News Summary

The Greater Toronto Area (GTA) experienced a significant decline in new home sales in January 2025, marking a 40% drop from January 2024 and a 77% fall below the 10-year average. According to the Building Industry and Land Development Association (BILD) and data from Altus Group, there were 347 new home sales, with 246 being single-family homes and 101 condominium apartments. Despite the low sales, a favorable buying opportunity has emerged due to decreased prices and steady inventory levels. The benchmark price for new condominium apartments dropped by 3.5% to $1,015,231, while single-family homes saw a 1.2% decrease to $1,552,846. Buyers are encouraged to act quickly as the current combination of lower prices and reduced interest rates may not last long.