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Hamilton Spectator
an hour 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.
CTV News
3 days ago
- Business
- CTV News
Seventh consecutive month of record all-time lows for new home sales in GTA eclipses 1990s downturn
New home sales in the GTA hit a seventh consecutive month of record all-time lows according to a new report, eclipsing the 1990s downturn. The report from the Building Industry and Land Development Association (BILD) said that there were 310 new home sales in April in the region, which is down 72 per cent from April 2024 and 89 per cent less than 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,' it read. Condos, including units in low, medium and high-rise buildings, accounted for just 105 units sold in the GTA in April, down 80 per cent from the same time last year and 94 per cent below the 10-year average. 'April 2025 new home sales across the GTA have extended the slowest period of sales on record,' said Edward Jegg, the research manager at Altus Group, which is 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.' As for single-family home sales, the report says there were only 205 such sales in the GTA in April, down 66 per cent from last year. '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,' Justin Sherwood, BILD's senior vice-president of communications, research, and stakeholder relations, said in reference to proposed measures from the federal government to provide GST relief to first-time new home buyers. '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.' The report also said that benchmark prices decreased in April for both single-family homes and condos in the GTA compared to the previous year. The benchmark price for new condos was $1,019,120, down 3.6 per cent, while the benchmark price for new single-family homes was $1,530,126, down 5.4 per cent.
Yahoo
3 days ago
- Business
- Yahoo
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@ (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@
Toronto Sun
24-04-2025
- Business
- Toronto Sun
March new GTA home sales down 68% from a year ago: BILD
In markets like Toronto, the gap has steadily increased significantly in the past five years due to the fact that the land to build more housing is so scarce. A Toronto home building association says sales of new GTA dwellings remained extremely low in March, marking a sixth consecutive month of record all-time lows. 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 Industry and Land Development Association (BILD) said 385 new homes were sold in March, down 68% from March 2024 and 87% below the 10-year average, citing numbers from Altus Group, the association's official source for new home market intelligence. Historically, new home sales for a typical March in the GTA would be 3,311 units based on the previous 10-year average. 'March 2025 new home sales across the GTA reached another low for the month,' Edward Jegg, Research Manager at Altus Group, said in a statement. 'Housing prices have stabilized, which is a reflection of the current cost to build and they are likely reaching their low point. This, combined with economic uncertainty, driven largely by tariff concerns, is keeping buyers on the sidelines.' 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. Condominium apartments, including units in low, medium and high-rise buildings, accounted for 160 units sold in the GTA in March, down 75% from March 2024 and 92% below the 10-year average. There were 225 single-family home sales in the GTA in March, down 61% from a year ago and 75% below the 10-year average. Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 21,707 units. This includes 16,803 condominium apartment units and 4,904 single-family dwellings. With year-over-year housing starts in the GTA down more than 50%, BILD says governments at all levels must take action. 'New home sales in the GTA have plummeted to catastrophic lows, and without urgent government action, we risk long-term damage not just to housing supply, but to the broader economy. If this were the auto sector, governments would be lining up with support,' said Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD. This advertisement has not loaded yet, but your article continues below. 'Let's not forget: the housing and development industry in the GTA directly employs 285,000 people, results in $16.9 billion in wages, and creates $60.8 billion in economic activity. This is not a fringe issue – it's a cornerstone of our economy. And with the GTA recently recognized as the fastest-growing metropolitan region in North America, it's critical that policy aligns to get home sales and construction moving again. A clear opportunity is to address the 25% of fees, taxes and charges (such as development charges and HST) that governments levy on a new home in the GTA, which add hundreds of thousands of dollars to prices and slow industry activity. Now is the time for governments of all levels to implement solutions so that the sector can deliver the jobs and housing that the GTA needs.' Benchmark prices decreased in March for both single-family homes and condominium apartments in the GTA compared to the previous year. The benchmark price for new condominium apartments was $1,020,864, down 3.2% over the last 12 months. The benchmark price for new single-family homes was $1,532,279, down 3.9% over the last year. Toronto & GTA Toronto Raptors Federal Elections Toronto Maple Leafs Canada
