GTA Housing Sales Hit Record Low in April

Housing sales in the Greater Toronto Area (GTA) hit a record-breaking low in April, according to recent numbers.  New home sales dropped 56 percent in April, the Building Industry and Land Development Association (BILD) said, adding they are 65 percent below the 10-year average. Sales of single-family homes were down 45 percent from the same time last year, and 48 percent below the 10-year average. Condo sales are 64 percent lower from April 2023, and 75 percent below the 10-year average.  The organization blames high interest rates and low building levels for the situation, and is calling on the government to make changes.  “The current situation with high interest rates and slow preconstruction levels is creating a critical situation for the future housing supply of the GTA and demands the attention of all levels of government to create the economic and investment climate to balance the market over the next several years,” said Justin Sherwood, SVP Communications & Stakeholder Relations at BILD. ...