New home sales in the Greater Toronto Area (GTA) have continued to struggle, despite a series of recent rate cuts by the Bank of Canada. According to a report by the Building Industry and Land Development Association (BILD), only 591 new homes were sold in September, representing a 69% decrease from the same period last year. This included 344 single-family homes, down 41%, and 247 condos, down 81% from 2023.
Altus Group, providing market insights for BILD, noted that the interest rate cuts, which began in June after the rate peaked at 5% in 2023, have brought it down to 3.75%. Despite these cuts, potential buyers remain cautious. Elevated inventories and reduced prices mean the market is now well-positioned for buyers, according to Edward Jegg, Altus Group’s research manager.
Currently, the GTA has nearly 22,000 available units, translating to about 13.8 months of inventory—a sign of a slower market. BILD’s report also warns that continued low sales could impact housing starts in the future, potentially leading to supply shortages and price increases. Prices have dipped slightly, with condos now at a benchmark price of $1.025 million, down 1% year-over-year, and single-family homes at $1.565 million, down by 0.1%.

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