Toronto, April 23, 2026 (GLOBE NEWSWIRE) — While new home sales in the Greater Toronto Area (GTA) saw positive improvement year-over-year in March 2026, sales continue to fall far short of 10-year averages, the Building Industry and Land Development Association (BILD) said today. Despite the increase in momentum, last month’s new home sales were still the second worst March on record; however, BILD expects the harmonized sales tax (HST) rebate will energize the market for the balance of the year and build on March’s momentum.
There were 948 new home sales in March, up significantly from the record low of March 2025 but still 64 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence. Historically, new home sales for a typical March in the GTA would be 2,659 units based on the previous 10-year average.
“March new home sales, though improved, were still the second worst March on record,” said Edward Jegg, Research Manager at Altus Group. “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. The waiver of all HST on new home purchases starting April 1 is expected to further incentivize buyers to jump back into the new home market.”
Condominium apartments, including units in low, medium, and high-rise buildings and stacked townhouses, accounted for 263 units sold in the GTA in March, 86 per cent below the 10-year average.
There were 685 single-family home sales in the GTA in March, a significant year-over-year increase but still 12 per cent below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses).
Total new home remaining inventory in the GTA dipped below the 20,000 mark for the first time in 19 months with 19,733 units for March. This includes 13,726 condominium apartment units and 6,007 single-family dwellings. This represents a combined inventory level of 29 months, based on average sales for the last 12 months. When sales are increasing after a prolonged period of very low sales, the months of inventory statistics should be viewed with caution as it is based on dividing present inventory by the average of the past 12 months of sales activity (which have been very low). We anticipate that as sales increase, the months of inventory statistics will decrease rapidly.
“While we recognize the progress in new home sales for March, it is important to keep in mind the historical context of these figures,” said Justin Sherwood, Chief Operating Officer at BILD. “March 2025 was the worst March on record with only 439 new homes sold. Although we acknowledge the improvement from last year to this March, it is important to note that the market in March 2026 continued to underperform against 10-year averages. That said, the momentum is a positive indication that we are exiting the doldrums. 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. 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.”
The benchmark price for new condominium apartments in March in the GTA was $1,027,477, remaining at an apparent price floor. The benchmark price for new single-family homes was $1,413,863, which was down 7.7 per cent over the last 12 months.
In Simcoe County in March, there were 30 single-family new home sales and one condominium apartment sale, with the weighted average price of the single-family new homes in Simcoe County at $1,153,454.
With more than 1,000 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders’ Associations.
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For additional information or to schedule an interview, contact Nadine Habib at [email protected] (416-617-7994)
*Altus Group should be credited as BILD’s official source of new home market intelligence.
Attachment
- BILD New Home Sales – Media Backgrounder – March 2026 – Altus Data Solutions
CONTACT: Nadine Habib Building Industry and Land Development Association (BILD) 416-617-7994 [email protected]
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