New GTA home sales were the lowest February ever on record: BILD

GTA new home sales remained historically slow in February, marking the lowest ever February on record according to the Building Industry and Land Development Association (BILD).

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There were 400 new home sales in February, which was down 50% from February 2024 and 84% 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 February in the GTA would be 2570 units based on the 10-year average.

“In this time of economic uncertainty, stimulating housing sales and starts is essential to support Canada’s economy, local jobs and industries coast to coast,” Justin Sherwood, senior vice president of Communications, Research, and Stakeholder Relations at BILD, said in a statement.

“However, this can only be accomplished if government policy aligns to get housing sales and construction moving again.”

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Sherwood welcomed two new announcements this week exempting new homes from the Federal portion of the HST.

“To be successful in addressing affordability these policies must apply to the largest number of buyers, have price thresholds that are reflective of the GTA market reality and be matched by the provincial government,” he said in a statement.

“Furthermore, policy that supports reducing and modernizing municipal fees and charges, like development charges, is also vital to improving affordability for potential new buyers and getting construction back on track.”

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Still, Sherwood emphasized: “Make no mistake, we are at the point of a serious ‘cost to build’ crisis and we risk an entire industry shutting down with great and lasting consequences to housing supply and affordability in the GTA. Now is the time for action.”

Condominium apartments, including units in low, medium and high-rise buildings, accounted for 152 units sold in the GTA in February, down 62% from February 2024 and 90% below the 10-year average.

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There were 248 single-family home sales in the GTA in February, down 38% from February 2024 and 75% below the 10-year average.

“New home sales across the GTA in February 2025 remained at rock bottom levels,” Edward Jegg, research manager at Altus Group, said in a statement. “Uncertainty related to upcoming U.S. tariff levels have further added to the reservations buyers previously had on their minds.”

Total new home remaining inventory in the GTA increased slightly, compared to the previous month, to 21,863 units including 16,995 condominium apartment units and 4,868 single-family dwellings.

Benchmark prices decreased in February for both single-family homes and condominium apartments in the GTA compared to the previous year with new condominium apartments at $1,021,760, which was down 2.4% over the last 12 months, and new single-family homes at $1,536,734, which was down 2.9% over the last 12 months.

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