‘A stark picture:’ GTA home sales in August hit historic low, new report finds [Video]

A homebuilding industry association says new home sales in August were at a historic low in the GTA with the data painting a “stark picture of a housing market that is struggling with deep structural issues.”

The Building Industry and Land Development Association issued a report on Thursday, saying there were 464 new home sales in August. That represents a 46 per cent decline from August 2023 and is 73 per cent below the 10-year average, according to the association’s home market intelligence source Altus Group.

It also comes on the heels of a similar decline in July when new home sales were down 48 per cent from the same month in 2023 and 70 per cent below the 10-year average.

“August new home sales across the GTA continued to be weak, leading to elevated inventory levels,” Edward Jegg, research manager with Altus Group, said in a news release Thursday.

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