GTA New Home Sales Down 70% Over Last September
There were a total of 591 new home sales recorded in September in the GTA, down 69% from last September and 76% below the 10-year average.
The most recent data from the Building Industry and Land Development Association shows that new homes sales in the GTA remained low in September, representing "another slow month [...] despite three successive Bank of Canada rate cuts," said Edward Jegg, Research Manager with Altus Group.
There were a total of 591 new home sales recorded in September in the GTA, down 69% from last September and 76% below the 10-year average. But the relatively low numbers do represent an improvement upon August's historically low sales numbers at 464 new homes sold.
The most recent data from the Building Industry and Land Development Association shows that new homes sales in the GTA remained low in September, representing "another slow month [...] despite three successive Bank of Canada rate cuts," said Edward Jegg, Research Manager with Altus Group.
There were a total of 591 new home sales recorded in September in the GTA, down 69% from last September and 76% below the 10-year average. But the relatively low numbers do represent an improvement upon August's historically low sales numbers at 464 new homes sold.
“We now have a market that is highly primed with elevated inventories, falling prices and a further 50 basis point rate cut," says Jegg. "All that is needed is for buyers to jump off the sidelines.”
Of September's sales action, single-family homes accounted for a little over half of the transactions at 344 sales, down 41% from September 2023 and 58% below the 10-year average. Accounting for the remaining 247 sales were condominium apartments, which clocked in at a substantial 81% below September 2023 levels and 85% below the 10-year average.
As a result, new home inventory continued in its upwards trajectory, with 21,871 units now in inventory, up from 21,660 in August and 21,296 in July. Current inventory is made up of 17,427 condominium apartment units and 4,444 single-family dwellings, amounting to a combined inventory level of 13.8 months.
