GTA New Home Sales Decline in January, But Market Conditions Offer Unique Buyer Opportunities

In January 2025, the Greater Toronto Area (GTA) experienced a significant decline in new home sales, with only 347 units sold—a 40% decrease from January 2024 and 77% below the 10-year average. Condominium apartments accounted for 101 units, down 58% year-over-year, while single-family homes saw 246 units sold, a 27% decrease. Despite a Bank of Canada interest rate cut, elevated inventory levels, and falling prices, buyer activity remained subdued.

The total remaining inventory stood at 21,505 units, offering a 14-month supply based on average sales over the past year. Benchmark prices for new condominium apartments decreased by 3.5% to $1,015,231, and single-family homes saw a 1.2% decline to $1,552,846 over the last 12 months. Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD, highlighted that with prices approximately 20% below their 2022 peak and interest rates easing, current market conditions present a unique opportunity for buyers. However, he cautioned that high construction costs suggest prices may not decline further, and the favorable conditions might not last long.

All Data is sourced from Altus Data Studio. Readers should verify information before making real estate decisions.
Source: BILD Media Release