Sunday, February 9, 2025
HomeCANADABILD report reveals Toronto-area new home sales hit record low in December,...

BILD report reveals Toronto-area new home sales hit record low in December, marking worst year since 1990

Toronto’s new home sales market experienced a historic low in December, capping off the worst year for the city’s housing market since 1990, according to a new report by the Building Industry and Land Development Association (BILD).

The report, released Monday, revealed that only 310 new homes were sold in December 2024, marking a 46% drop compared to December 2023 and an 80% decline from the 10-year average. For the entire year, new home sales totaled 9,816, down 47% from the previous year and 69% below the decade-long average.

According to BILD’s data provider, December 2024 had the lowest recorded home sales for the month since 1981. Condominiums, including low, mid, and high-rise units, saw a sharp 63% drop in sales from the previous year, while single-family home sales declined just 1% but remained 62% below the 10-year average.

Industry experts warn that the lack of new housing supply could contribute to a future housing crisis. Justin Sherwood, BILD’s senior vice-president, emphasized that the region is struggling to add new housing, with rising construction costs making new builds increasingly difficult.

While Toronto’s resale housing market has shown slight improvement due to falling interest rates, new home construction continues to face significant challenges, which could lead to higher home prices and economic losses in the long run.

RELATED ARTICLES
- Advertisment -
Google search engine

Most Popular