data from Altus Group<\/a>, BILD said just 155 condo units were sold across the GTA last month, down 44 per cent from September 2024 and 90 per cent below the 10-year average.<\/p>\n\u201cNew home sales across the GTA stumbled to another record low for the month of September,\u201d Edward Jegg, research manager at Altus Group, said in a statement accompanying the report.<\/p>\n
\u201cIn fact, new home sales are down year-to-date across all the markets tracked by Altus Group led by Toronto, Vancouver, Calgary, Hamilton, and Kitchener-Waterloo where sales have fallen by over half compared to last year.\u201d <\/p>\n
The report notes that across all segments, including condos and single-family homes, there were just 438 new home sales in the GTA last month, down 29 per cent from September and 80 per cent below the 10-year average.<\/p>\n
Of the sales last month, 283 were single-family homes, down 16 per cent from the previous year and 61 per cent below the average over the last decade.<\/p>\n
\u201cThe market downturn we are experiencing is historic and will have long-term consequences for housing affordability, the jobs that are provided by our sector, and the economic activity and revenue generated by the new residential construction sector across the country,\u201d Justin Sherwood, CEO of BILD, said in a written statement.<\/p>\n
\u2018An apparent price floor\u2019<\/p>\n
The report notes that remaining inventory in the GTA \u201cdecreased slightly\u201d to 21,749 units due to very little new inventory being added, a trend which is \u201cexpected to continue as market conditions persists.\u201d <\/p>\n
In terms of prices, the benchmark price for a new condo apartment in the GTA in September was flat at $1,033,317, remaining at \u201can apparent price floor.\u201d<\/p>\n
The benchmark price for new single-family homes slid to $1,437,447, down 8.2 per cent over the last 12 months.<\/p>\n
\u201cNow is not the time for half measures,\u201d Sherwood said. \u201cWe are at a moment in time where we have the opportunity to avoid the consequences of this historic national housing downturn through bold action.\u201d <\/p>\n
He reiterated previous calls for other levels of government to step up and work with the sector to reduce the GST on all new homes as part of both the upcoming federal budget and province\u2019s fall economic statement.<\/p>\n
\u201cTo do otherwise is an admission of acceptance that the loss of almost 100,000 jobs nationwide and acute affordability challenges in the coming years are acceptable outcomes,\u201d Sherwood said. <\/p>\n","protected":false},"excerpt":{"rendered":"New condo sales dropped to a record low for the month of September with just 53 units sold…\n","protected":false},"author":2,"featured_media":246233,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[712,45,49,48],"class_list":{"0":"post-246232","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-apple-news","9":"tag-business","10":"tag-ca","11":"tag-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/246232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=246232"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/246232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/246233"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=246232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=246232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=246232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}