New home sales in the Greater Toronto Area remained sluggish in January—but with prices falling and inventory increasing, homebuyers will have unique opportunities in the coming months.

A total of 347 homes were sold in January, a 40% decrease compared to the same period last year. Of these, 101 were condominiums, a 58% decrease year-on-year and 88% below the ten-year average. 246 were newly built detached houses, a 27% decrease year-on-year and 63% below the ten-year average.

In January, the benchmark price for newly built apartments was approximately ¥1.02 million, a decrease of 3.5% year-on-year; the benchmark price for newly built detached houses was approximately ¥1.55 million, a decrease of 1.2% year-on-year. Furthermore, the remaining inventory of newly built housing was 21,505 units, including 16,906 apartments and 4,599 detached houses.