GTA New Home Sales Plummet to Worst July on Record, Eclipsing 1990s Downturn

Strategic Insights -

The Toronto-area new home sales market has hit its lowest point in decades, surpassing the severe 1990s housing downturn. According to a recent report from the Building Industry and Land Development Association (BILD), new home sales in July 2025 reached a record low, with only 359 units sold. This represents a 48% decline from the previous year and an 82% drop from the 10-year average. The benchmark price for new condos remained flat at over $1 million, while new single-family home prices saw a 6% drop over the last 12 months.

Key Takeaways:

  • The GTA new home sales market has reached an unprecedented low, with only 359 units sold in July 2025, surpassing the 1990s housing downturn.
  • Sales have never been this low in the 40+ years that Altus Group has been collecting new home sales data.
  • Condos performed the worst, with 150 units sold in July, down 51% year over year, and 89% below the 10-year average.
  • Single-family homes saw a 44% decline from July 2024, with 209 units sold, and a 60% drop from the 10-year average.
  • The benchmark price for new condos remained flat at over $1 million, while new single-family home prices saw a 6% drop over the last 12 months.
  • Total new home remaining inventory in the GTA increased slightly, with an inventory level of 20 months, the highest seen to date.
  • Emerging from the 1990s downturn took years, with prolonged negative economic impacts and unemployment in the sector.
  • The market, leaders within the industry, and top economists are warning of a deep and prolonged pain if government does not intervene.

A healthy market level is around nine to 12 months. BILD estimates that it would take 20 months to sell the current inventory based on current demand.

Statistics:

  • 359 new home sales in July 2025, down 48% from July 2024 (Source: BILD)
  • A 51% year-over-year decline in condo sales in July 2025 (Source: BILD)
  • A 44% decline in single-family home sales in July 2025 compared to the previous year (Source: BILD)
  • A 60% drop from the 10-year average in single-family home sales (Source: BILD)
  • A 6% drop in new single-family home prices over the last 12 months (Source: BILD)
  • The current inventory level in the GTA is 20 months, the highest seen to date (Source: BILD)
  • The benchmark price for new condos remained flat at over $1 million (Source: BILD)

Sources:

  • Building Industry and Land Development Association (BILD)
  • Altus Group - BILD's source for new home market data
  • Justin Sherwood, senior vice-president of communications, research, and stakeholder relations at BILD
  • Edward Jegg, research manager at Altus Group
  • Various news sources and market reports.