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Hamilton Spectator
2 hours ago
- Business
- Hamilton Spectator
Toronto-area new home sales are worse than during the 1990s housing market crash
New home sales in the Toronto area marked a seventh consecutive month of record all-time lows, eclipsing the 1990s downturn when the housing market crashed. During the 1990s housing crash — which lasted roughly from 1989 to 1996 — at the bottom of the market there were six consecutive months of record low sales, and sales were around double what they are today, according to the Wednesday report from the Building Industry and Land Development Association's (BILD), which called on the federal government to expand its GST relief to all new home purchasers. There were 310 new home sales in April, down 72 per cent from April 2024 and 89 per cent below the 10-year average. 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, BILD's source for new home market data. '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.' Broken out by housing type, condos performed the worst with 105 units sold in April, down 80 per cent from April 2024 and 94 per cent below the 10-year average. Condos include units in low, medium and highrise buildings. There were 205 single-family home sales 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. The benchmark price for new condos was $1.019 million — down 3.6 per cent over the last 12 months; while the benchmark price for new single-family homes was $1.53 million, down 5.4 per cent over the last 12 months. Total new home remaining inventory decreased slightly compared to the previous month. The inventory level — the time it would take to sell inventory on the market based on current demand — is 15 months. A healthy market level is around nine to 12 months. 'Because of the time lag between sales, starts and then finally adding new home supply to existing housing stock, the public is insulated at present from the magnitude of what is unfolding in the GTA market,' said Justin Sherwood, senior vice-president of communications, research, and stakeholder relations at BILD. 'The new housing industry is decelerating quickly and a massive supply deficit in the 2027 to 2029 period is taking shape.' The number of completed condo units in the Greater Toronto and Hamilton Area will plummet after 2025 , which is set to achieve the highest number of completions at 30,793, according to real estate research firm Urbanation. But in 2028 the number of forecasted completions is 9,561. BILD argues to build more housing, the federal government must expand its GST cut for all home purchasers, not just first-time homebuyers. On Tuesday, the Liberals tabled legislation for a GST cut limited to new homes under $1 million for only first-time buyers (saving up to $50,000), while lowering the rate for first-time buyers of homes that cost between $1 million and $1.5 million. '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 a 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,' Sherwood said.
Toronto Star
5 hours ago
- Business
- Toronto Star
Building Industry Leaders Issue an Open Letter to Prime Minister Carney on GST Rebate Commitments
Toronto, May 28, 2025 (GLOBE NEWSWIRE) — Greater Toronto Area, May 28, 2025 – Yesterday at 2:30PM EST, key leaders from the building and development industry issued an open letter to Prime Minister Carney regarding the urgent need for federal action on the GST rebate and Canada's housing crisis broadly. The letter calls on the federal government to move with speed to combat market uncertainty and asks that: The GST rebate thresholds are adequate to deal with high value jurisdictions like the Greater Toronto Area and the Lower Mainland of BC; The GST exemption apply to all new home purchasers, not simply first-time buyers; The government update the existing GST rebate mechanism and simply adjust the dollar thresholds rather than come up with a completely new framework; and The government commits to regularly index the GST rebate thresholds. Later that afternoon, the federal government tabled a proposal to introduce a new GST rebate for first-time home buyers. While we are pleased that the federal government is moving quickly, the measures will provide limited, if any, benefit for buyers in large urban centres such as the GTA and Lower Mainland BC. We strongly encourage the government to incorporate the recommendations in the open letter, particularly the recommendation to retain the existing GST New Housing Rebate structure and eligibility criteria without adding a first-time homebuyer restriction. ARTICLE CONTINUES BELOW The letter was signed by leaders from: BILD (Building Industry and Land Development Association), Canmore Community Housing, Canadian Home Builders' Association, Habitat For Humanity Canada, Missing Middle Initiative, Options for Homes, Polygon Homes Ltd. and Wesgroup Properties. Read the entire letter: Dear Prime Minister Carney, We want to congratulate you on your election as Prime Minister of Canada and on the appointment of your new Cabinet. We are looking forward to working with your government towards the common goal of increasing annual housing starts to 500,000 units and supporting a sustainable housing market. We write to you today to propose that the federal government immediately follow through with a revised version of the campaign promise of enhancing the existing GST new housing rebate, which was referenced as a priority in today's Speech from the Throne. An enhanced rebate would help lower the cost of ownership, increase housing supply, enable residents to live in right-sized homes, and move the nation closer to its goal of starting construction on 500,000 new homes annually. Canadians welcomed and embraced the focus on housing affordability during the election in the interest of housing availability, affordability, and job creation. Yet, housing starts for owner-oriented homes continue to fall. In 2024, Canada recorded just 132,000 such starts, the second-lowest since 2001, and down over 20% from 2021. The outlook is worsening: first-quarter 2025 starts are down over 25% year-over-year, hitting their lowest point since the Financial Crisis. Pre-construction condo sales have nearly disappeared in Greater Vancouver and Greater Toronto, indicating further declines ahead. Canada faces a cost-of-delivery crisis in new home construction. The Liberal platform rightly identified 'lowering the cost of homebuilding' as a key priority. While many cost drivers lie outside federal control, the GST is a notable exception. Applied only to new homes, the GST undermines affordability. When introduced in 1991, the federal government provided a rebate that covered over 95% of new homes for all new home buyers. But because the thresholds were never indexed to inflation, most new homes no longer qualify, especially in high-cost regions, where affordability is most strained. This impacts not only new home prices but also resale and rental markets by reducing housing options. There is an opportunity and need to ensure the GST rebate will address the affordability crisis for all buyers, not just those purchasing new homes for the first time. If an adjustment to GST exemptions applies only to first-time buyers, it excludes key groups like seniors looking to downsize, transactions that free up family-sized homes. Perversely, it could reduce the construction of new affordable supply, as potential first-time homebuyers may be reluctant to use their eligibility on a smaller unit, instead saving it up for a more expensive, family-sized home down the road. This also reduces the incentive for those who purchase pre-construction condos, which are essential for developers to move forward with projects and provide much-needed privately-owned rental homes at completion. We urge your government to redesign its proposed enhanced GST new housing rebate with four key principles in mind: speed, simplicity, supply, and sufficiency. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Speed: The rebate should be implemented immediately to counter the ongoing decline in non-rental housing starts and prevent buyers from delaying purchases. We urge you to announce an effective date, as soon as possible, with the rebate applied retroactively to that date. Simplicity: The design should align with existing business practices and avoid complex, time-consuming changes for governments and industry. Supply: New condo supply will not be created in some regions until the market absorbs the existing inventory of under-construction and complete but unsold units. Sufficiency: The rebate must be large enough to support the federal goal of 500,000 housing starts per year, with thresholds high enough to ensure no region is excluded. With speed, simplicity, supply, and sufficiency in mind, we propose the following recommendations to the federal government: Implement immediate reforms to the existing GST/New Housing Rebate. Retain the current structure and eligibility criteria, without adding a first-time homebuyer restriction. Raise the lower threshold from $350,000 to $1,000,000 and the upper threshold from $450,000 to $1,500,000. Increase the maximum rebate from 36% to 100% for homes where possession and ownership transfer on or after July 1, 2025. The rebate must apply to homes that are currently under construction and those that are complete and unsold, to ensure the next round of construction can occur as quickly as possible. Commit to further enhancements. Recognize that even these thresholds may not fully address affordability in high-cost regions or future price growth. Implement threshold increases now and launch consultations on inflation indexing and regional adjustments. Encourage provincial action. Urge provinces to adopt or expand similar rebates, including relief from sales taxes and land transfer taxes on new homes. GST relief was a central part of the Liberal platform, your post-election commitments and addressing the housing affordability crisis facing our country. Acting quickly will complement your middle-class tax cut and show your government's practical, results-driven approach to one of Canada's most urgent challenges. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW We welcome the opportunity to support your team on implementation and look forward to working together to increase housing starts and improve affordability nationwide. We would request the opportunity to meet with you at your earliest convenience to further discuss the impact of these proposals and the need to act with urgency. Sincerely, Dave Wilkes, President & CEO, Building Industry and Land Development Association Kristopher Mathieu, AT., PMP., Executive Director, Canmore Community Housing Kevin Lee, CEO, Canadian Home Builders' Association Pedro Barata, President & CEO, Habitat For Humanity Canada Dr. Mike Moffatt, Founding Director, Missing Middle Initiative Daniel Ger, CEO, Options for Homes Robert Bruno, Executive Vice President, Polygon Homes Ltd. Beau Jarvis, President & CEO, Wesgroup Properties -30- 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. For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@ (416-617-7994)
Toronto Sun
a day ago
- Business
- Toronto Sun
BILD: Great Gulf named low-rise home builder of the year
The BILD annual awards recognize excellence in the design, construction, marketing, and sales of new homes across the Greater Toronto Area. IMAGE COURTESY OF ARISTA HOMES AND GREAT GULF Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. 2025 BILD Awards honour people and companies that shape the GTA This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The building and development industry came together earlier this week to celebrate the 2025 BILD Awards. These annual awards recognize excellence in the design, construction, marketing, and sales of new homes across the Greater Toronto Area. The awards are also a time when our industry celebrates the people and leaders within our industry. Fifty-one experts from across North America took on the challenging task of determining the winners from the more than 700 entries — only some of which I can highlight here due to the limited space of this column. Please do visit for the complete list of winners. The Home Builder of the Year, Mid/High-Rise category went to The Daniels Corporation while Great Gulf received the title of Home Builder of the Year, Low-Rise. Tridel captured Green Builder of the Year, Mid/High-Rise — this year marked the 14th time the company has taken home the Green Builder of the Year Award. Great Gulf earned Green Builder of the Year, Low-Rise. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Caledon Station by ARGO Development Corporation was named Best New Community — Planned/Under Development while Fitzrovia's Elm-Ledbury was chosen Best Community, Built. One Roxborough West by North Drive Investments won Project of the Year, Mid-High-Rise; Project of the Year, Low-Rise went to both Arista Homes and Great Gulf for their OAKPOINTE in Upper Joshua Creek project. Best Purpose-Built Rental Project was bestowed upon The Rose Corporation for their The Bakerfield II project. Brixen Developments' Exhale Residences was deemed the People's Choice, one of the most sought-after honours in the BILD Awards program. Howard Sokolowski, Founder of Metropia, received BILD's Lifetime Achievement Award, the highest honour BILD can present a member. The award honours those who have dedicated a lifetime to the association and the industry and demonstrated remarkable leadership and commitment to the common good. This advertisement has not loaded yet, but your article continues below. Mr. Sokolowski has been at the forefront of Canada's development industry for over 30 years. One of the most trusted and influential industry leaders, he is renowned for building iconic communities that residents are proud to call home. The Angelo DelZotto Fearless Innovator Award, presented to a member company committed to pursuing innovation in all forms, including processes, technologies, and products, with the intention of positively impacting people, communities, and business, went to Assembly Corp. Fitzrovia received the Stephen Dupuis Corporate Social Responsibility Award. Sam Condo, of Weston Flooring Ltd., was the recipient of the Ignat Kaneff Inspiration Award, which recognizes an individual or member company dedicated to mentorship and supporting newcomers to Canada. Adrian Rocca, of Fitzrovia, garnered the Riley Brethour Leadership Award for outstanding professional achievement and leadership in the industry. This advertisement has not loaded yet, but your article continues below. Established in 1980, the BILD Awards celebrate all the phases of bringing a new community to life, from land use to technical suite design to creative marketing techniques. Special accolades are also presented to members for their humanitarian and philanthropic efforts. BILD is honoured to celebrate the people and projects that make our industry and region special. We congratulate all the finalists and the winners. For the complete list of winners and for more information, please visit Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD), the voice of the home building, land development and professional renovation industry in the GTA. For the latest industry news and new home data, visit Crime Sunshine Girls Toronto Raptors Sunshine Girls World
Hamilton Spectator
a day ago
- Business
- Hamilton Spectator
2025 BILD Awards celebrate home building excellence in the GTA
Toronto, May 30, 2025 (GLOBE NEWSWIRE) — Greater Toronto Area, May 30, 2025 – The Building Industry and Land Development Association (BILD) recognized excellence in the design, construction, marketing and sales of new homes in the Greater Toronto Area (GTA) at its 2025 BILD Awards Gala, held on May 29. BILD presented 50 awards in the categories of architecture, design, marketing, people and sales, and in the prestigious project and builder categories. A group of 51 expert judges from across North America determined the winners from over 700 submitted entries. 'The BILD Awards is one of the largest and most prestigious awards programs of its kind in North America,' said Dave Wilkes, BILD President & CEO. 'This year's winners truly exemplify outstanding innovation and showcase the excellence of the building industry in the Greater Toronto Area.' Howard Sokolowski, Founder and CEO of Metropia, received BILD's Lifetime Achievement Award. It is the highest honour BILD can present to a member, recognizing those who have dedicated a lifetime to the association and the industry and demonstrated significant leadership and commitment to the greater good. Mr. Sokolowski has been at the forefront of Canada's development industry for over 30 years. One of the most trusted and influential industry leaders, he is renowned for building iconic communities that residents are proud to call home. The Daniels Corporation was named Home Builder of the Year, Mid/High-Rise, while Great Gulf received the title of Home Builder of the Year, Low-Rise. The Home Builder of the Year categories recognize builders who set the standard for the rest of the industry through their professionalism and dedication to excellence. A key component of the judging process is a customer satisfaction survey, which ensures that the end user's experience is factored into the award criteria. The winners of the top project and builder categories include: In addition, Brixen Developments' Exhale Residences designed by Architecture Unfolded received the People's Choice Award, which is voted by the public. For a full list of BILD Awards winners, visit . . 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@ or 416-617-7994.
Yahoo
a day ago
- Business
- Yahoo
Howard Sokolowski Recognized with BILD's Lifetime Achievement Award
Toronto, May 30, 2025 (GLOBE NEWSWIRE) -- Greater Toronto Area, May 30, 2025 – At the 2025 BILD Awards gala yesterday on May 29, The Building Industry and Land Development Association (BILD) presented its Lifetime Achievement Award to industry icon, Howard Sokolowski, Founder & CEO of Metropia. The BILD Lifetime Achievement Award celebrates individuals who have dedicated their careers to advancing the development industry, demonstrating visionary leadership, unwavering integrity, and a commitment to the greater good. Mr. Sokolowski exemplifies these values through more than three decades of impactful contributions to the Greater Toronto Area (GTA) and beyond. 'The Lifetime Achievement Award is the highest honour presented to a BILD member,' said Dave Wilkes, President & CEO of BILD. 'Presenting this award to Mr. Howard Sokolowski is a true privilege. His vision, leadership, and unwavering commitment have left a lasting impact not only on our industry, but on the communities he has helped shape. We thank Howard for his decades of support to BILD, his contributions to the development industry, and his dedication to building stronger, more vibrant communities across the GTA and Canada.' A driving force in Canadian real estate for over 30 years, Mr. Sokolowski began his career as CEO and Co-Founder of Tribute Communities, where he helped deliver over 30,000 homes. He later founded Metropia, which has grown into one of Canada's most respected full-service developers, known for building innovative master-planned communities. Under his leadership, Metropia has developed more than 14,000 residential units across 22 communities, encompassing over 13 million square feet of residential, retail, and corporate space. Mr. Sokolowski has built a reputation on quality construction, exceptional customer care, and the ability to anticipate emerging market trends. His efforts have shaped communities nationwide and earned numerous accolades, including awards from J.D. Power and Associates, the Ontario Home Builders Association, and BILD. For a full list of BILD Awards winners, visit . 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@ or 416-617-7994. CONTACT: Janis McCulloch Building Industry and Land Development Association (BILD) 416-617-7994 jmcculloch@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
