GTA New Single-Family Home Prices Drop 15 Percent

The average price of new single-family homes in the Greater Toronto Area fell 15% year-over-year to $1.27 million in June 2026, according to data from the Building Industry and Land Development Association. The price decline resulted from a higher volume of lower-priced townhouses and semi-detached homes entering the market.

Total new home sales reached 1,175 units in June, marking a 130% increase from June 2025, though this remains 52% below the 10-year average. The single-family sector drove this growth with 902 sales, an increase of over 200% year-over-year. In contrast, the condominium sector struggled with only 273 units sold; while this represents a nearly 26% year-over-year increase, it remains 85% below the 10-year average.

Market activity was bolstered by a $2.2 billion HST rebate program launched by the Province of Ontario and the federal government. The program, announced in late March and implemented on April 1, exempts eligible buyers from the 13% harmonized sales tax on new homes. Despite the uptick in sales, inventory levels remain critical at 36 months, far exceeding the healthy market range of nine to 12 months.