Ontario Construction News staff writer
GTA new home sales continued to flatline in April, marking a seventh consecutive month of record lows and eclipsing the 1990 downturn, the Building Industry and Land Development Association says, citing data from the Altus Group.
There were just 310 new home sales in April, down 72 per cent from April 2024 and 89 per cent below the 10-year average, according to Altus, the builders group’s source for new home market intelligence. New home sales for a typical April in the GTA would be 2,750 units based on the previous 10-year average.
New home sales across the GTA have extended declines even amid falling interest rates, said Edward Jegg, research manager at Altus Group. “Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.”
Condominium apartments, including units in low, medium and high-rise buildings, accounted for 105 units sold in the GTA in April, down 80 per cent from April 2024 and 94 per cent below the 10-year average.
There were 205 single-family home sales in the GTA in April, down 66 per cent from April 2024 and 77 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses).
Total new home inventory in the GTA decreased slightly compared to the previous month, to 21,363 units, including 16,555 condominium apartment units and 4,808 single-family dwellings.
“Yesterday the federal government tabled its proposed measures to provide GST(HST) relief to first-time new home buyers. Unfortunately, this limitation to first-time buyers only will have a very small impact, as very few new home buyers are first time buyers,” said Justin Sherwood, senior vice president of communications at BILD.
“In order to have maximum impact and address the effects of GST/HST on eroding home affordability, the federal government must broaden the scope of the GST (HST) measures to all new home purchases.”
Benchmark prices decreased in April for both single-family homes and condominium apartments in the GTA compared to the previous year. The benchmark price for new condominium apartments was $1,019,120, which was down 3.6 per cent over the last 12 months. The benchmark price for new single-family homes was $1,530,126, down 5.4 per cent.
