GTA’s new home market see positive momentum as sales activity picks up in March

A new condo development is constructed in Toronto, Friday, Feb. 23, 2023. THE CANADIAN PRESS/Chris Young

The new home market in the GTA is starting to show signs of life after hitting record lows in 2025.

The Building Industry and Land Development Association (BILD) said there were 948 new home sales in March, up “significantly” from March 2025’s record low of just 439 new homes sold.

The association notes that this is still 64 per cent below the 10-year average, according to Altus Group, which collects market intelligence on behalf of BILD.

“March new home sales, though improved, were still the second worst March on record,” Edward Jegg, Research Manager at Altus Group, said in a news release issued Thursday.

“Sales were especially strong at a few projects that had more aggressive pricing, showing that buyers are indeed ready to move off the sidelines under the right conditions.”

BILD notes that a new government program that will waive HST on new home purchases starting April 1 will “further incentivize buyers to jump back into the new home market.”

“The momentum is a positive indication that we are exiting the doldrums,” Justin Sherwood, Chief Operating Officer at BILD, said in the release.

“Looking ahead, we are anticipating significantly more activity in the market as a result of the provincial-federal HST relief on new homes. Early anecdotal evidence from the first half of April points to dramatically increased activity at new home sales centres and increased sales.”

The report notes that condos, including units in low, medium, and high-rise buildings and stacked townhouses, represented 263 units sold in the GTA in March. This, BILD says, is 86 per cent below the 10-year average.

The benchmark price for new condo apartments in the GTA in March was $1,027,477, a figure that appears to be a “price floor.” For new single-family homes, the benchmark price was $1,413,863, down 7.7 per cent over the 12 months.

“When we combine the increasing momentum of March with the renewed market activity in April, I think we have some exciting things to look forward to,” Sherwood said.