Only 269 new homes sold in GTA in January, according to report

Real estate sale signage is shown on a street in Oakville, Ont., west of Toronto, on Thursday, Nov.7, 2024. THE CANADIAN PRESS/Richard Buchan

Only 269 new homes were sold in the Greater Toronto Area last month, a record low for January, according to the Building Industry and Land Development Association (BILD).

In its report on Tuesday, BILD stated that January home sales were down 36 per cent from the same month last year and 80 per cent below the 10-year average.

Usually, about 1,339 units are sold in January, according to BILD.

“GTA new home sales started 2026 the same way they ended 2025 with another record low for the month,” Edward Jegg, the research manager at Altus Group, which is BILD’s source for the new home market intelligence, said in a release.

“The sustained nature of the new home slowdown has been underpinned by the combination of affordability concerns and failing consumer confidence.”

Of the 269 units sold, 184 are single-family home sales, down 26 per cent from January 2025. It is also below the 10-year average of 575.

The remaining units were condo apartments and stacked townhouses.

The benchmark price of a single-family home in the GTA last month was $1,397,358, down 10 per cent over the last 12 months. For a new condo apartment in the GTA, the price was $1,027,286.

Justin Sherwood, the chief operating officer at BILD, said market certainty and measures to support consumer confidence are needed to “turn these figures around.”

“Without that, we will continue to see record-low home sales and this will have significant employment and economic impacts across the region — and undermine future starts and supply,” he said in a statement.

According to BILD, the new home inventory in the GTA last month reached 20,557 — 14,731 condo apartment units and 5,826 single-family dwellings.

Sherwood is calling on the federal government to move quickly on its commitments to reduce development charges and provide certainty on tax measures.

“At this time, it is vital that governments work with speed and urgency to help support consumer confidence and revitalize activity in the market through policy changes that address government-added costs to new homes,” Sherwood added.