Only 510 new homes were sold in June—far below the 10-year average of 2,801. Both condos and single-family homes saw steep drops:
- 🏢 Condo sales: Down 67% year-over-year, 89% below the decade average (just 217 units sold)
- 🏠 Single-family homes: Down 53% from last year, 62% below historic norms (293 units sold)
“It’s been several months now that we’ve been seeing record-low sales,” said Dave Wilkes, BILD president & CEO. “The industry really has stalled.”
🔍 What’s Driving the Slowdown?
Wilkes points to unaffordable building costs—around $1.5M for single-family homes and $1M for condos—as a major factor, along with low consumer confidence in the face of economic uncertainty.
While some building costs like materials and labour have eased slightly, taxes remain a key affordability barrier for both builders and buyers.
🏡 Why This Could Be Good News for Buyers
Despite the challenging market for builders, current conditions actually favour buyers:
- 📦 High inventory: A record 22,254 new homes are on the market (16,696 condos & 5,558 single-family homes)
- 📉 Negotiation power: Builders are motivated to move inventory
- 📊 Low financing rates: Private lenders like Lendworth can offer fast, flexible financing
“If you are in the market, conditions are favouring purchasers right now,” Wilkes told the Toronto Star.
💡 How Lendworth Helps You Act Fast
When the market presents an opportunity, speed matters.
Lendworth offers:
- ✅ Equity-based approvals — no income or credit score roadblocks
- ✅ Bridge loans & deposit loans up to 75% LTV
- ✅ Fast closings so you can secure your purchase before the competition
- ✅ Lending on real, drive-by residential properties in the GTA
Whether you’re buying a pre-construction unit or a move-in-ready home, we make sure your financing doesn’t hold you back.
📞 Ready to Make Your Move?
With record-high inventory and builders eager to sell, this is a rare window to buy in the GTA at more favourable terms.
Call Lendworth today or apply online to get pre-approved and secure the home you want—while this buyer’s market lasts.