New home sales in GTA hit historic low

BILD report tallied 464 transactions in August, a drop of 46% from 2023

- CLARRIE FEINSTEIN

Sales of new construction homes were 73 per cent below the 10-year average, according to a report from the Building Industry and Land Development Association.

New home sales in the GTA hit historic lows in August with “very few” new projects launching as the preconstruction market continues to struggle amid a high interest rate environment.

There were 464 new home sales in August, down 46 per cent from August 2023 and 73 per cent below the 10-year average, according to the Building Industry and Land Development Association’s (BILD) Thursday report.

“August new home sales across the GTA continued to be weak, leading to elevated inventory levels,” Edward Jegg, research manager with Altus Group, BILD’s source for new home market data, said in the report.