Toronto-Area New Home Sales Hit Worst July on Record

Toronto-area new home sales plummeted to an all-time low in July, surpassing the severe downturn in new home sales during the early 1990s, according to a report from the Building Industry and Land Development Association (BILD). The GTA new homes sales remained "exceedingly low" at levels not seen in decades, with 3,007 sales from January to July, compared to 4,434 in 1990. The severe slowdown in the market has now extended to 40 months, with no signs of recovery in sight.

Key Takeaways:

GTA new home sales in July 2025 marked the worst July on record, with 359 sales, a 48% decrease from July 2024 and 82% below the 10-year average.
Condo sales performed the worst, with 150 units sold in July, a 51% decrease year-over-year and 89% below the 10-year average.
Single-family home sales also declined, with 209 sales in July, a 44% decrease from July 2024 and 60% below the 10-year average.
The benchmark price for new condos remained flat at over $1 million in July, while new single-family home prices dropped 6% over the last 12 months to $1.48 million.
Total new home remaining inventory in the GTA increased to 20 months, the highest inventory level seen to date, compared to a healthy market level of 9-12 months.

Statistics:

359 new home sales in July 2025, down 48% from July 2024.
3,007 sales from January to July 2025, compared to 4,434 in 1990.
Condo sales decreased by 51% year-over-year in July.
Single-family home sales decreased by 44% year-over-year in July.
Benchmark price for new condos remained flat at over $1 million in July.
New single-family home prices dropped 6% over the last 12 months to $1.48 million in July.
Total new home remaining inventory in the GTA increased to 20 months.

Sources:

Building Industry and Land Development Association (BILD) - "GTA New Home Sales Extend Severe Slowdown in July 2025"
Altus Group - BILD's source for new home market data
Toronto Star - Toronto-area new home sales hit worst July on record (no date provided)