The Greater Toronto Area’s new home market is sending contradictory signals that deserve careful attention. While September sales jumped 63.9% year-over-year to 949 units, the underlying story reveals a market under significant pressure\u2014particularly for condos.<\/p>\n
The headline concern: single-family home prices have collapsed 13.3% in the past year, with nearly 95% of that decline happening in just four months. New condo prices have held steadier, falling only 0.2% annually, but that resilience masks a critical problem\u2014condo sales plummeted to record lows at just 129 units.<\/p>\n
Key metrics paint a sobering picture:
\n– Single-family benchmark: $1.25M (down $190.7K year-over-year)
\n– New condo benchmark: $1.03M (essentially flat)
\n– Inventory remains elevated at third-highest September level since 2015
\n– Overall sales still 52% below the 10-year average<\/p>\n
What makes this noteworthy: the modest sales recovery appears heavily reliant on government bailout programs and developer incentives\u2014suggesting underlying demand remains fragile. Single-family home buyers are gaining ground, but condo purchasers are decisively stepping back, signaling price resistance even as developers maintain higher asking prices.<\/p>\n
For the full analysis and data visualization, visit the original article.<\/p>\n
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