The new home market in the Greater Toronto Area is gradually improving as March sales increased slighting higher than in February.

Total May new home sales of 2,549 units were down 40 per cent from May 2021 and 26 per cent below the 10-year average.

The GTA new home market experienced improvements in new project openings and new home sales in September compared to the previous month, reports BILD.

In April, the GTA’s new home market saw lower sales amid an increase in remaining inventory and declining prices, reports BILD.

In April, demand for new homes in the GTA continued to outpace supply, driving up prices for all types of available new homes, says BILD.