GTA high-rise sales hit a record low as Ontario eyes a modest housing rebound

New high-rise units sold in September

129 units

Only 129 new high-rise units sold in the Greater Toronto Area in September, a record low for the month. That is 90 per cent below the 10-year average, according to the Building Industry and Land Development Association.

New home sales in the GTA, September

820 low-rise homes 129 high-rise units

Low-rise homes carried the month with 820 of the 949 new home sales, beating the 10-year average for a sixth month. Builders credit the HST rebate program, whose construction timelines high-rise projects struggle to meet.

Desjardins forecast for Ontario in 2027

• Existing home sales up nearly 5%
• Average prices up 2.4%
• Housing starts near 65,000
• Two Bank of Canada rate hikes

Desjardins expects Ontario's existing home sales to rise nearly 5 per cent in 2027 and average prices 2.4 per cent. Two Bank of Canada rate hikes it expects next year would limit the rebound.

What's next

The builders' association calls September's high-rise figures a wake-up call and asks for the HST rebate rules to change so condo buyers can benefit too.