Sales of new builds fall to all-time low for July

Industry group says inventory rising as buyers wait for interest rate cuts

- CLARRIE FEINSTEIN

There were 654 new home sales in July, down 48 per cent from the same time last year, according to a new BILD report.

Sales of new builds continue to plummet with July recording an all-time low for the month with very few new project releases and steadily increasing months of inventory.

There were 654 new home sales in July, down 48 per cent from the same time last year and 70 per cent below the 10-year average, according to a Wednesday report from the Building Industry and Land Development Association (BILD).

“GTA new home sales in July 2024 sank to another record monthly low as buyers remained unwilling to leave the sidelines,” said Edward Jegg, research manager with Altus Group, BILD’s official source for new home market data.

“Further expected decreases in interest rates in the coming months along with elevated inventories means there will be plenty of opportunities once consumer confidence improves.”