GTA new home sales remained extremely low in April – Federal GST measures inadequate
Toronto, May 28, 2025 (GLOBE NEWSWIRE) -- Greater Toronto Area, May 28, 2025 – Greater Toronto Area (GTA) new home sales remained extremely low in April, showing little change from earlier months and marking a seventh consecutive month of record all-time lows, eclipsing the 1990 downturn, the Building Industry and Land Development Association (BILD) announced today.
There were 310 new home sales in April which was down 72 per cent from April 2024 and 89 per cent below the 10-year average, according to Altus Group*, BILD's official source for new home market intelligence. Historically, new home sales for a typical April in the GTA would be 2,750 units based on the previous 10-year average.
'April 2025 new home sales across the GTA have extended the slowest period of sales on record,' said Edward Jegg, Research Manager at Altus Group. 'Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.'
Condominium apartments, including units in low, medium and high-rise buildings, accounted for 105 units sold in the GTA in April, down 80 per cent from April 2024 and 94 per cent below the 10-year average.
There were 205 single-family home sales in the GTA in April, down 66 per cent from April 2024 and 77 per cent below the 10-year average. Single-family homes include detached, linked and semi-detached houses and townhouses (excluding stacked townhouses).
New for 2025, BILD and Altus Group are now reporting on sales in Simcoe County. In April, there were 27 single-family new home sales in Simcoe County with the weighted average price at $1,120,438.
Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 21,363 units. This includes 16,555 condominium apartment units and 4,808 single-family dwellings. This represents a combined inventory level of 15 months, based on average sales for the last 12 months.
'Yesterday the Federal Government tabled its proposed measures to provide GST(HST) relief to first-time new home buyers. Unfortunately, this limitation to first-time buyers only will have a very small impact, as very few new home buyers are first time buyers. It will not substantially help address affordability, nor will it help significantly stimulate sales and construction,' said Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD. 'The government has reaped billions in additional tax revenue on new homes by not indexing GST price rebate thresholds since 1991 and instead has created a new mechanism that will apply to very few purchasers. In order to have maximum impact and address the effects of GST/HST on eroding home affordability, the Federal government must broaden the scope of the GST (HST) measures to all new home purchases.'
Benchmark prices decreased in April for both single-family homes and condominium apartments in the GTA compared to the previous year. The benchmark price for new condominium apartments was $1,019,120, which was down 3.6 per cent over the last 12 months. The benchmark price for new single-family homes was $1,530,126, which was down 5.4 per cent over the last 12 months.
With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders' Associations.
-30-For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@bildgta.ca (416-617-7994)
*Altus Group should be credited as BILD's official source of new home market intelligence.
Attachment
Altus Data Solutions media backgrounder April 2025 BILD New Homes Sales
CONTACT: Janis McCulloch Building Industry and Land Development Association (BILD) 416-617-7994 jmcculloch@bildgta.ca
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