Teagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
Building Industry and Land Development calls for "urgent" government action after they recorded only 654 new GTA homes sales in July.New home sales in the GTA hit an "all time low" in July, posting a scrappy 654 transactions in July, according to. The number of transactions from July also sits 70% below the 10-year average.
Of the new homes that did sell in July, 367 were single-family homes. Year-over-year, this represents only a 1% decline in the category, though it is still 42% below the 10-year average. Condos made up the rest of the new home sales, with 287 transactions, constituting a substantial 67% decrease from July 2023 and landing us 81% below the 10-year average.
"Months of inventory are increasing not because the number of new units coming to market is dramatically increasing, but rather because sales are continually decreasing," says the report. "As interest rates decrease, sales will return but it will take longer for new building to recover, setting up a future supply/demand imbalance."
Though it is clear the Bank of Canada's rate cuts haven't taken hold in the new housing market just yet, Edward Jegg, Research Manager with Altus Group, offers a positive forecast. “GTA new homes sales in July 2024 sank to another record monthly low as buyers remained unwilling to leave the sidelines,” said Jegg.
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