Sales of new condos in the Greater Toronto Area, including units in low, medium and high-rise buildings, stacked townhouses and loft units, with 289 units sold, were down 89 per cent from September 2021 and 84 per cent below the 10-year average.

The data comes from Altus Group, the Building Industry and Land Development Association’s official source for new home market intelligence. Overall, the GTA new home market slowed in September, with sales well below the 10-year average and inventories low, but rising slightly, BILD announced on Monday.

Single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 45 units sold, down 96 per cent from last September and 96 per cent below the 10-year average.

“September new home sales were quite low,” said Edward Jegg, research manager at Altus Group. “However, inventory rose as builders brought more condominium apartment projects to market.”

Total remaining inventory increased compared to the previous month, to 11,900 units, comprising 10,291 condo apartment units and 1,609 single-family lots, representing 4.4 months and 3.1 months of inventory respectively. A balanced market would have nine to 12 months of inventory.

The benchmark price for new condos in September was $1,159,455, which was up 11.8 per cent over the last 12 months and the benchmark price for new single-family homes was $1,853,214, which was up 17.8 per cent over the last 12 months.

BILD President and CEO Dave Wilkes said that the market has stalled due to monetary policy and rising interest rates. “Inflation in construction and labour costs, elevating government fees, taxes and charges and tight supply make significant price correction for new homes very unlikely,” he said. “The solution remains significantly adding supply to the market and this requires a wholesale change to the way we regulate, tax and deliver new homes to the residents of the GTA.”