"Toronto's condo sales have hit a new low for the month of September with just 53 new condo units sold in the city as the market continues to face consequences due to housing affordability. Just 155 condo units were sold across the Greater Toronto Area last month, down 44 per cent from September 2024 and 90 per cent below the 10-year average, according to data by Altus Group on behalf of the Building Industry and Land Development Association (BILD) released Tuesday. BILD's CEO said the sales are low because of the high cost of building due to government fees and taxes."
"The September numbers are reinforcing a trend we've seen for the last almost two years where we're 85 per cent below the 10-year average, both in condo sales across the region, but also in single family sales across the region, David Wilkes told CBC News on Tuesday. There were 283 single-family homes that sold in the GTA down 16 per cent from the previous year and 61 per cent below the average over the last decade, according to the data. This includes detached, linked, semi-detached and townhouses. Wilkes said he hasn't seen the housing market look this bad since the 1990s. We really are in the depths of a downturn in the housing industry, he said."
"BILD said 15 new condos were sold in Durham, 35 in Halton, 43 in Peel, and nine in York last month. The benchmark price for new condominium apartments in September in the GTA was $1,033,317, while the benchmark price for new single-family homes was $1,437,447 which was down 8.2 per cent over the last 12 months, the data"
Condo sales in Toronto fell to 53 units in September, with 155 sold across the Greater Toronto Area, down 44% year-over-year and 90% below the 10-year average. New home sales across the region remain about 85% below decade norms, affecting both condominium and single-family markets. Single-family transactions numbered 283 in the GTA, down 16% year-over-year and 61% below the 10-year average, including detached, linked, semi-detached and townhouses. Inventory of new homes decreased slightly as few new units were added, and construction costs driven by government fees and taxes are cited as a key factor.
Read at www.cbc.ca
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