GTA New Home Sales Hit (Another) Historic Low, Surpassing 1990 Downturn

In April 2025, just 310 new homes were sold across the Greater Toronto Area—making it the seventh straight month where sales set new record lows, even lower than during the 1990s housing crash. That compares with a usual April figure of about 2,750 sales, meaning the drop is roughly 89 percent below the 10-year average.

Breaking it down by type, single-family homes accounted for 205 sales, which is about 66 percent down from April 2024 and well below average. Meanwhile, new condos made up 105 sales, a plunging 80 percent decline, and around 94 percent below the usual level for the month.

Experts from the Building Industry and Land Development Association say this slump stems from high interest rates, rising building costs, and uncertainty around tariffs that slowed buyer confidence despite early signs of recovery earlier in 2024. According to BILD, buyers began to back off as economic fears grew—even as rates edged downward.

Because sales are so weak now, many announced housing projects are being delayed or canceled. That creates a danger that future new supply will fall short, and as population grows, the shortage could trigger rapid price rises later in the decade—especially between 2027 and 2029.

Inventory remains elevated: around 21,363 units were available in April (down slightly from March) which translates to about 15 months of supply—well above the healthy range. That includes 16,555 condos and 4,808 single-family units. With high inventory but few buyers, it's currently considered a buyer's market.

Prices are also falling. The benchmark price for condos dropped by 3.6 percent year over year to about $1,019,120, while single-family homes fell 5.4 percent to around $1,530,126. Despite these declines, industry leaders say that recent federal tax relief proposals targeting only first-time buyers will not be enough. BILD is calling for broader tax relief on all new home purchases, and for cuts to municipal and development fees as well to help revive the market.