A homebuilding industry association says new home sales in August were at a historic low in the GTA with the data painting a “stark picture of a housing market that is struggling with deep structural issues.”
A new home is displayed for sale in a housing development in Ottawa on Tuesday, July 14, 2020. Statistics Canada says the first increase in annual inflation since its June 2022 peak was driven by higher mortgage interest costs.THE CANADIAN PRESS/Sean Kilpatrick
“August new home sales across the GTA continued to be weak, leading to elevated inventory levels,” Edward Jegg, research manager with Altus Group, said in a news release Thursday. It also found that there were 229 single-family home sales in August, down 14 per cent from August 2023 but 56 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses.
“This is a high inventory level, maintaining the trend seen since autumn 2023 of remaining inventory levels near or just above the 20,000-unit mark. Months of inventory are staying high not because the number of new units coming to market is dramatically increasing, but rather because sales are continually decreasing,” they stated.
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