GTA New Home Sales Plunge to Record January Low as Confidence Weakens
New home sales in the Greater Toronto Area fell to just 269 units in January, marking the lowest January total ever recorded by the Building Industry and Land Development Association. Sales were down 36 per cent from last year and sat 80 per cent below the 10-year average, with affordability pressures and declining consumer confidence driving the prolonged slowdown. Single-family homes accounted for 184 of the sales, a figure far below the 10-year average of 575, while the remainder were condo apartments and stacked townhouses.
Benchmark prices continued to decline, with single-family homes averaging $1,397,358—10 per cent lower than a year earlier—and new condo apartments averaging $1,027,286. Total new-home inventory reached 20,557 units across the region. BILD says renewed market certainty and measures to rebuild consumer confidence are crucial to reversing the trend, urging the federal government to move quickly on commitments to reduce development charges and clarify tax policies that affect new-home costs.
