Greater Toronto Area, February 21, 2025 – Greater Toronto Area (GTA) new home sales stayed low in January, but with prices low and inventory steady, these conditions create a unique buying opportunity, the Building Industry and Land Development Association (BILD) announced today.
There were 347 new home sales in January which was down 40 per cent from January 2024 and 77 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence.
“January 2025 new home sales across the GTA recorded a near record low,” said Edward Jegg, Research Manager at Altus Group. “Despite a further Bank of Canada cut, excessive inventory and falling prices, GTA new home buyers are nowhere to be found.”
Condominium apartments, including units in low, medium and high-rise buildings, accounted for 101 units sold in the GTA in January, down 58 per cent from January 2024 and 88 per cent below the 10-year average.
There were 246 single-family home sales in the GTA in January, down 27 per cent from January 2024 and 63 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 January, there were 47 total new home sales in Simcoe, 41 single-family home sales and six condominium apartments. The weighted average price for new condominium apartments in Simcoe County was $857,338 and for single-family homes was $1,115,176.
Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 21,505 units. This includes 16,906 condominium apartment units and 4,599 single-family dwellings. This represents a combined inventory level of 14 months, based on average sales for the last 12 months.
“With spring on the horizon, now is a prime time for new home buyers to step into the market. Prices have dropped approximately 20% from the peak in 2022, and with interest rates easing, buyers have a unique opportunity to secure a new home at a favorable price,” said Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations. “However, it is important to recognize that the ‘cost to build’ a new home remains high, due to fixed factors like labour and material costs. This means we are likely at the floor on prices. With current inventory levels, the market is also offering more choice than ever, but this combination of lower prices and reduced interest rates may not last long. For buyers, now is an ideal time to act before conditions shift again.”
Benchmark prices decreased in January for both single-family homes and condominium apartments in the GTA compared to the previous year. The benchmark price for new condominium apartments was $1,015,231, which was down 3.5 per cent over the last 12 months. The benchmark price for new single-family homes was $1,552,846, which was down 1.2 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.
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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.
