GTA new home sales remain low in January – but with prices down and inventory up, buyers have a unique opportunity in the months ahead.

In January, 347 units were sold, a 40% decrease compared to last year. Condo apartments accounted for 101 of these sales, down 58% from January last year and 88% below the ten-year average. There were 246 new single-family homes sold, a 27% decrease from January last year and 63% below the ten-year average.

The benchmark price for new condo apartments in January was approximately 1.02 million, a 3.5% decrease year-over-year; the benchmark price for new single-family homes was about 1.55 million, a 1.2% decrease year-over-year. Additionally, the remaining inventory of new homes was 21,505 units, including 16,906 condo units and 4,599 single-family homes.