Toronto New Home Sales Rise, But Remain Weak As Price Declines Accelerate

Greater Toronto Area (GTA) new home sales picked up in September, but the recovery remains shaky. BILD and Altus Group data shows sales rose 63.9% from last year, but they remain historically weak. The bigger story is prices—nearly a third of the single-family correction has occurred in the past 4 months. New condo prices have held up better, but buyers are balking with sales hitting a record low for the segment. Toronto New Single-Family Homes Fell $180k In The Past 4 Months The Altus Group benchmark price of single-family and condo apartment homes across Greater Toronto. Source: Altus Group; BILD GTA. New home prices continued to slide, led by single-family homes. The segment’s benchmark slipped 0.2% (-$2.1k) to $1.25 million in September, down 13.3% (-$190.7k) from last year. September’s decline was modest, but the bigger story is the sudden return of plunging prices. Prices have effectively fallen off a cliff since May, dropping 12.7% (-$180.8k) in just four months. That accounts for nearly 95% of the decline over the past year. The benchmark is now 35.5% (-$687.1k) below its July 2022 record high. The percentage decline over the past four months alone is more than a third of t...