Greater Toronto Area, December 18, 2025 – With just one month remaining in 2025, new home sales in the Greater Toronto Area (GTA) remained at rock-bottom levels in November, marking 22 consecutive months of decline and putting the year on track to be the weakest for new home sales since it started keeping records in 1981, the Building Industry and Land Development Association (BILD) said today.
There were 510 new home sales in November, which was down 35 per cent from November 2024 and 83 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence. Historically, new home sales for a typical November in the GTA would be 2,923 units based on the previous 10-year average. As November 2024 set a record-breaking low for new home sales, this November’s year-over-year numbers are now being measured against already what was one of the weakest months on record.
Condominium apartments, including units in low, medium, and high-rise buildings and stacked townhouses, accounted for 165 units sold in the GTA in November, down 40 per cent from November 2024 and 92 per cent below the 10-year average.
There were 345 single-family home sales in the GTA in November, down 32 per cent from November 2024 and 56 per cent below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).
Total new home remaining inventory in the GTA decreased slightly compared to the previous month, to 21,105 units. This includes 15,392 condominium apartment units and 5,713 single-family dwellings. This represents a combined inventory level of 25.5 months, based on average sales for the last 12 months — which is the highest inventory level seen to date.
“With the market now showing record levels of completions and an emerging decline in units under construction and pre-construction, the precursors for a future looming supply crunch are now here — a trend we expect to intensify in the years ahead,” said Justin Sherwood, Chief Operating Officer at BILD. “The key to preventing this from becoming a deeper crisis is to bring down the cost per unit. The fastest, most effective and efficient way to do that is by eliminating layers of taxes, fees and charges across all housing types by extending the new-home HST exemption to all purchasers of new homes, not just first-time buyers of homes priced under $1 million and by reducing municipal development charges.”
The benchmark price for new condominium apartments in November in the GTA was $1,022,927, remaining at an apparent price floor. The benchmark price for new single-family homes was $1,416,638, which was down nine per cent over the last 12 months.
With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders’ Associations.
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For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@bildgta.ca (416-617-7994)
*Altus Group should be credited as BILD’s official source of new home market intelligence.
