New home sales in the Greater Toronto Area hit a historic low in August 2024, down 46% compared to August 2023.

In August, 464 units were sold, a 46% decrease compared to last year. Condo apartments accounted for 235 of these sales, down 61% from August last year and 81% below the ten-year average. There were 229 new single-family homes sold, a 14% decrease from August last year and 56% below the ten-year average.

The benchmark price for new condo apartments in August was approximately 1.03 million, a 5% decrease year-over-year; the benchmark price for new single-family homes was about 1.60 million, a 7% decrease year-over-year. Additionally, the remaining inventory of new homes was 21,296 units, including 17,233 condo units and 4,063 single-family homes.