TORONTO – The Building Industry and Land Development Association (BILD) is issuing an urgent call for governments to step in after reporting Greater Toronto Area (GTA) new home sales are stagnating at historic lows, with other major markets facing similar conditions, and signs of the contagion spreading.
There were 300 new home sales in August, which was down 42 per cent from August 2024 and 81 per cent below the 10-year average, according to Altus Group, BILD’s source for new home market intelligence.
Historically, new home sales for a typical August in the GTA would be 1,595 units based on the previous 10-year average.
“GTA new home sales in August 2025 remained at rock bottom levels. New launches, in particular highrise projects, over the past 12 months have been at a record low and at the same time, completions have reached a record high,” said Edward Jegg, research manager at Altus Group, in a statement. “As further projects reach completion, new home tradespeople are becoming increasingly at risk of not being able to find employment and therefore joining the growing number of Canadians without work, putting additional strain on the economy.”
Let’s break down the numbers.
- Condominium apartments, including units in low, medium, and highrise buildings and stacked townhouses, accounted for 118 units sold in the GTA in August. This is down 59 per cent from August 2024 and 90 per cent below the 10-year average.
- There were 182 single-family home sales in the GTA in August, down 21 per cent from August 2024 and 59 per cent below the 10-year average.
- In August, there were no condominium sales and 36 single-family new home sales in Simcoe County, with the weighted average price of single-family new homes at $1,113,204.
- Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 22,245 units. This includes 16,447 condominium apartment units and 5,798 single-family dwellings. This represents a combined inventory level of 20 months, based on average sales for the last 12 months – which is the highest inventory level seen to date, BILD reports.
“With pre-construction inventory dropping dramatically, the signs are clear that the new residential sector in the GTA is basically stopping. Greater Vancouver is seeing a third of its normal activity and will be soon in a similar place, many other Ontario markets like Ottawa and the Kitchener-Waterloo area are struggling, and we are now seeing even some troubling signs in Calgary. Why is the government ignoring these obvious warning signs?” said Justin Sherwood, senior vice-president of communications, research, and stakeholder relations at BILD. “Forget achieving the federal government’s goal of 500,000 homes per year, over the next few years it will be a stretch to keep annual housing starts in the 200,000 range.
“BILD has and will continue to advocate for the federal and provincial government to temporarily suspend the GST on all new homes under $1 million, for rapid implementation of provincial DC reforms, and for municipalities to lower the fees and charges they add to new homes.”
