Toronto, March 27, 2025 (GLOBE NEWSWIRE) — Greater Toronto Area, March 27, 2025 – Greater Toronto Area (GTA) new home sales remained historically slow in February, marking the lowest ever February on record, the Building Industry and Land Development Association (BILD) announced today.
There were 400 new home sales in February which was down 50 per cent from February 2024 and 84 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence. Historically, new home sales for a typical February in the GTA would be 2570 units based on the 10-year average.
“New home sales across the GTA in February 2025 remained at rock bottom levels,” said Edward Jegg, Research Manager at Altus Group. “Uncertainty related to upcoming US tariff levels have further added to the reservations buyers previously had on their minds.”
Condominium apartments, including units in low, medium and high-rise buildings, accounted for 152 units sold in the GTA in February, down 62 per cent from February 2024 and 90 per cent below the 10-year average.
There were 248 single-family home sales in the GTA in February, down 38 per cent from February 2024 and 75 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses).
New for 2025, BILD and Altus Group are now reporting on sales in Simcoe County. In February, there were 63 total new home sales in Simcoe County, 56 single-family home sales and seven condominium apartments. The weighted average price for new condominium apartments in Simcoe County was $839,074 and for single-family homes was $1,126,539.
Total new home remaining inventory in the GTA increased slightly compared to the previous month, to 21,863 units. This includes 16,995 condominium apartment units and 4,868 single-family dwellings. This represents a combined inventory level of 14 months, based on average sales for the last 12 months.
“In this time of economic uncertainty, stimulating housing sales and starts is essential to support Canada’s economy, local jobs and industries coast to coast,” said Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD. “However, this can only be accomplished if government policy aligns to get housing sales and construction moving again. In recent days, there have been two welcome announcements on exempting new homes from the Federal portion of the HST. To be successful in addressing affordability these policies must apply to the largest number of buyers, have price thresholds that are reflective of the GTA market reality and be matched by the provincial government. Furthermore, policy that supports reducing and modernizing municipal fees and charges, like development charges, is also vital to improving affordability for potential new buyers and getting construction back on track. Make no mistake, we are at the point of a serious ‘cost to build’ crisis and we risk an entire industry shutting down with great and lasting consequences to housing supply and affordability in the GTA. Now is the time for action.”
Benchmark prices decreased in February for both single-family homes and condominium apartments in the GTA compared to the previous year. The benchmark price for new condominium apartments was $1,021,760, which was down 2.4 per cent over the last 12 months. The benchmark price for new single-family homes was $1,536,734, which was down 2.9 per cent over the last 12 months.
With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders’ Associations.
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For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@bildgta.ca (416-617-7994)
*Altus Group should be credited as BILD’s official source of new home market intelligence.
Janis McCulloch Building Industry and Land Development Association (BILD) 416-617-7994 jmcculloch@bildgta.ca
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