'Nothing is moving' in GTA, BILD says

Sales of newly built homes were down 71 per cent in May

- VICTORIA GIBSON

The chill that has taken hold of the Toronto area's usually red-hot real estate market is leaving a growing number of new homes to languish - with stubbornly high prices and heightened borrowing costs icing out prospective buyers, and new home sales down 71 per cent compared to last year.

A new report from Altus Group analysts and the Building Industry and Land Development Association which represents builders and renovators across the GTA counts 936 new homes sales across the Toronto region in May, comprised of 539 condominium units and 397 single-family homes.

For new condos, that represented a 75 per cent drop in sales compared to May 2023, in the most pronounced change in the data. Sales of new single-family homes, including detached homes, semis and non-stacked townhouses, were down 65 per cent year over year, the figures show.