The GTA new home market continues to struggle with a significant decline in sales, attributed to high construction costs and interest rates. Government intervention is seen as crucial to alleviate the pressure on builders and stimulate the market.
New home sales in the GTA last month were down 55% year over year, with only 759 transactions recorded. This trend of slow sales continued in November, with 759 new home sales across the GTA , according to Altus Group's market data analysis for BILD. The report attributes the slowdown to the high cost of construction compounded by high interest rates. BILD leadership has repeatedly flagged this 'cost to build' crisis as a major factor hindering the new home market.
Justin Sherwood, BILD's Senior Vice President of Communications, Research, and Stakeholder Relations, suggests that government action to reduce fees, taxes, and charges on new homes could quickly address the challenge. As an example, he cites efforts by some municipalities to lower development charges on single-family homes. Single-family homes led new home sales in November with 510 sales, up 32% from last year but still 45% below the 10-year average. Condominium apartments, representing the other 249 sales, are down a dismal 81% from 2023 and 90% below the 10-year average. Inventory levels fell from 22,299 units in October to 21,97 units in November, comprised of 17,168 condominium apartments and 4,803 single-family dwellings. This leaves the combined inventory level at 14.1 months, consistent with trends seen throughout 2024
New Homes Sales GTA Housing Market Interest Rates
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Calgary saw the largest new home price increases in Canada over the past year: StatCanCalgary saw the largest increase in the price of new homes among Canadian cities over the past year, new data reveals. Despite some of Canada’s largest markets experiencing a decrease in new home prices year-over-year, Calgary’s rose 4.5 per cent.
Read more »
Natural gas for home heating to jump 17.5 per cent in New YearPrice hike to add $14.25 to monthly residential gas bill
Read more »
CBC New Year’s Eve programming returns a year after being cut for financial reasonsNational public broadcaster announces it will air a English-language program called Canada Live! Countdown 2025, hosted by Adrienne Arsenault and Ian Hanomansing
Read more »
Toronto and GTA Home Sales Show Encouraging Growth in NovemberToronto and GTA home sales continued to show encouraging growth in November, with a 40.1% annual increase. The Toronto Regional Real Estate Board (TRREB) reported a month-over-month increase in sales on a seasonally adjusted basis, breaking the holding pattern seen over recent months.
Read more »
'Project Skyfall': Police north of Toronto arrest 17 suspects allegedly involved in GTA home invasionsPolice in York Region have arrested 17 people and seized $14 million worth of drugs in connection with a 'criminal network' allegedly actively planning home invasions, armed robberies and drug trafficking.
Read more »
Oldest Known Wild Bird Has Been Spotted Again — And She's Got A New BoyfriendThe 74-year-old albatross, named Wisdom, is expected to welcome a new chick next year.
Read more »