TORONTO — Greater Toronto Area (GTA) new home sales have made history, marking the lowest ever February on record, the Building Industry and Land Development Association (BILD) announced recently.
There were 400 new home sales in February which was down 50 per cent from February 2024 and 84 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.
Typically February in the GTA would be 2,570 units based on the 10-year average, explains a release.
“New home sales across the GTA in February 2025 remained at rock bottom levels,” said Edward Jegg, research manager at Altus Group, in a statement. “Uncertainty related to upcoming U.S. tariff levels have further added to the reservations buyers previously had on their minds.”
Condominium apartments, including units in low, medium and highrise buildings, accounted for 152 units sold in the GTA in February, down 62 per cent from February 2024 and 90 per cent below the 10-year average.
There were 248 single-family home sales in the GTA in February, down 38 per cent from February 2024 and 75 per cent below the 10-year average.
Total new home remaining inventory in the GTA increased slightly compared to the previous month, the release notes, to 21,863 units. This includes 16,995 condominium apartment units and 4,868 single-family dwellings. This represents a combined inventory level of 14 months, based on average sales for the last 12 months.
“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,” said Justin Sherwood, senior vice-president of communications, research, and stakeholder relations at BILD. “However, this can only be accomplished if government policy aligns to get housing sales and construction moving again.
“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.”
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