave Wilkes, BILD’s president and CEO. “This is not a healthy or sustainable environment.
“The ongoing ‘cost to build’ crisis is prolonging the downturn and stalling recovery. To revitalize the market – a sector that is critical to Canada’s economic health – we need bold, immediate action from all levels of government. That includes measures like significant GST relief and broadening the work we have seen on DC reductions so far. Without urgent intervention, the future housing supply and economic wellbeing of the GTA is at serious risk.”
The benchmark price for new condominium apartments in June in the GTA was $1,028,527, which shows no material change over the last 12 months. The benchmark price for new single-family homes was $1,510,126, which was down 6.4 per cent over the last 12 months.
BILD and Altus Group are also reporting on sales in Simcoe County where there were 45 single-family new home sales in June with the weighted average price at $1,106,054. Condominium apartments accounted for eight units sold, with the average price at $836,495.
