TORONTO — The Greater Toronto Area (GTA) experienced its lowest February for new home sales on record, according to new data released by the Building Industry and Land Development Association (BILD).
Only 400 new homes were sold in February 2025 — a 50% drop from February 2024 and a staggering 84% below the 10-year average of 2,570 units, as reported by Altus Group, BILD’s official market intelligence partner.
“New home sales across the GTA remained at rock bottom levels in February,” said Edward Jegg, research manager at Altus Group. He also noted that ongoing uncertainty surrounding potential U.S. tariffs has further dampened buyer confidence.
Breaking down the figures:
- Condominium apartments (including low-, medium-, and high-rise units) made up 152 sales, which is 62% lower than last year and 90% below the 10-year February average.
- Single-family home sales totaled 248 units, down 38% year-over-year and 75% below the historical average.
Despite slow sales, inventory levels slightly increased compared to the previous month. As of February, there were 21,863 new homes available across the GTA — including 16,995 condos and 4,868 single-family homes — representing about 14 months of inventory based on the past year’s average sales pace.
“In this time of economic uncertainty, stimulating housing sales and starts is crucial to supporting Canada’s economy, as well as protecting jobs and key industries across the country,” the statement concluded.