GTA New Home Sales Plummet to Historic Low Amid Buyer Uncertainty
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In February 2025, the Greater Toronto Area (GTA) experienced its lowest new home sales on record. Only 248 single-family homes were sold, marking a 38% decrease from February 2024 and a significant 75% below the 10-year average. Condominium apartments fared worse, with just 152 units sold—a 62% decline year-over-year and 90% below the decade-long average.
Despite the sharp drop in sales, inventory levels have risen, with 21,863 new homes remaining unsold in February. This inventory includes 16,995 condo apartments and 4,868 single-family homes, most of which are in pre-construction or under construction phases. Interestingly, prices have remained relatively stable; the benchmark price for new single-family homes decreased by 2.9% year-over-year to $1,536,734, while condo prices saw a 2.4% reduction to $1,021,760.
The downturn in sales is attributed to ongoing affordability challenges and diminished economic confidence among potential homebuyers. Factors such as trade uncertainties with the United States and the anticipation of a federal election have contributed to a "wait-and-see" approach among households. These elements have collectively impacted the GTA's housing market, leading to decreased sales activity despite an increase in available inventory.
Read the full article on: REAL ESTATE MAGAZINE
